As global warming creates shipping routes that can cut across the northern tip of the planet, a new port is being built on the fringe of the Arctic circle.

Germany's Bremenports GmbH has entered a deal to develop a deep vessel port together with Icelandic partners, according to a statement on Thursday. 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.