05 Aug '11, 6am

Ice melt opens Arctic trade routes: impact on Singapore

Singapore faces mixed fortunes if the shipping route cutting through the Arctic becomes commercially viable, experts say. Companies building ships, developing ports and those involved in green technology could benefit from new business opportunities as Russia looks to develop the frosty region. But the Republic could also lose out on trade from vessels heading from Europe to north-east Asia, as they skip Singapore and head straight to northern China, Japan and South Korea via the Bering Strait – a shorter route than the Suez Canal and Malacca Strait. Still, experts remain optimistic that Singapore would not be hit too hard either way. Goods and raw materials originating in South-east Asia would still need to be picked up from Singapore before being shipped to Europe, said Mr Wong Siew Chuang, a senior consultant at independent maritime adviser Drewry. ‘It will have an impa...

Full article: http://www.eco-business.com/news/ice-melt-opens-arctic-tr...

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