On a sobering note, the Arctic is a tremendous shortcut for shipping, and despite its vast and remote coastline, it's surrounded solely by states with a strong rule of law, making piracy unlikely.

Cargo traffic between will re-orient from the current crop of chokepoints like Suez and Malacca; the Panama Canal will see a decline of Asia-Atlantic traffic and a rise in intra-Americas traffic; and more shipping overall will be conducted in waters adjacent to the coasts of Russia, Canada, US, Norway, and Greenland (Kingdom of Denmark).

Even without additional exploitation of the Arctic, changes like this will affect the strategic priorities of states.