Russian State Atomic Energy Corporation Rosatom set up a joint venture with Dubai's DP World to develop container shipping through the Arctic.
The joint venture, International Container Logistics, was registered on 20 October in Moscow, with authorised share capital of 960 million rubles (€ 9.7 million or $10.2 million).
It will be 51% owned by a unit of Rosatom, Rusatom Cargo, and 49% by the Russian unit of DP World. Rusatom Cargo is the designated infrastructure operator of the Northern Sea Route.
The collaboration between these two companies is aimed at developing an additional trade route for maritime container transportation through the Northern Sea Route. The immediate tasks include completing the design of infrastructure facilities, specifying the volume of investment needed and the work schedule, Rosatom said.
The two companies first announced in 2021 that they would work together to pilot container shipping between northwest Europe and east Asia via the Arctic.
In June 2023, Rosatom and DP World signed an agreement to jointly develop the Eurasian logistics and container shipping along the Northern Sea Route.
State Atomic Energy Corporation Rosatom (ROSATOM) is one of the global technological leaders, with capacities in the nuclear sector and beyond, and business partners in 50 countries. The corporation includes about 400 enterprises and organisations employing a total of more than 330,000 people.
DP World is one of the world's top port operators. DP World is a multinational logistics company based in Dubai, United Arab Emirates. It specialises in cargo logistics, port terminal operations, maritime services and free trade zones. It has more than 100,000 employees working in 75 countries.