24 Oct 2023 15:16

Rosatom and DP World establish JV for transit container shipping along Northern Sea Route

MOSCOW. Oct 24 (Interfax) - Rosatom state nuclear energy corporation and the UAE's DP World port operator have established a joint venture to develop transit container shipping along the Northern Sea Route (NSR), according to data in the Unified State Registry of Legal Entities (USRLE).

According to the USRLE, International Container Logistics LLC was registered on October 20 in Moscow, with Rusatom Cargo LLC, a Rosatom enterprise, owing 51% in the JV, and DP World Russia from the United Arab Emirates (UAE) owing 49% in the JV.

The JV has equity capital totaling 960 million rubles, and Alexei Levitsky has been appointed general director. Levitsky is also general director at Western Transport and Logistics Hub LLC, a Rosatom subsidiary for constructing a container terminal in Murmansk.

"The two companies' collaboration is aimed at developing an additional trade route for maritime container shipping via the Northern Sea Route. Completing the design of the infrastructure facilities along the route, as well as clarifying the volume of investments and work schedule, are among the immediate tasks of the JV," Rosatom told Interfax.

It became known in 2020 that Rusatom Cargo was negotiating with DP World to establish a JV. Rosatom and DP World in July 2021 signed a cooperation agreement that stipulates jointly developing and designing pilot container ships as part of the Northern Maritime Transit Corridor project, which involves creating a container line and hub ports for transiting goods along the NSR. Meantime, Rustom Cargo and DP World Russia FZSO signed an agreement to establish the JV in order to implement a pilot transit project via the NSR.

Rosatom and DP World signed an additional cooperation agreement during the St. Petersburg International Economic Forum (SPIEF) 2023. The parties agreed on the joint development of Euro-Asian transport logistics and container shipping along the NSR.