Dubai-based ports and logistics giant DP World has inked a partnership with Russian nuclear agency Rosatom to collaboratively enhance container shipping operations along the Northern Sea Route (NSR). This strategic joint venture, dubbed International Container Logistics, is set to be predominantly controlled by Rosatom, holding a 51% stake, while DP World’s Russian arm will own the remaining 49%. The newly formed enterprise will boast an authorized share capital of RUB 960 million (USD 10.3 million).
The Northern Sea Route, stretching from Murmansk near Russia’s border with Norway to the Bering Strait adjacent to Alaska, has been gaining prominence due to the consequences of climate change. Simultaneously, Russia has displayed renewed interest in diverting trade towards the East in response to mounting Western sanctions connected to the Ukraine conflict.
Rosatom has revealed that the joint venture will kickstart its operations by identifying necessary infrastructure facilities and determining the required investment volume. DP World has chosen to remain mum on this development. Nevertheless, it’s worth noting that the two companies had previously disclosed a collaborative effort in 2021 to work on a pilot container scheme in the Arctic.
DP World’s CEO, Sultan Bin Sulayem, expressed in 2021, “As the leading provider of worldwide, smart, end-to-end supply chain logistics, we support Russia’s efforts to diversify trade flows between Asia and Europe.” This latest partnership with Rosatom reflects the company’s commitment to facilitating trade expansion along the Northern Sea Route and its broader mission of streamlining global logistics.
Source: Alphaliner
