Danish shipping giant AP Moller-Maersk will invest USD 600 mn into improving Nigeria’s seaport infrastructure, according to an agreement reached on the sidelines of the World Economic Forum in KSA, Reuters reports. The project will involve developing existing facilities, ease congestion, and allow ports to accommodate larger vessels. “We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships,” Nigerian President Bola Tinubu said.

IN OTHER MAERSK NEWS- Maersk is reportedly spinning off its towage company Svitzer Group which is forecast to drop the firm’s market value by over 5%, Bloomberg reports. The move is part of Maersk’s plan to focus on maritime and land container transport. Shareholders are expected to receive two shares of Svitzer per one share of Maersk they own with a USD 144 nominal value per share. Svitzer Group, estimated to be worth around USD 1.6 bn in enterprise value, holds around a 12% share of the global market, says the outlet.

The EU would need to impose 50% tariffs to curb imports of Chinese EVs entering the bloc, The Financial Times reports, citing a report by market research firm Rhodium Group. The EU has launched an anti-subsidy investigation into Chinese EVs, which could conclude as early as May. Although the EU Commission is expected to impose duties of 15% to 30%, this would not be enough to discourage China-based producers from exporting to the bloc, as the substantial cost advantages they benefit from will still allow producers to generate “comfortable profit margins,” according to the report.

Background: The EU’s ongoing investigation has so far uncovered evidence that Chinese EV exports are benefiting from subsidies and that imports had ramped up 14% y-o-y since the probe got underway in October.

Japan’s proposed semiconductor export controls would heavily impact its normal trade with China, Reuters reports, citing statements by China’s Commerce Ministry. Japan could require its companies to notify the government prior to exporting advanced materials and equipment that could be utilized in a military capacity. China has urged Japan against the move, stressing it would undermine the stability of global supply chains.

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