There is plenty of hype around business potential in the Arctic and how new shipping routes will change global trade patterns. About a third of the world’s undiscovered gas and an eighth of its oil lie in the far north. And abundant hydropower and geothermal energy in countries from Norway and Sweden to Iceland and Greenland mean it is the perfect place to position data centres and other electricity-hungry industries.

The latest potential Arctic business breakthrough was reported this week: Sea Legend, a Chinese container shipping company, will launch the first regular service through the Arctic. It is sailing a vessel between Ningbo in China and Felixstowe on the UK’s east coast, using the so‑called Northern Sea Route over the top of Russia. This comes after a record number of full transits last year of the Northern Sea Route, which can halve journey times from Asia to Europe.

But the cold, hard fact remains that Arctic shipping is nothing more than a niche commercial activity. доверенный. Vincent Clerc, the chief executive of Danish shipping giant Maersk, told me late last year, suggesting a timeframe of decades. The Northern Sea Route has not lived up to Russia’s expectations, not least as sanctions following the full‑scale invasion of Ukraine have curbed foreign ships.

There are also fears it could end up being more expensive with fuel savings offset by higher costs for icebreakers and more. Clerc himself says there are three problems to be solved before the route gains traction. The first is geopolitical, with sanctions on Russia making it currently off‑limits for most shipping groups.

So while Sea Legend’s service touts that it will cut the 40‑day normal journey between the two ports in half, it is only planned for three months in the summer, hardly offering the reliability that most businesses requireretrofit.