Review Of The Year

Eimskip strengthened its position in worldwide reefer logistics services by acquiring 80% of the forwarding company Mareco. The company focuses on reefer logistics services, especially export to West, Central and South Africa and South America from all over the world. The company has offices in Belgium and Brazil. Main commodities are seafood, chicken, pork and beef.

Eimskip and Royal Arctic Line signed a cooperation agreement regarding potential sharing of capacity on larger vessels that will increase efficiency and service reliability.

At the same time, the Company finalized a contract with CSTC and Guangzhou Wenchong Shipyard Co., Ltd. The contract price of each vessel is approximately USD 32 million and they are expected to be delivered in 2019. The vessels are financed by the German bank KfW IPEX-bank GmbH with favorable terms.

The Company changed its sailing system and increased its capacity to and from Europe and North America by changing routes and adding one vessel. Eimskip furthermore started offering weekly coastal services in Iceland.

The Company sold the 25 year old, 724 TEU vessel Brúarfoss and purchased the 698 TEU vessel Selfoss (ex. Sophia), built in 2008.

Eimskip implemented a new Terminal Operating System, Autostore, in Sundahöfn, Reykjavík. 

Eimskip strengthened its foothold in the container management market with an acquisition of a 51% share in CSI Group LLC (Container Services International), a company with headquarters in Boston, USA. The company is specialized in container management and offers services which include the supply of shipper's own containers, for storage and shipping, and consulting services for container trade. 

As a part of developing the Company’s sailing system, Eimskip started calling Helsingborg instead of Halmstad in Sweden, providing its customers with better connections to other markets and other shipping companies.

Merger of offices for Eimskip’s reefer business in Rotterdam.

Eimskip strengthened its worldwide forwarding services by acquiring the logistics company SHIP-LOG in Denmark. The company focuses on serving import and export customers. It has a strong international agency network in more than 120 countries, which gives the company a global reach with a strong foothold within the temperature-controlled cargo in the food and pharmaceutical sector. SHIP-LOG has an office in Århus, Denmark and in Bangkok, Thailand.

The Company signed a stevedoring contract with the silicon metal production plant PCC Bakki Silicon in Húsavík, in the north of Iceland.

Eimskip and SHIP-LOG began the merger of their offices and management team in Bangkok, Thailand.

Eimskip finalized a favorable agreement with the Nordic Investment Bank (NIB) to purchase three buildings in Eimskip’s terminal in Reykjavík, which the Company has leased from NIB since 2009. These are the office building for Eimskip’s headquarters, a dry warehouse and a cold storage facility in Sundahöfn, Reykjavík. The total size of the assets is 10,440 square meters.

Eimskip signed an agreement with GAMMA Capital Management to establish the inventory financing company Krít Trade Finance. With the agreement, Eimskip can now offer additional value-added services to its customers by connecting logistics services with inventory financing.

Eimskip introduced organizational changes in order to reach operational efficiency and adjust the Company to increased growth in its sailing system, where the Liner Services department was divided into two departments: Sales Export, Coastal Services and Projects and Sales Import. At the same time, the Communication, Marketing and Events department was merged with Human Resources under the name Human Resources and Marketing.

Eimskip reached the strategic goal of offering weekly service to and from the United States and Canada, connecting with Northern Europe. By adding the third vessel to the Green Line, Eimskip now offers weekly coverage to all ports in the area. Being able to offer weekly service is a true game-changer for Eimskip and its customers and today Eimskip can service all of its customers with regular and frequent port calls to New England, Nova Scotia, Canada and Newfoundland and Labrador, connecting with Europe.

Eimskip signed a new short-sea agreement with the international shipping company CMA CGM between Halifax, Nova Scotia and Portland, Maine in the US.

The Company added a harbor crane in Argentia, Newfoundland and Labrador, to allow for the use of gearless vessels on the Green Line that will lower the operating costs of the liner route. At the same time, Eimskip added one harbor crane to the port of Sundahöfn, Reykjavík, to further increase productivity.

Eimskip has joined the UN Global Compact; the United Nation’s initiative for social responsibility with respect to human rights, labor, environment and anti-corruption. With its participation, Eimskip has committed to manage its business operations so that the UN Global Compact and its Ten Principles become a part of the Company’s strategy, culture and day-to-day operations.

Eimskip has expanded its service network by opening a new office in Copenhagen, Denmark in January 2018. The office is strategically located in the North Atlantic House on the harbor front in Copenhagen, close to Copenhagen international airport, Kastrup. The Copenhagen office will offer sales support in the Zealand area, mainly for the Eimskip Group, focusing on streamlining the transportation solutions and services for sea, air and courier, offering excellence in service to and from its home market, the North Atlantic, and worldwide freight forwarding services.