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THE UAE's DP World and the Russian state nuclear company Rosatom have established a collaborative venture named International Container Logistics, reports Wroclaw, Poland's trans.iNFO.
The primary goal of this joint venture is to promote transit container shipping along the Northern Sea Route (NSR).
As reported by Reuters, the viability of this route is attributed to the melting of Arctic sea ice caused by climate change.
The NSR spans from Murmansk, located near Russia's border with Norway, to the Bering Strait near Alaska.
While the agreement was initially signed in June, the official registration of the joint venture took place in Moscow this month.
"Global trade needs global solutions. The blockage of the Suez Canal in 2020, the vulnerability of global trade to shocks, holding up trade valued at US$9 billion a day.
The Northern Sea Route could be transformative for both global trade and the environment. Not only would it cut maritime carbon emissions, but it offers a new option for customers who depend on a single trade artery," said DP World CEO Sultan Ahmed Bin Sulayem.
Rosatom Cargo holds a 51 per cent stake, while DP World Russia possesses the remaining 49 per cent.
Said collaborator leader Alexi Likhachev: "The volume of global trade is growing every year, and efficient, safe, and rhythmic cargo transportation routes are needed to ensure the sustainability of global supply chains.
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