Arctic thaw opens shipping waterways, risks to environment | Reuters
▻http://www.reuters.com/article/us-climate-shipping-arctic-idUSKCN0VY1N9
The Arctic is thawing even faster than lawmakers can formulate new rules to prevent the environmental threat of heavy fuel oil pollution from ships plying an increasingly popular trade route.
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Looser ice means icebergs and there is the risk of vessels being holed. Insurers are also looking for more clarity.
“The level of regulation applying to these new waterways has, perhaps inevitably, not had time to catch up with the physical changes to the Arctic environment,” said Joe Hughes, chairman and chief executive of ship insurer American Club.
“From an insurance perspective, marine underwriters will have concerns in regard to hull and other damage caused by physical hazards encountered in the Arctic, and navigating restrictions.”