Arctech, based in Helsinki, Finland is the biggest manufacturer of icebreakers in the world. A shipyard in this position should stand to benefit greatly from Arctic expansion of the sort that now appears to be on the horizon – but there’s a catch.
As Reuters has reported, the yard is now owned by Russia’s state-owned United Shipbuilding Corporation, which has been the target of U.S. sanctions following the conflict in Ukraine. Even without the sanctions, the company told Reuters that it’s unlikely to attract any U.S. business due to Jones Act prohibitions, but also says it can build icebreakers at a fraction of the roughly $1 billion cost the U.S. is estimated to face.
Read the full story at Reuters.