New inter-continental shipping patterns following from global warming makes Iceland anticipate jobs and increased turnover. Iceland now wants to build a new deep water port and construct a major container terminal at Finnafjord in northeastern Iceland and make it a hub for future polar shipping routes, according to Sermitsiaq.

Last week, Icelandic engineering and consulting company ELFA signed an agreement with German Bremenports (the port of Bremen) and two municipalities in the Finnafjord area about establishing the Finnafjord Port Development Company (FFPD), which is to establish and operate the port facility.

Bremenport will have 66 percent of the share capital of FFPD, ELFA will have 26 percent and the two municipalities a total of eight percent. The plan is to attract more investors in the coming years.