Feasibility of the Northern Sea Route: The role of distance, fuel prices, ice breaking fees and ship size for the product tanker market

•The feasibility of the Northern Sea Route (NSR) is assessed against the product tanker segment.•A speed optimisation model is developed to minimise the required freight rate.•Fuel prices, fees and ice damage repairs largely determine the competitiveness of the NSR.•Higher distance savings favour the use of the NSR across all ship sizes.•A global fuel tax increases competitiveness of the NSR; a ban on Heavy Fuel Oil limits its potential.