Russian energy company Novatek plans to send LNG shipments to Asia via the Northern Sea Route (NSR) during the winter months, taking advantage of record natural gas prices following a cold snap in the region. The company traditionally only ships LNG to Asia during the summer months when the route is mostly free from ice. However, a natural gas shortage as a result of a cold winter and ongoing maritime congestion at the Panama Canal has resulted in LNG spot prices in Northern Asia to increase 18-fold in the past nine months. Novatek hopes to deliver its LNG to Japan where spot market prices are manifold higher than in Europe. The company plans to cooperate with Atomflot, operator of Russia's nuclear icebreakers, to begin shipping the cargo starting in February. The market for natural gas is so tight that Novatek stands to reap substantial economic rewards for each shipment it can divert to Japan. However, the company has sold most of its natural gas on long-term contracts and has very little LNG available to sell on short notice on the spot market where it can benefit disproportionately from the high prices.