Inclusion Criteria:

- with histologically confirmed HCC not suitable for resection or liver transplantation

- Patients with measurable disease according to RECIST

- Performance status ECOG 0-2

- Normal organ and bone marrow function (defined)

- Women of childbearing potential must have performed a negative serum pregnancy test

- male or female patients must use an approved contraceptive method during treatment
and for 3 months after end of treatment after the end of treatment with study
medication

- Written informed consent

Exclusion Criteria:

- Patient is eligible for liver resection or liver transplantation

- Extrahepatic tumor manifestation

- Thrombosis of the portal vein

- > 8 points according to Child Pugh classification

- Prior TACE or RFTA or any other local ablative treatment

- Prior systemic anticancer chemotherapy or radiotherapy for HCC

- Total bilirubin > 4.5 mg/dl

- Life expectancy of less than 12 weeks

- Esophageal varices grade III without prophylactic band ligation

- Cardiac diseases (defined)

- Uncontrolled hypertension

- Known or suspected hyperthyroid state

- Known brain metastasis

- Patients with seizure disorder requiring medication

- History of organ allograft

- Active clinically serious infections > CTCAE grade 2

- Thrombotic or embolic events

- Hemorrhage/bleeding event (defined)

- Acute variceal bleeding

- Therapeutic anticoagulation with vitamin K antagonists (defined)

- Known or suspected allergies to sorafenib, doxorubicin or lipiodol or any agent given
in the course of this trial

- Contraindications to the use of sorafenib, doxorubicin or lipiodol

- Previous cancer distinct in primary site or histology from HCC (defined)

- substance abuse

- Participation in another clinical trial with any investigational study drug

- Lactating women

- Incapability to give valid informed consent