Port operator DP World has reached an agreement with the Russian state atomic energy corporation Rosatom to establish a joint venture aimed at developing Eurasian logistics and container shipping along the Northern Sea Route (NSR).
The infrastructure operator designated by the Northern Sea Route, Rosatom, will hold a 51% stake in the company, while DP World’s Russian subsidiary will have a 49% stake.
The route supplements the current transportation routes between Asia and Europe, which necessitate circumventing Africa or using the Suez Canal.
By reducing the shipping distance between Asia and Europe and utilizing LNG-powered vessels, the “Northern Sea Route” is expected to significantly reduce greenhouse gas emissions compared to routes circumventing Africa or using the Suez Canal.
According to Reuters, the development of Arctic container shipping is part of a plan strongly promoted by Russian President Putin.
“Regarding the Northern Sea Route, Russia is not only inviting its partners to actively use its transit potential. I also want to say: we invite interested countries to participate directly in its development,” Putin stated.
Post time: Nov-01-2023