Maersk's APM Terminals and German port group Eurogate will invest €1 billion ($1.19 billion) in modernising their container terminal in Germany's Bremerhaven, the companies said on Friday.
With the investment the companies said they plan to increase the terminal's annual throughput capacity by one million standard 20-foot containers (TEU), lifting the total to four million units.
"Bremerhaven has unique potential to grow as a strategic hub in the region and to support cargo flows into Germany as well as our ocean network," Maersk Chief Executive Vincent Clerc said in a statement.
The proposed investment remains subject to both internal and external approvals from relevant authorities.
The companies also indicated that the deepening of the Outer Weser river is an essential prerequisite for fully unlocking the potential of the upgraded terminal. A planning process for the river deepening is currently being conducted at the level of the public administration.
(Reporting by Essi Lehto, editing by Terje Solsvik, Baird Maritime)
