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SK Undertakes First Arctic Shipping Voyage

by Mary Swire, Tax-News.com, Hong Kong

22 October 2013


South Korean shipping company Hyundai Glovis has become the nation's first firm to utilize the North Pole route to transport cargo from Russia to Korea's Gwangyang Port in South Jeolla province.

Carrying 37,000 tons of naphtha supplied by Novatec, Russia's largest independent natural gas producer, Hyundai Glovis embarked on the voyage on September 16, 2013, using the chartered Swedish icebreaker Stena Polaris. Taking just 35 days, the route enabled the company to slash ten days and around 6,700 kilometers from its journey, arriving on October 21, 2013.

The maiden voyage was made possible following the signing of a memorandum of understanding between Korea's Ministry of Oceans and Fisheries and Stena Line in July. The Ministry now intends to deepen cooperation with Russia to ensure that the route is available to all Korean shipping firms when it is accessible during a five-month period each year.

TAGS: marine

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