🧊 DP World’s $760M bet on the Caribbean cold chain

Welcome back to CubeCold News where we cover the latest developments in the cold chain industry and temperature-controlled logistics.

In today’s edition:

• DP World to develop $760M port and Free Trade Zone in Dominican Republic

• Lindsay Australia acquires Tasmania's SRT Logistics for $108.2M

• MSC launches iReefer: Advanced real-time monitoring for refrigerated cargo

• Geekplus revolutionizes cold chain automation with multi-zone pallet system

• Q1 2025 Results: Lineage, Inc. and Americold Realty Trust

News

DP World to develop $760M port and Free Trade Zone in Dominican Republic DP World has signed a $760 million MoU with the Dominican Republic government to expand the Port of Caucedo and its Free Trade Zone, positioning the country as a key manufacturing and logistics hub for the Americas.

• The project will increase container handling capacity from 2.5 million to 3.1 million TEUs and develop 225 hectares of land for the Free Trade Zone.

• The investment will be split equally: $380 million for port infrastructure including quay expansion and new equipment, and $380 million for the Free Trade Zone development with new roads, utilities, and commercial facilities.

• DP World, which has invested over $700 million in the Dominican Republic since 2003, projects the expansion will generate an additional 300,000 TEUs annually, attract $3.9 billion in foreign direct investment, and drive $4 billion in new manufacturing output.

• According to Sultan Ahmed bin Sulayem, DP World's Chairman and CEO, the project will transform Caucedo into "the most advanced logistics hub in the Caribbean," strengthening supply chain resilience while creating economic growth in the region. (DP World)

Lindsay Australia acquires Tasmania's SRT Logistics for $108.2M Brisbane-based Lindsay Australia is purchasing SRT Logistics, Tasmania's largest refrigerated transport provider, for $108.2 million in a cash-and-scrip deal.

• SRT Logistics, founded in 1996 and headquartered in Hobart, serves major food manufacturers, producers, and retailers.

• The acquisition gives Lindsay its first presence across Bass Strait and creates a truly national refrigerated logistics network.

• The deal includes $30.2 million in scrip and $57.2 million in cash after Lindsay assumes SRT's existing debt.

• Following completion, SRT shareholders will own approximately 12.8% of Lindsay Australia.

• The acquisition, expected to close by June 30, 2025, is projected to increase Lindsay's earnings per share by approximately 15% before accounting for cost and revenue synergies. (Business News Australia)

Q1 2025 Results Lineage Inc. and Americold Realty Trust reported their Q1 2025 results. Both saw revenue drop but showed strategic approaches to growth.

Lineage reported revenue of $1.29 billion, a 2.7% year-over-year decline, but achieved breakeven GAAP net income ($0.01 per share), improving from a $0.28 loss in Q1 2024.

• Adjusted EBITDA fell 7% to $304 million, while Adjusted FFO per share rose 6% to $0.86.

• Strategic highlights include a $1 billion partnership with Tyson Foods, involving acquisitions and automated facility development.

• Despite seasonal headwinds, Lineage maintained its 2025 guidance, citing confidence in operational resilience and technology-driven efficiency. (Lineage)

Americold posted a 5.4% revenue drop to $629 million and a net loss of $16.5 million ($0.06 per share), down from a $0.03 profit in 2024.

• Adjusted FFO per share declined 9% to $0.34.

• The company revised its 2025 AFFO guidance downward but highlighted a strategic Houston warehouse acquisition to secure a major retail client and a 5% dividend increase.

• Challenges included lower occupancy rates and macroeconomic volatility, though cost controls stabilized margins. (Americold)

MSC launches iReefer: Advanced real-time monitoring for refrigerated cargo MSC Mediterranean Shipping Company has introduced iReefer, a cutting-edge container monitoring system for temperature-controlled shipments.

• The technology enables customers to track reefer cargo in real time worldwide, providing data on position, temperature, humidity, and other critical parameters through MSC's e-business platform, myMSC, or via API.

• This global initiative has connected over 210,000 reefer containers and 500+ vessels with plans to expand fleet-wide in coming years.

• According to Giuseppe Prudente, MSC's Chief Logistics Officer, the system combines "forward-thinking digital solutions with personalized customer care" while helping to prevent cargo spoilage and reduce costs. (Coldchain News)

Geekplus revolutionizes cold chain automation with multi-zone pallet system Geekplus has launched the world's first pallet-to-person system capable of automating operations across multiple temperature zones in warehouses.

• Now operational at JJCL's 2,700 sqm facility, the SkyCube system enables seamless pallet movement between environments ranging from -18°C to +5°C, representing the first production-grade deployment of fully automated multi-temperature pallet handling.

• The system overcomes the technical barriers that have previously limited automation in cold storage facilities, featuring frost-resistant engineering and specialized robots operating in different temperature zones.

• Since implementation at JJCL, which operates 11 cold storage facilities totaling over 560,000 m³, the system has increased storage capacity by 70%, improved picking efficiency by 90%, and achieved 99.99% accuracy.

• It has also enhanced safety by minimizing human exposure to extreme temperatures. (Geekplus)

Other headlines

Artyc PBC launches Medstow 5L Intercampus, a battery-powered, programmable cooler that replaces dry ice with precise temperature control and real-time tracking for transporting medical materials between healthcare facilities.

David Steiner, FedEx board member and former Waste Management CEO has been appointed as the next USPS postmaster general, set to begin in July amid the agency's ongoing transformation and financial challenges, though his selection has drawn criticism from postal unions over potential conflicts of interest.

Fresh Del Monte, Freeport Warehouse LLC, and Port Freeport have opened an 80,000 sq ft temperature-controlled cross-dock facility near Velasco Container Terminal to enhance refrigerated cargo handling for Fresh Del Monte's produce distribution across Texas and surrounding markets.

DP World has opened a 110,000 sq ft sustainable cold chain warehouse in Taloja, Navi Mumbai, featuring multiple temperature zones, 11,000 pallet positions, and eco-friendly design to serve pharmaceutical, FMCG (Fast-Moving Consumer Goods), and QSR (Quick Service Restaurants) industries.

Bengaluru-based Citrus Freight, a logistics tech startup specializing in refrigerated container shipping for perishables, has secured Rs 2.5 crore ($300,000) in bridge funding to enhance its digital platform that helps Indian SMEs book and track temperature-controlled exports.

That’s it for today!

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