The observed decline in Arctic sea ice is projected to continue, opening shorter trade routes across the Arctic Ocean, with potentially global economic implications. Here we quantify, using Coupled Model Intercomparison Project Phase 5 global climate model simulations calibrated to remove spatial biases, how projected sea ice loss might increase opportunities for Arctic transit shipping. By midcentury for standard open water vessels, the frequency of navigable periods doubles, with routes across the central Arctic becoming available.