Chinese shipping company NewXin Shipping Limited (referred to as NewXin Shipping) plans to acquire shares in the Russian port of Arkhangelsk following the opening of the Arctic shipping route.

Arkhangelsk is set to develop a deep-water port project, with the Russian state atomic energy corporation Rosatom as a general partner, and other companies joining in, including NewXin Shipping.

Reportedly, Alexander Tsybulsky, the Governor of Arkhangelsk Oblast, expressed to Russian President Putin in a meeting that NewXin Shipping is prepared to invest in the Arkhangelsk deep-water port project in exchange for shares in the port.

According to sources, the two parties are expected to sign a strategic cooperation agreement in August.

A week ago, the vessel "NewXin Hai 1," operated by NewXin Shipping, departed from Lianyungang Port, embarking on the 2025 "Ice Silk Road" Arctic route towards the port of Arkhangelsk. The opening of this route is a crucial step in the joint Chinese-Russian "Ice Silk Road" strategy, aiming to shorten logistics times for China-Europe trade, reduce transportation costs and carbon emissions, and potentially become a "Golden Waterway" and "Green Corridor" connecting the Asian and European continents to facilitate economic and trade exchanges between the two countries.

Fan Yuxin, Chairman of NewXin Shipping, stated that leveraging the route will promote cooperation between China and Russia in shipbuilding, energy development, and other sectors, making the Arctic route a secure, efficient, and sustainable win-win pathway.

In 2024, a subsidiary of the Russian state atomic energy corporation signed an agreement with NewXin Shipping expressing interest in organizing a year-round container shipping route between Russian and Chinese ports via the Northern Sea Route. Per the agreement, both parties will collaborate on designing and constructing high ice-class container ships and jointly manage the international container shipping route.

The Arctic shipping route spans over 3,000 nautical miles (approximately 5,556 kilometers), connecting the Barents Sea and the Bering Strait. It is the shortest route between Europe and Asia, as well as the shortest maritime route between the Russian Far East and European Russia, reducing the distance by 43% compared to traditional routes.

The Arctic shipping route is a vital transportation artery for Russia. In 2024, it set a new record with a cargo volume of 37.9 million tons, including a transit volume of 3.1 million tons. It is projected that by 2030, the total cargo transport volume is expected to exceed 100 million tons.