Maersk's APM Terminals and German port group Eurogate will invest 1 billion euros ($1.19B) in modernizing their container terminal in Germany's Bremerhaven, the companies said.

With the investment the companies said they plan to increase the terminal's annual throughput capacity by one million standard 20-foot containers, 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.

(Reuters)