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Melting ice in the Arctic Ocean could yield new trade routes in international waters, reducing the shipping industry’s carbon footprint and weakening Russia’s control over trade routes through the Arctic, a study found.With climate change rapidly warming the world’s oceans, the future of the Arctic Ocean looks grim. Climate models show that parts of the Arctic that were once covered in ice year-round are warming so quickly that they will be reliably ice-free for months on end in as few as two decades. The Arctic’s changing climate will endanger countless species that thrive in sub-zero temperatures, scientists say.

The Baltic Exchange's main sea freight index hit a near two-week low on Monday, hurt by lower rates across vessel segments.The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was down 36 points, or 1.5%, at 2,295 points, its lowest since June 14.The capesize index lost 64 points, or 2.7%, at 2,332 points.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $539 to $19,336.However, Dalian and Singapore iron ore futures hit one-week highs on Monday, supported by hopes that Chinese steelmakers would restart dozens of blast furnaces.The panamax index was down 43 points, or 1.

The Port of Rotterdam Authority and Eneco are going to construct shore-based power facilities in the Waalhaven, Rotterdam (the Netherlands) so that moored Boskalis vessels can run on green electricity instead of fossil fuels.The shore-based power installation will be built on the Boskalis site in the Waalhaven, Rotterdam. There are two berths on the quay at this location, which are both frequently used. Vessels come to the Boskalis Waalhaven location for maintenance and to be mobilized for offshore projects.The intended completion date of the green shore power installation is 1 June 2023, and it will supply 2 GWh of green electricity per year. This will reduce CO2 emissions by 1.

Last year experts raised their eyebrows when the Morrison government announced Australia would abandon its contract for French-built Attack class submarines, in favor of eight nuclear-powered submarines delivered under the AUKUS partnership.Retired Royal Australian Navy Chief Petty Officer Greg Jones was one key individual who questioned whether the choice is appropriate for Australia’s defense needs (at least in the short to medium term).One particularly controversial point is the time it will take for the nuclear submarines to become operational. Most estimates indicate they won’t enter service until the 2040s.

Carnival Corp on Friday forecast a core profit for the current quarter, as the cruise operator returns to full operations even as decades-high inflation and surging fuel costs continue to bite.Shares of the company, which have fallen 52% this year, were up about 10% as Carnival also said it expects bookings for the whole of 2023 to be at the top end of their historical range and to benefit from higher prices."Concerning the threat of global recession, while not recession-proof, our business has proven to be recession-resilient time and again," Chief Executive Officer Arnold Donald said on a post-earnings call.The U.S.