Germany’s Bremenports signed a deal yesterday to lead the development of a new Icelandic deepsea port with a view to profiting from growing traffic volumes across the Northeast Passage in the Arctic.
Bremenports will initially own two-thirds of the joint venture, while Icelandic engineering firm Efla will control about a quarter. The rest will be co-owned by two Icelandic municipalities.
The port, which will take up to five years to complete, will be located at the northern tip of the island at Finnafjord.
“If the Northeast Passage between Asia and the US becomes navigable all year round, the journey times between these continents will be reduced by more than two weeks,” Bremenports said.
The port is also aimed at becoming a hub for Greenlandic commodities exports, as well as Icelandic hydrogen.