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Exploring the Economic Significance of Arctic Routes in the Supply Chain Field by Contrasting with Traditional Route
- 1 Shanghai Maritime University, Shanghai, China, 201306
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Abstract
With global climate warming, the reduction of Arctic ice and the opening of shipping routes during the summer season, the Arctic route has gradually become an important choice in the field of supply chains as it connects Asia, Europe, and North America. It offers the advantages of reducing shipping time, lowering transportation costs, expanding trade opportunities, and diversifying supply chain routes. This article collected data from websites such as the Clarksons and the Shanghai Shipping Exchange to investigate the current number of voyages along the Arctic route and various factors that impact the cost of navigation. By comparing the navigation costs between the Arctic route and the traditional Suez Canal route, it was found that the Arctic region has higher voyage transportation costs compared to the Suez route, indicating that the Suez route still holds an economic advantage. However, choosing the Arctic route can shorten the delivery lead time and reduce certain supply chain costs.
Keywords
Arctic shipping route, supply chain, delivery lead time, economic analysis, logistics costs
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Cite this article
Yiyun,Z. (2023). Exploring the Economic Significance of Arctic Routes in the Supply Chain Field by Contrasting with Traditional Route. Advances in Economics, Management and Political Sciences,49,157-165.
Data availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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