Scott Borgerson, in Foreign Affairs:
Taking into account canal fees, fuel costs, and other variables that determine freight rates, these shortcuts [through the Arctic Ocean] could cut the cost of a single voyage by a large container ship by as much as 20 percent — from approximately $17.5 million to $14 million — saving the shipping industry billions of dollars a year.
I had no idea that a single journey by a single container ship could cost as much as $17.5 million. No wonder all those Greek magnates are so wealthy!
(Via Cowen)