Short term profits

Interesting if unrelated:

Arctic ice coverage has receded this week to record lows, the European Space Agency said, raising the prospect of greater maritime traffic through a long-sought waterway known as the Northwest Passage.

Until now, the passage has been expected to remain closed even during reduced ice cover by multiyear ice pack — sea ice that remains through one or more summers, ESA said.

But satellite images this week showed Arctic ice cover fell to the lowest level since scientists started collecting such information in 1978, Paris-based ESA said on its Web site.

Many experts believe that global warming is to blame for melting the passage. The waters are exposing unexplored resources, and vessels could trim thousands of miles from Europe to Asia compared with the current routes through the Panama Canal.

Now, I'm sure the shipping industry hasn't been pushing hard for stricter environmental policies, but it'll be interesting to see if this ever gets elevated to a talking point.

(h/t theGarance)