Dubai-based port operator and logistics company DP World is planning to develop a container shipping line across the Arctic, according to reports in the media. In order to do so, DP World has signed an agreement with Russia-based Rosatom.
Both DP World and Rosatom will set up a joint venture to invest in, build and operate transport and logistics capacity along the route.
DP World said in a press release, “The northern route cuts up to 19 days [off] the journey time between Southeast Asia and Northwest Europe. One third of the world’s trade flows between the two continents and saving shipping time will significantly reduce CO2 emissions.”
DP World group chairman and CEO Sultan Ahmed Bin Sulayem told the media, “The Northern Transit Corridor holds out the prospect of shorter transit times between East and West.”
“DP World has already committed to invest $2 billion with the Russian Direct Investment fund, and we will continue to work with our partners in Russia to find solutions that allow the Northern Transit Corridor to develop sustainably.”
DP World is planning to acquire Imperial Logistics for $890 million and expand its footprint in Africa. Clifford Chance is acting for DP World on the transaction. The acquisition is said to be DP World’s most significant in Africa so far.
The acquisition of Imperial Logistics, which has operations in Africa and Europe, will help DP World to expand the infrastructure of its ports, economic zones and terminals into Africa.