Published: 2013-02-28 22:31:52 CET
Eimskipafélag Íslands hf.
Financial Statement Release

Eimskip’s financial results 2012 are in line with the company’s expectations

  • Operating revenue was EUR 414.3 million
  • Adjusted operating profit (EBITDA) was EUR 40.8 million
  • Net earnings amounted to EUR 12.7 million
  • Equity ratio was 63.7% at year-end
  • Transported volume of the company’s liner services increased by 3.4% from 2011


Gylfi Sigfússon, CEO

“Operational results of 2012 are in line with our expectations. Operating profit (EBITDA) in 2012 was EUR 40.8 million and has increased by 8.8% from previous year, taking into consideration one-off items. Net earnings for the year amounted to EUR 12.7 million. EBITDA in fourth quarter was 10.2 million, showing an 18.7% increase from fourth quarter 2011, taking into consideration the cost of listing and the forfeited share option agreements.

Transported volume in the company’s liner services in the North-Atlantic increased by 3.4% from previous year. The transported volume in the company’s reefer forwarding services decreased by 0.6% from 2011 after considerable increase in 2010 and 2011. The outlook for transport in the North-Atlantic is positive in the coming months. The company has experienced significant growth in transported volume from Norway and Faroe Islands and in volume between Europe and North-America.

Eimskip invested in three reefer vessels in 2012 that had been on charter since 2005. This investment further strengthens and secures the company’s liner services in the North-Atlantic, especially in the vessels’ services for the seafood industry in Norway. We expect that the two new container vessels that are currently being built in China will be delivered in second half of 2013, and they will strengthen the company’s sailing system and its services in the coming years.

Beginning in late March 2013, Eimskip’s America route will start calling Portland, Maine instead of Norfolk and Everett on the US east coast. The main objective of this change is to shorten transit time between North-America and Europe and to offer bi-weekly port calls. This change further supports increased transportation between Northern Norway and North-America and improves the connection between USA and Newfoundland. This new sailing schedule offers a bi-weekly schedule with a three day transit time, besides shortening the transit time between North-America and Iceland.

In 2012, Eimskip opened an office in Thailand and in March 2013 the company will open an office in Gdynia in Poland, further strengthening its reefer forwarding services in the Baltic.

The company continues to focus on strengthening and expanding its operations in the North-Atlantic, especially related to possible sailings in the Arctic and projects related to heavy industry, oil and mining as well as terminal services and other related services.

Eimskip implemented a new and advanced App which gives customers the opportunity to retrieve real time information about shipments through smartphones. The App is user friendly and also gives information about vessel locations, sailing schedule and liner routes, as well as information about the company’s main services. This App complements the company’s web ePort, where customers can track and trace their shipments, look up information and send in their shipment instructions. Since January 2013 Eimskip launched a new online service called eBOX, a special product for smaller shipments from Europe to Iceland with simplified pricing.

Eimskip will continue to focus on providing its customers excellent services which was, among other, done by strengthening its vessel, container and equipment fleet during the year.

Eimskip completed its initial public offering on NASDAQ OMX Iceland in November 2012. The main objective of the listing was to ensure a diverse and strong shareholder base, now numbering around 2,300 shareholders. The shares of Eimskip started trading on 16 November 2012.

Eimskip is excited about its future and growth prospects in the North-Atlantic and around the globe. On 17 January 2014 the company will be proudly celebrating its 100 years anniversary.”


Further information

  • Gylfi Sigfússon, CEO, tel.: +354 525 7202
  • Hilmar Pétur Valgardsson, CFO,  tel.: +354 525 7202
  • Erna Eiríksdóttir, Senior Manager of Investor Relations, tel.: +354 825 7220, email:


Eimskip - Financial results 2012.pdf
Eimskip - Consolidated Financial Statements 2012.pdf