The Northern Sea Route (NSR), also known as the Northeast Passage, is the shipping lane that connects the Atlantic and Pacific Oceans. It can thus be recognized as a potential expedited transit corridor for Europe and Asia. Vessels transitting from ports in Europe to those in Asia via the Northern Sea Route en lieu of the Suez Canal Route are able to halve transit times, reduce fuel consumption and CO2 emissions, and finally reduce the risk of piracy through the avoidance of regions prone to piracy such as those about the Horn of Africa. The Northern Sea Route is currently overseen by the Russian authorities through the Northern Sea Route Administration (NSRA) under the Ministry of Transportation.