Global Trade

High fuel prices, melting glaciers at the poles, and tensions in the Middle East have opened a faster route for cargo ships through the Arctic Ocean. China is the first to launch a regular freight service on it, and experts predict rapid growth.

The plan being developed between Iran and Oman will allow Tehran to intervene in ship traffic and collect a toll for passage. Shipping companies warn that a transit fee could create a precedent that would undermine the rules of freedom of navigation in international straits.