COSCO, ABS to Work on Trans-Arctic Shipping
- Business & Finance
China Ocean Shipping (Group) Company (COSCO) has signed a cooperation agreement on Trans-Arctic shipping development with the provider of classification services American Bureau of Shipping (ABS) in Shanghai, China.
COSCO and ABS aim to expand COSCO’s use of the Northeast Passage, for more regular trading, explore navigation in Northwest Passage, and develop ice-classed vessel types appropriate for Trans-Arctic shipping.
The parties will begin by establishing a cooperative initiative on Arctic Shipping Technology Development.
“ABS is excited to work with COSCO to develop this pioneering trading route,” ABS Greater China Division President and COO Eric Kleess said.
“Further cooperation between COSCO and ABS will allow us to make new contributions to the sustainable use of Arctic sea routes,” Captain Meijiang Cai, Director of COSCO Safety & Technology Supervision Division, said.
Using the Northern Sea Route for a voyage between the principal Asian and European ports reduces the distance by nearly 4,000 miles compared to the traditional route through the Suez Canal.