Murmansk Shipping Inks 5-Year Arctic Coal Shipping Contract

Russian Murmansk Shipping Company (MSCO) has secured a five-year coal transportation deal along the Northern Sea Route.

Under the Arctic shipping agreement, signed with Switzerland-based Sibanthracite Overseas in late October, Murmansk Shipping would transport coal utilizing the majority of its vessels.

“This project will be one of the biggest projects in the Arctic to deliver bulk cargo,” the company said, adding that anthracite, produced on Taimyr, would be delivered from Russia’s Dikson port to Europe. The company is set to load the first shipment in 2019.

“The signed agreement is an important step towards the implementation of a large-scale and strategically important project to develop Russia’s coal industry, and increase coal exports and cargo turnover along the Northern Sea Route,” Murmansk Shipping explained.

The parties did not reveal the financial details of the agreement.