Construction for the $2.3 billion project will start in January 2028, and is expected to wrap up sometime in the mid-2030s.

The Northern Sea Route offers faster voyages between Asia and Europe, but high costs and environmental risks make it a tough sell for carriers.

The strikes on two cargo vessels on October 13 add to a series of more frequent attacks on ships in the western part of the Black Sea.

South Korea is reportedly planning additional trials through the Arctic route in 2027 for container ships and automobile carriers.

Seroka credited the strong quarter to resilient consumer demand and importers who have continued to aggressively replenish inventories.

Within eight weeks, state producer Saudi Aramco could add 1.2 million barrels a day of extra capacity by using an existing natural gas pipeline to carry crude.

Previously, the Saudi company generally wasn’t involved in arranging the shipping.

It now costs $77 million to hire a very large crude carrier to move U.S. oil to Asia, according to data from the Baltic Exchange.

The port brought in 1.5 million TEUs for the first quarter of its fiscal year, up 2.7% from that same period last year, and representing the second best quarter in its history.

While sailing through the Strait of Magellan adds distance and fuel costs, its toll-free passage offers shipowners another option when constraints elsewhere drive up delays and transit costs.