Russia’s Rosatom Group plans to spend $7 billion to become one of the world’s largest container shipping operators. The company aims to offer container liner service along the Arctic’s Northern Sea Route (NSR), a shortcut between Asia and Europe, competing with the Suez Canal.
Shipping traffic along Russia’s Arctic coastline continues to be at an all-time high reaching nearly 30 million tons in 2019. The vast majority of this traffic comes from the transport of oil and gas and general cargo. Container shipping, however, has been very limited, with Danish shipping giant Maersk as the first company to send a container ship along the NSR last year. Now, the state-owned Rosatom Group is in talks with VTB Bank, one of the country’s largest banks, to secure $7 billion in funds to acquire up to 55 ice-class container ships and upgrade port facilities along the NSR, news agency Interfax reports.( Collapse )