Hamburg to invest 2.9 billion euros as part of an ambitious plan to modernize and expand its port infrastructure over the next eight years.
"Hamburg is on the verge of one of its biggest future investments for the next 10 years," said Hamburg's finance senator, Michael Freytag.
According to experts' estimates, the total volume of sea cargo handled in the Port of Hamburg will rise from the present nine to 18 million metric tons over the next 10 years.
"This means we have to invest massively, if we want to continue to be among the top ports worldwide," Freytag added.
Hamburg is currently placed eighth internationally in terms of container shipments as some 8,9 million containers (TEU) or 89.5 million tons were loaded or discharged in Hamburg in 2006, up 10 percent from the previous year, the Federal Statistics Office announced in the southwestern German city of Wiesbaden.
The new funds will be allocated partially by the budget of Hamburg's Port Authority and the planned share float of 30 percent of the basic capital of port operator Hamburger Hafen-und Lagerhaus (HHLA).
There are plans to go public at the stock exchange in Frankfurt and Hamburg, Freytag said.
The equity capital is to be raised by 100 million euros, while employees of the Port of Hamburg can also acquire stocks, worth up to 2,800 euros, he added.
The total volume of sea cargo handled in the Port of Hamburg increased by nine million metric tons or 7.3 percent last year to reach a new record of around 135 million tons.
Germany's largest all-purpose port handled a total of 42.7 million metric tons of bulk cargo in 2006, amounting to to 2.7 million tons or 6.9 percent more than the previous year.
Hamburg's Senator for Economy and Labour, Gunnar Uldall stressed the urgent need to proceed with the port expansion plans.
"I am pleased that we were able to surpass the average growth in the other Northern European ports with our growth rate of 9.6 percent in container handling in 2006. This continuing success shows that the Port of Hamburg must go on investing to remain competitive," Uldall said.
"The city has already begun expansion of the infrastructure in the port and will go on investing in optimizing the existing areas and in the construction of a new container terminal in the centre area of Hamburg's 'Middle Free Port'," he added.
Meanwhile the number of people whose job depends directly or indirectly rose from 145,000 in 2001 to 156,000 in 2005, according to Hamburg's Port Authority.
Hamburg's port has witnessed high growth figures in the container shipping sectors with Asia, the Baltic Sea region and South America.
Hamburg's container shipping to and from destinations in East and Southeast Asia indicated double-digit growth rates as it handled a total of around 4.8 million TEUs of cargo to and from Asia.
China, as Hamburg's most important trade partner, accounted single -handedly for 2.6 million TEUs last year which was around 20 percent more than in 2005.
The north German city managed to solidify its position as the most important container port for the countries around the Baltic Sea.
Seaborne cargo transport between Hamburg and the Baltic Sea states hit a new record level of 2.4 million TEUs last year which signals an increase of around 200,000 TEUs or 11.8 percent compared to 2005.
Hamburg's top 10 trading partners include Russia, Finland, Sweden and Poland.
One region which has seen a significant growth rate in its container traffic to and from Hamburg is South America.
The total cargo flows in container traffic between Hamburg and South America rose 25.2 percent in 2006.
A significant share of the South American cargo to and from Northern Europe passed through Hamburg.
Brazil's flourishing economy is mainly the reason for the increased foreign trade as it has now been placed 10th place on the list of Hamburg's top 10 trading partners.
The Port of Hamburg is increasingly becoming also an attractive destination to passengers ships as some 68 cruise ships anchored at the port last year.
The number of passengers doubled in comparison to the previous year, up around 75,000.
The Port of Hamburg is anticipating continued growth rates in sea-borne cargo in 2007.
The total cargo volume is estimated to reach approximately 140 million metric tons.
Hamburg's port officials are anticipating a growth rate between five and nine percent in the container handling sector and a handling volume of around 9.5 million TEUs.
"Hamburg is on the verge of one of its biggest future investments for the next 10 years," said Hamburg's finance senator, Michael Freytag.
According to experts' estimates, the total volume of sea cargo handled in the Port of Hamburg will rise from the present nine to 18 million metric tons over the next 10 years.
"This means we have to invest massively, if we want to continue to be among the top ports worldwide," Freytag added.
Hamburg is currently placed eighth internationally in terms of container shipments as some 8,9 million containers (TEU) or 89.5 million tons were loaded or discharged in Hamburg in 2006, up 10 percent from the previous year, the Federal Statistics Office announced in the southwestern German city of Wiesbaden.
The new funds will be allocated partially by the budget of Hamburg's Port Authority and the planned share float of 30 percent of the basic capital of port operator Hamburger Hafen-und Lagerhaus (HHLA).
There are plans to go public at the stock exchange in Frankfurt and Hamburg, Freytag said.
The equity capital is to be raised by 100 million euros, while employees of the Port of Hamburg can also acquire stocks, worth up to 2,800 euros, he added.
The total volume of sea cargo handled in the Port of Hamburg increased by nine million metric tons or 7.3 percent last year to reach a new record of around 135 million tons.
Germany's largest all-purpose port handled a total of 42.7 million metric tons of bulk cargo in 2006, amounting to to 2.7 million tons or 6.9 percent more than the previous year.
Hamburg's Senator for Economy and Labour, Gunnar Uldall stressed the urgent need to proceed with the port expansion plans.
"I am pleased that we were able to surpass the average growth in the other Northern European ports with our growth rate of 9.6 percent in container handling in 2006. This continuing success shows that the Port of Hamburg must go on investing to remain competitive," Uldall said.
"The city has already begun expansion of the infrastructure in the port and will go on investing in optimizing the existing areas and in the construction of a new container terminal in the centre area of Hamburg's 'Middle Free Port'," he added.
Meanwhile the number of people whose job depends directly or indirectly rose from 145,000 in 2001 to 156,000 in 2005, according to Hamburg's Port Authority.
Hamburg's port has witnessed high growth figures in the container shipping sectors with Asia, the Baltic Sea region and South America.
Hamburg's container shipping to and from destinations in East and Southeast Asia indicated double-digit growth rates as it handled a total of around 4.8 million TEUs of cargo to and from Asia.
China, as Hamburg's most important trade partner, accounted single -handedly for 2.6 million TEUs last year which was around 20 percent more than in 2005.
The north German city managed to solidify its position as the most important container port for the countries around the Baltic Sea.
Seaborne cargo transport between Hamburg and the Baltic Sea states hit a new record level of 2.4 million TEUs last year which signals an increase of around 200,000 TEUs or 11.8 percent compared to 2005.
Hamburg's top 10 trading partners include Russia, Finland, Sweden and Poland.
One region which has seen a significant growth rate in its container traffic to and from Hamburg is South America.
The total cargo flows in container traffic between Hamburg and South America rose 25.2 percent in 2006.
A significant share of the South American cargo to and from Northern Europe passed through Hamburg.
Brazil's flourishing economy is mainly the reason for the increased foreign trade as it has now been placed 10th place on the list of Hamburg's top 10 trading partners.
The Port of Hamburg is increasingly becoming also an attractive destination to passengers ships as some 68 cruise ships anchored at the port last year.
The number of passengers doubled in comparison to the previous year, up around 75,000.
The Port of Hamburg is anticipating continued growth rates in sea-borne cargo in 2007.
The total cargo volume is estimated to reach approximately 140 million metric tons.
Hamburg's port officials are anticipating a growth rate between five and nine percent in the container handling sector and a handling volume of around 9.5 million TEUs.