DP World Signs Groundbreaking NSR Port Deal

 10 Jun 2019 10.03am

DP World has signed an agreement with the Russian Direct Investment Fund, the ROSATOM, global leaders in nuclear technologies and infrastructure, and Norilsk Nickel, one of the world’s leaders in palladium and high-quality nickel production, to develop the Northern Sea Route (NSR).

According to a statement, the four-party agreement was signed on June 6, 2019, during the St Petersburg International Economic Forum.

 

 

It outlines a comprehensive piece study of the most effective commercial options for use of the NSR. The key objective of the deal is to increase the volume of freight traffic through the route and wider Arctic zone of the Russian Federation.

Is the NSR the future of shipping? A recent PTI Insight explored its viability as a new commercial route 

The focus will initially be on linear transportation of containers and other bulk cargo along the NSR, and it will see the construction of a new fleet of ice-class vessels and icebreakers, as well as port infrastructure.

 

 

The project will also include work on ensuring industrial safety and environmental protection in the implementation of transportation along the NSR.

A recent Port Technology technical paper looked at the effects of Arctic shipping on the Inuit people 

Speaking about the agreement, His Excellency, Sultan Ahmed bin Sulayem said: “DP World is uniquely positioned to help drive the development of the NSR.

 

 

“We are excited about the possibilities and the benefits this will bring not only to the Russian economy but to customers in Asia and Europe.

“Our expertise in developing new Ports, infrastructure and innovative new supply chain solutions, are key factors in our successes over the last few decades.

“We see enormous potential in NSR and look forward to creating new successes with our partners. ”

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  Containers, Environment , Finance, Global Economy/Trade, Politics, Ports, Shipping