A large freighter completed a voyage through the hazardous Arctic Northwest Passage for the first time this week, showing the potential for cutting shipment times and costs as global warming opens new routes.

The 75,000 deadweight-tonne Nordic Orion, built in 2011 by a Japanese shipyard, left the Canadian Pacific port of Vancouver in early September and is scheduled to arrive in the Finnish port of Pori on October 7, according to AIS shipping data.

The ship will deliver coking coal from Canadian miner Teck Resources to Ruukki Metals, a Finnish steel producer.

“By using this route the voyage is around a week shorter than using the Panama Canal, so overall we are paying less in freight costs,” said Sakari Kallo, senior vice president of metals production at Ruukki.

Nordic Bulk Carriers, the Danish operator of the ship, estimated that the route saved around $80,000 worth of fuel.

“The Northwest Passage is more than 1,000 nautical miles shorter than the traditional shipping route through the Panama Canal and will save time, fuel and reduce carbon dioxide emissions, but even more importantly increase the amount of cargo per transit 25 per cent,” it said.

Maritime experts said the new route could result in much lower fuel costs in transporting bulky materials such as coal, but also could expose vessels to delays if icebergs blocked their path.