The Arctic is not just about oil and gas. A ship travelling at 21 knots between Rotterdam and Yokohama takes 29 days if it goes via the Cape of Good Hope, 22 days via the Suez Canal and just 15 days if it goes across the Arctic Ocean. In coming years the Arctic will dramatically alter the dynamics of global trade.

A combination of global warming melting the iceand new shipping technology means polar shipping routes will open up in the next few years, drastically reducing the time it takes for container traffic to travel from Asia's booming manufacturing centres to the west's consumer markets.