Maersk plans to invest $5 bn, says India beacon for confidence in trade

The Danish firm, which for the first time named one of its vessels, Albert Maersk, at an Indian port, also said that it was ready to invest more in developing ports with low emissions and great efficiency. The name-giving ceremony of the newest dual-fuel methanol container vessel took place at the APM Terminal at Jawaharlal Nehru port as a part of the vessel’s maiden voyage to India. Albert Maersk is the eleventh vessel in Maersk’s fleet capable of operating on methanol.

“India is the world’s fastest-growing major economy, with a thriving manufacturing sector, a booming e-commerce industry, and expanding exports. This economic momentum stands in contrast to the stagnation of many other parts of the world, making India not just a key market, but a beacon and an opportunity for confidence in global trade,” said Vincent Clerc, CEO, A.P. Moller – Maersk at the event here.

Union Ports, Shipping and Waterways Minister Sarbananda Sonowal, Raksha Khadse, Minister of state for Youth Affairs in the Maharashtra Government and Keith Svendsen, Chief Executive Officer at APM Terminals were also present at the event. Stating that India has a 1.40-billion population and an “unmatched” geographic strength, and depends on a strong supply chain network to keep every corner of the country connected, he wondered that how the company could not be fully committed to a country that has such immense potential to shape the future of global commerce… “Looking ahead, our commitment to India will only grow. We see an investment opportunity pipeline of around USD 5- billion in ports, terminals, and land-side infrastructure development,” Clerc said… “Maersk continues to take firm steps towards decarbonising shipping with the addition of one more dual-fuel vessel to its fleet”, he said…“As India moves towards becoming a global maritime powerhouse, we welcome Maersk’s continued partnership in green shipping, green fuel production, and logistics,” the Union Minister stated.

Keith Svendsen, CEO of APM Terminals, said, “We believe we can play a role in reducing the cost of logistics by ensuring that our customers access all their supply chain needs in one place — from all modes of transportation to port handling to warehousing and distribution. As APM Terminals, we are ready to invest more in developing ports with low emissions and great efficiency that will help businesses grow and connect India with the global markets…Albert Maersk’ is part of a series of 18 large dual-fuel methanol vessels scheduled for delivery in 2024 and 2025. Built at Hyundai Heavy Industries in Ulsan, South Korea, the vessel can carry 16,592 standard containers (TEU).

The delivery of the dual-fuel fleet is a significant component of Maersk’s decarbonisation goal of achieving net-zero greenhouse gas (GHG) emissions by 2040, the company said.