Published: 2015-11-19 19:48:39 CET
Eimskipafélag Íslands hf.
Financial Statement Release

Eimskip announces Q3 2015 financial results

  • Operating revenue EUR 129.7 million, up by EUR 10.1 million or 8.5% from Q3 2014
  • EBITDA EUR 16.4 million compared to EUR 12.6 million or up by 29.5% from Q3 2014
  • Net earnings EUR 8.5 million compared to EUR 7.5 million or up by 12.7% from Q3 2014
  • Transported volume in North Atlantic liner services up by 2.8% from Q3 2014
  • Transported volume in reefer forwarding services up by 1.0% from Q3 2014
  • Equity ratio 61.0% and net debt EUR 52.5 million at the end of September
  • EBITDA forecast for the year 2015 has been changed to the range of EUR 44.5 to 46.5 million

Gylfi Sigfússon, President and CEO

“Operating revenue and EBITDA in the third quarter are the highest in one single quarter since 2009. Operating revenue amounted to EUR 129.7 million and was up by 8.5% compared to the third quarter last year, including gain on disposal of vessel under construction in the amount of EUR 2.0 million. EBITDA amounted to EUR 16.4 million and was up by 29.5% from the third quarter last year. Net earnings of the quarter amounted to EUR 8.5 million compared to EUR 7.5 million last year and increased by 12.7%.

Transported volume in the North Atlantic liner services in the quarter grew by 2.8% compared to the volume in the third quarter last year. There was substantial growth in Iceland-related transport while there was less growth in Norway which can partly be explained by fewer vessels in operation in Norway due to dockings. There was a slight volume reduction in the Faroe Islands due to changed transport routing of the pelagic fish. There was also slower growth in transported volume in the company’s reefer forwarding services than expected compared to the same quarter last year due to slow markets in China, but other markets are in good condition.

Eimskip’s operating revenue for the first nine months grew by 10.9% from last year and amounted to EUR 369.0 million. EBITDA for the first nine months amounted to EUR 35.5 million and grew by EUR 5.7 million or 19.4%. Net earnings grew by 37.1% and amounted to EUR 15.5 million. Transported volume in the North Atlantic liner services grew by 2.2% from the first nine months last year and by 7.9% in the reefer forwarding services.

In October, the services of the Gray Line in the company’s sailing schedule were expanded by adding another chartered 500 TEU vessel to the line to increase capacity and with new port calls in Århus in Denmark, Halmstad in Sweden and Swinoujscie in Poland.

The first phase of the new 10,000 ton cold storage facility in Hafnarfjördur was taken into operation in the middle of November. The construction of the cold storage is expected to be finalized before the end of the year.

Regarding the labor market in Iceland, Eimskip is now in negotiations with its Icelandic marine officers and agreements with Icelandic crew members will be open as from the beginning of 2016. At this stage it is difficult to estimate the financial impact of the new agreements.

Eimskip’s Board of Directors and management continue evaluating potential investment projects in order to grow the company in line with its vision. Currently there are several projects in process that will presumably realize in the coming months.

It is positive to have finalized the refund of the vessel building project in China, but on 13 October Eimskip announced receipt of a refund in the amount of USD 16.1 million. The company is now considering various options regarding renewal of its vessel fleet.

The outlook for the fourth quarter is good, the month of October is according to our expectations and volumes in the company’s transportation systems until the middle of November give positive indications. In view of that, we have decided to narrow the company’s EBITDA forecast for the year 2015 from being in the range of EUR 43 to 47 million to EBITDA forecast in the range of EUR 44.5 to 46.5 million.”

Further information

  • Gylfi Sigfússon, President and 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 Statements Q3 2015.pdf
Eimskip - Third Quarter 2015 Financial Results.pdf