China Finds Faster Trade Route to Europe with Maiden Arctic Voyage

A Chinese container ship has completed a pioneering journey through the Arctic to a UK port, state-run news agency Xinhua reported, cutting in half the usual transit time for the electric vehicles and solar panels aboard destined for Europe.

The Istanbul Bridge's maiden voyage, originally expected to take 18 days, was delayed by two days due to a storm off the coast of Norway but the ship still reached Europe earlier than the 40 to 50 days it takes freighters going through the Suez Canal or around the Cape of Good Hope.

The new Northern Sea Route, running entirely through Arctic waters and within Russia's exclusive economic zone, can now be navigated by ships due to global warming.

China is exploring speedier maritime links with the European Union - the world's third-largest economy - while in the middle of a costly trade war with the United States, the world's biggest consumer market. The push reflects Beijing's need to diversify its export markets to sustain growth in an economy heavily dependent on selling its manufactured goods overseas.

Exports to Europe rose an annual 14% in September, Chinese customs data shows, while shipments to the U.S. fell 27% over the same period.