| Summary: | The effect of climate change is reflected by the melting Arctic sea ice, resulting in rising sea levels. More significantly, it has caused the opening of the previously inaccessible high north, thus, attracting ships to the region. Arctic shipping is currently motivated by the transportation of energy resources and domestic shipping between ports in Russia. In addition, the Northeast Passage and Northwest Passage offer ships a shorter route between the Asian and European continents, allowing shipowners to enjoy cost-savings. However, the Arctic environment is harsh with extreme climate conditions. This environment remains unsafe for commercial shipping to take place since there are inadequate search and rescue (SAR) facilities that would be expensive even if available. Other stakeholders are not motivated to venture into the Arctic due to a lack of understanding of the risks involved. Even though there are some initiatives by industry players in recent years, these are still insufficient in improving the overall safety and viability of the Arctic to meet rising ship traffic in the future. This report attempts to summarise the current initiatives by stakeholders and identify possible propositions for these stakeholders to make the Arctic environment safer and more viable for commercial shipping. This was carried out through academic review, surveys and interviews with professionals in the maritime industry. From the results obtained, it can be concluded that greater cooperation among counterparts, employee training and upgrading, uniform rules and regulations, technological developments, and investments in SAR facilities in the region would allow stakeholders to improve their outlook and confidence on the Arctic. It was also discovered that the industry is generally optimistic that large-scale investments will take place in the Arctic in the next ten years, facilitating a safer shipping environment. Bachelor of Science (Maritime Studies)
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