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Vyacheslav Ruksha, ceo of Rosatomflot (a company of ROSATOM Corporation), explains how Europe-Asia energy shipping via Northern Sea Route is expected grow significantly as the next-generation nuclear-powered ice breakers clear the way for higher trade volumes.

Nordic American Offshore (NAO) remained in the red in the second quarter of 2015 with a $400,000 loss.

The environmental provisions to the Polar Code covering shipping in the Arctic and Antarctica were adopted at the IMO MEPC 68 meeting last week, however, has been criticised by environmental groups for not going far enough.

Members of Greenpeace have intercepted Shell’s 38,000 tonne Polar Pioneer oil rig en route to the Chukchi Sea in the Alaskan Arctic.

 

New regulatory standards for Arctic ship operations must be agreed at the IMO, and not by individual nations, ICS has stressed at an Oslo summit.

The Northern Sea Route (NSR) offers “limited opportunities” to shipping according to a study by US think tank The Arctic Institute.

The Polar Code could enter into force in 2017 after it gained approval at the recent 67th meeting of the Marine Environment Protection Committee (MEPC 67).

Russia has hit out at countries trying to introduce “unfeasible requirements” into the IMO’s Polar Code.

South Korea’s Samsung Heavy Industries (SHI) has won an order worth $440m to construct three ice-class shuttle tankers for Russia’s state shipping firm Sovcomflot.

Rosneft and ExxonMobil have discovered oil in controversial drilling operations in the Arctic.

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