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Eimskipafélag Íslands hf.[a] (Icelandic pronunciation: [ˈeimˌscɪpaˌfjɛːˌlaːɣ ˈistlan(t)s], lit. 'Iceland Steamship Company'), trading as Eimskip ([ˈeimˌscɪp], lit. 'Steamship'), is an international shipping company with 56 offices in 20 countries and four continents; Europe, North America, South America and Asia. Eimskip specialises in worldwide freight forwarding services with focus on frozen and chilled commodities.[1] The company also operates the passenger transport ferries Baldur and Særún.

Key Information

Eimskip was founded on 17 January 1914, with the issue of shares where many Icelanders became founding members and the company was called "the favourite child of the nation", in Icelandic "óskabarn þjóðarinnar".[3]

Eimskip operates seven vessels and received its newest and most environmentally friendly vessels in 2020, Dettifoss and Brúarfoss,[1] which sail in collaboration with the Greenlandic shipping company Royal Arctic Line between Iceland, Greenland, the Faroe Islands and Scandinavia.[4]

Eimskips also operates 42 warehouses and cold storages in North-America, Europe and Asia. And was once the biggest owner of cold storages in the world with over 180 cold storages on five continents.[5]

Warehouse in Reykjavík
Brúarfoss in building 2019
Harbor area.

History

[edit]

Eimskipafélag Íslands was founded in 1914 with the issuance of public shares to around 14,000 people, about 15% of the Icelandic population at the time. The first chairman of the board was Sveinn Björnsson, who later became the first president of Iceland.[3]

Executives

[edit]
  • Vilhelm Már Þorsteinsson, Eimskip CEO
  • Rósa Guðmundsdóttir, Eimskip CFO / Finance
  • Hilmar Pétur Valgarðsson, Eimskip COO / Operations
  • Hilmar Karlsson, Eimskip CIO / IT
  • Edda Rut Björnsdóttir, Eimskip Executive Vice President / Human Resources and Communication
  • Bragi Þór Marinósson, Eimskip Executive Vice President / International Operations
  • Björn Einarsson, Eimskip Vice President / Sales and Business Management
  • Jónína Guðný Magnúsdóttir, Eimskip Executive Vice President / Iceland Domestic Operations and Services
  • Davíð Ingi Jónsson, Eimskip General Counsel and Compliance Officer[6]

Board of directors

[edit]

Footnotes

[edit]

References

[edit]

Further reading

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Eimskip

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Eimskipafélag Íslands hf., commonly known as Eimskip, is an Icelandic transportation company founded on January 17, 1914, that specializes in shipping, , and with a primary focus on the North Atlantic region. It operates a fleet of 14 vessels and maintains 57 offices across 20 countries on four continents, employing approximately 1,700 people worldwide. The company is publicly traded on and is renowned for its expertise in handling temperature-controlled cargo, such as frozen fish and fresh produce, through its liner services and international freight forwarding operations. Established with the support of around 15,000 Icelandic shareholders—representing about 17% of the nation's at the time—Eimskip emerged as a vital link for Iceland's and connectivity to global markets during the early . Its inaugural vessels, and Godafoss, arrived in 1915, marking the beginning of regular liner services that revolutionized Iceland's import and export capabilities. Over the decades, Eimskip pioneered innovations in the industry, including the introduction of Iceland's first reefer vessel, Brúarfoss, in , and the full of its fleet starting in 1982, which enhanced efficiency and capacity for perishable goods. The company's expansion accelerated in the late 20th and early 21st centuries, with offices established in key locations such as the and the in the 1980s, in 2004, and in 2020. Strategic acquisitions, including Jac. Meisner in 2015 and SHIP-LOG in 2017, bolstered its forwarding services and global reach. In recent years, Eimskip has emphasized , exemplified by the deployment of an electric STS in 2019 that operates with zero carbon emissions and the development of modern facilities like Tromsøterminalen in 2020. As of 2025, Eimskip continues to play a pivotal role in the North Atlantic network, supporting industries from fisheries to aluminum production while adapting to evolving environmental and technological demands; notable recent developments include the sale of the vessel Lagarfoss in July 2025 and agreements for two new 2,280 TEU container vessels in September 2025.

Overview

Founding and mission

Eimskipafélag Íslands hf., commonly known as Eimskip, was established on January 17, 1914, in as Iceland's first national shipping company. The initiative arose from a collective effort among to secure independent amid declining foreign shipping services and escalating freight costs, which threatened the island nation's trade and . With broad public support, the company issued shares that attracted approximately 15,000 shareholders, representing nearly 17% of Iceland's at the time, including contributions from Icelandic communities abroad. The founding board was chaired by , a prominent and statesman who played a pivotal role in the company's inception and later served as Iceland's first president from 1944 to 1952. Björnsson's leadership underscored the enterprise's national significance, positioning Eimskip as a symbol of during Iceland's early 20th-century isolation under Danish rule, when reliable sea connections to were essential for importing goods and exporting fish and other commodities. The initial mission focused on providing regular, Icelandic-controlled liner services to facilitate import and export needs, effectively bridging the country to global markets and fostering . Operations commenced swiftly, with the arrival of Eimskip's inaugural vessels, and Godafoss, in in 1915. These ships marked the beginning of scheduled sailings, primarily to , establishing vital links that alleviated the logistical challenges of 's remote location and supported the nation's growing trade dependencies.

Current status and scale

Eimskipafélag Íslands hf., commonly known as Eimskip, is a publicly traded company listed on under the EIM since 2012. As of the end of , the company employs 1,711 individuals and maintains a global network of 58 offices spanning 20 countries across , enabling comprehensive support in key markets. The company positions itself as a niche leader in North Atlantic transportation, with a particular emphasis on reefer cargo handling for frozen and chilled commodities such as and pharmaceuticals. Complementing its core freight services, Eimskip provides worldwide freight forwarding solutions, integrating sea, land, and air to offer end-to-end for . In addition to its commercial fleet of 16 vessels—comprising 10 container ships and 4 reefer vessels—Eimskip owns two passenger ferries, Baldur and Særún, which serve domestic routes in Iceland, supporting regional connectivity and tourism. This diversified asset base underscores Eimskip's role as an integrated logistics provider in challenging maritime environments.

History

Early development (1914–1950s)

Eimskipafélag Íslands, commonly known as Eimskip, launched its operations in 1915 following its founding the previous year, with the arrival of its inaugural vessels, and Godafoss. These ships established regular scheduled sailings between and , addressing the nation's geographic isolation and dependence on maritime trade for essential imports and exports, particularly that formed the backbone of the Icelandic economy. A pivotal advancement came in 1927 with the introduction of Brúarfoss, Iceland's first reefer vessel purpose-built for transporting perishable goods. This 1,577-gross-ton ship, constructed in , revolutionized Eimskip's capacity to handle temperature-sensitive cargo like fresh fish, enabling more reliable exports to European markets and significantly boosting Iceland's trade efficiency during the . World War II presented severe challenges, as European routes were disrupted, yet Eimskip demonstrated resilience by sustaining critical shipping services between Iceland and Great Britain. The company endured significant losses, including the torpedoing of Godafoss in 1944 (resulting in 25 fatalities) and Dettifoss in 1945 (15 fatalities), which strained its fleet amid wartime perils. These efforts underscored Eimskip's indispensable role in maintaining Iceland's supply lines and economic stability during the conflict. In the post-war recovery era, Eimskip accelerated fleet expansion to rebuild and modernize, ordering four replacement vessels between 1948 and 1950: new iterations of Godafoss and Dettifoss (each 2,925 gross tons) and Lagarfoss, alongside an upgraded Gullfoss (3,858 gross tons) equipped with enhanced refrigerated holds. By 1950, the fleet had grown to eight ships, solidifying Eimskip's position as Iceland's primary shipping line and facilitating post-war economic development through expanded trade routes and improved cargo handling for perishable goods. This period also marked the initial growth in associated cold storage infrastructure to support reefer operations, laying the groundwork for Eimskip's future dominance in global cold chain logistics.

Expansion and modernization (1960s–1990s)

During the late 1960s, Iceland's industrial landscape transformed with the establishment of its first aluminum smelter at Straumsvík in 1969 by Alusuisse (now part of Rio Tinto), initiating the country's aluminum sector. Eimskip responded to this development by expanding its capacity to transport raw materials like imports and finished aluminum exports, which significantly boosted cargo volumes and diversified its payload beyond traditional fisheries goods. This adaptation aligned with Iceland's growing export-oriented economy, where aluminum production rose from negligible levels in 1969 to contributing substantially to GDP by the 1980s, thereby enhancing Eimskip's role in supporting industrial supply chains across the North Atlantic. To modernize its operations amid rising global trade demands, Eimskip initiated fleet in 1982, transitioning from break-bulk to containerized vessels for greater efficiency in handling general cargo. This upgrade reduced loading and unloading times, minimized damage to goods, and allowed for standardized transport of mixed cargoes, including industrial components tied to the aluminum boom. By chartering initial container ships like the City of (renamed Bakkafoss) in 1983, Eimskip improved throughput on key routes, marking a pivotal shift that positioned the company as a more competitive player in international shipping. Furthering its international footprint, Eimskip opened representative offices in 1985 and 1986 in the (), the (New York), (), and (), aimed at streamlining European and North American trade . These establishments facilitated direct coordination of shipments, clearance, and distribution networks, enabling route diversification and better service to aluminum-related and other export clients. By the late , this expansion had strengthened Eimskip's operational reliability, supporting increased bilateral trade volumes between and continental Europe. Parallel to these efforts, Eimskip advanced its specialized reefer services for and perishables, building on earlier innovations to cement its North Atlantic niche. In the , the company introduced refrigerated sister vessels Reykjafoss and Skogafoss (3,870 dwt) in 1965 from Vaerft, designed for efficient chilled cargo transport. The 1970s saw further development with the delivery of three larger refrigerated sisters—Dettifoss, Godafoss, and Manafoss (4,450 dwt)—enhancing capacity for Iceland's vital exports, while the 1977 acquisition of Studlafoss (ex-Hofsjokull) focused on handling. Into the , integration of ro-ro capabilities on chartered vessels allowed for faster loading of perishable goods, reducing spoilage risks and solidifying Eimskip's expertise in temperature-controlled for the region's fisheries-dominated economy.

Global growth and recent milestones (2000s–present)

In 2004, Eimskip expanded its global footprint by initiating forwarding services in key international markets, including , , and , where it opened an office in to support growing trade in refrigerated and containerized cargo. This move marked the company's strategic shift toward broader logistics networks beyond the North Atlantic. In 2004, Eimskip further strengthened its regional presence through the acquisition of Faroe Ship, a longstanding operator in the [Faroe Islands](/page/Faroe Islands), enhancing its capabilities in and freight handling for seafood exports. Following the U.S. military's withdrawal from its base in in 2006, which had accounted for a significant portion of Eimskip's cargo volume, the company relocated its North American operations to as a new hub to maintain efficient transatlantic connections and adapt to changing market dynamics. By 2012, Eimskip achieved a major financial milestone with its listing on , enabling broader access to capital markets and supporting further international expansion. The mid-2010s saw accelerated growth through infrastructure investments and strategic acquisitions. In 2014, Eimskip took delivery of the Lagarfoss, a new 875 TEU container vessel built in , designed to optimize routes in the North Atlantic with enhanced reefer capacity. This was followed in 2015 by the acquisitions of Jac. Meisner, a Rotterdam-based reefer forwarding specialist, and Seatours, an Icelandic operator, which bolstered Eimskip's integrated offerings in and domestic passenger services. In 2015, the company constructed a 10,000-ton cold storage facility in Hafnafjörður, , to meet rising demand for temperature-controlled warehousing in . Sustainability became a core focus in the late 2010s, exemplified by the 2019 introduction of the electric STS Gantry Crane named "Current" at Sundahöfn terminal in , which operates solely on renewable to reduce emissions in port operations. In 2020, amid global challenges, Eimskip earned Equal Pay certification in , affirming its commitment to gender equity in compensation under national standards. Also in 2020, Eimskip opened an office in , . That same year, the company took delivery of two advanced vessels, and Brúarfoss, each with 2,150 TEU capacity and eco-friendly designs compliant with stringent environmental regulations. Entering its second century, Eimskip marked its 110th anniversary on January 17, 2024, reflecting on over a decade of transformation into a diversified global provider while hosting cultural events like an art exhibition from its collection. In 2025, the company underwent HR leadership transitions, appointing Erla María Árnadóttir as HR Manager in Iceland to lead departmental coordination and talent development, alongside Vilhjálmur Kári Haraldsson taking the HR role in the . These changes underscore Eimskip's ongoing emphasis on to support its international operations.

Operations

Core services

Eimskip provides comprehensive solutions that integrate sea freight, air freight, and to ensure seamless connectivity across global supply chains. These services cater to a wide range of industries, emphasizing efficiency and reliability for shipments originating or destined for remote regions. By combining options, the company facilitates end-to-end management from origin to final delivery, minimizing handling and transit times. A key specialization of Eimskip lies in the transportation of reefer and chilled , particularly for the fisheries sector and other perishable . The company offers temperature-controlled services using refrigerated containers capable of maintaining precise conditions for , fresh , and pharmaceuticals during transit. This expertise stems from over a century of handling sensitive cargoes, with a focus on preserving product quality in challenging North Atlantic environments. Eimskip's freight forwarding operations extend worldwide, providing customized solutions for ocean, air, and land shipments, including customs clearance to streamline regulatory compliance. For North Atlantic routes connecting , , the , and , these services incorporate warehousing to support storage and distribution needs, ensuring cargo readiness for onward movement. The company's forwarding network leverages strategic partnerships to handle diverse cargo types efficiently.

Fleet and infrastructure

Eimskip maintains a fleet of 14 vessels as of November 2025, comprising and reefer types dedicated to North Atlantic and global routes. This configuration supports efficient liner services, with vessels distributed across lines such as the Red Line featuring larger units for high-volume transatlantic hauls. The fleet's evolution reflects a shift toward , exemplified by the owned vessels and Brúarfoss, both delivered in 2020 from Chinese shipyards and designed with low-emission systems, including efficient engines and hull optimizations that reduce fuel consumption by up to 20% compared to older models. Earlier additions like the owned Lagarfoss, a 875 TEU geared vessel built in 2014 specifically for Eimskip's coastal and short-sea routes, illustrate the company's focus on versatile, route-optimized assets before its sale in July 2025 to streamline operations. In September 2025, Eimskip signed agreements for two new 2,280 TEU vessels, to be delivered in 2027 on a ten-year , which will be the largest in its fleet. Historically, Eimskip's fleet began with passenger-cargo hybrids like the original , launched in 1915 as one of the company's inaugural vessels, which enabled early Iceland-Europe connectivity and set the foundation for refrigerated transport innovations in subsequent decades. Complementing its maritime assets, Eimskip operates multiple warehouses and cold storage facilities worldwide, spanning , , and to handle frozen, chilled, and dry goods with integrated reefer capabilities. A key example is the 10,000-ton cold storage facility in Hafnafjörður, , completed in 2015 to address surging demand for processing and storage, featuring advanced refrigeration systems for maintaining temperatures down to -30°C. Infrastructure enhancements emphasize environmental responsibility, such as the electric Ship-to-Shore (STS) named "Current," commissioned in 2019 at Sundahöfn port in , which operates emission-free using and boosts container handling efficiency by eliminating diesel dependencies in terminal operations.

Eimskip operates an extensive international network consisting of 58 offices across 20 countries spanning , enabling seamless coordination worldwide. This footprint supports the company's focus on the North Atlantic while facilitating broader global connectivity. Key operational hubs anchor this network: the in , , serves as the central command for overall strategy and domestic coordination; Rotterdam in the acts as the primary European gateway for transatlantic and intra-European shipments; Qingdao in functions as the main Asian base for sourcing and forwarding to Pacific markets; and Portland, Maine, in the United States represents the core North American hub for East Coast imports and exports. These locations exemplify Eimskip's strategic positioning to bridge regional trade flows efficiently. At the heart of Eimskip's global operations are its primary routes in the North Atlantic, which connect , , the , and Scandinavian ports such as those in , , , and . These liner services form the backbone of the network, providing regular, reliable transport for refrigerated and general essential to island economies. Complementing this core, Eimskip's forwarding arm extends reach to over 140 destinations across , , , and through a combination of owned vessels and strategic alliances, ensuring end-to-end integration without direct vessel operations in every market. Regionally, Eimskip's operations in emphasize domestic connectivity via trucking fleets for inland distribution and short-sea routes around the island, supporting local industries like fisheries and . Internationally, the company fosters partnerships with air and sea carriers to offer multimodal solutions, such as combined ocean-air forwarding, which enhances speed and flexibility for time-sensitive goods across its global offices. This integrated approach allows Eimskip to adapt to diverse regional demands, from perishables to industrial exports. A pivotal phase in building this network occurred during the 2004–2006 expansion, when Eimskip opened offices in , , and , , in 2004 to tap into Asian manufacturing and European trade hubs, followed by strengthened presence in the amid shifting market dynamics. This growth was spurred by the 2006 closure of the U.S. in , , which ended a major cargo revenue stream for the company and prompted diversification into new international markets to sustain operations. These moves laid the foundation for Eimskip's current robust global structure.

Corporate governance

Key executives

Eimskip's key executive team, as of November 2025, leads the company's strategic direction in and shipping across the North Atlantic and global markets, drawing on extensive industry and financial expertise to drive and expansion. The team reports to the and oversees core functions including sales, operations, finance, and , with a focus on sustainable growth and customer-centric innovations. Vilhelm Már Thorsteinsson has served as since January 2019, guiding Eimskip's strategic initiatives in international freight forwarding and fleet optimization. He holds an MBA from and a B.Sc. in Business Administration from , complemented by over 20 years of prior experience at , where he rose to Managing Director of Corporate & from 2017 to 2019. Björn Einarsson, appointed Executive Vice President of Sales and Business Management in February 2020, contributes to Eimskip's revenue growth strategies through his oversight of global sales and market development. With a B.A. in Political Science from the University of Iceland and more than 14 years at Eimskip—including as Managing Director for Europe—he brings deep insights into regional trade dynamics. Bragi Þór Marinósson has been Executive Vice President of International Operations since 2008, playing a pivotal role in streamlining Eimskip's and network expansion since joining the company in 1993. He earned an M.Sc. in from the and a Cand.Sc. in from the , with prior leadership as Managing Director of Eimskip Nederland B.V. from 1999 to 2004. Rósa Guðmundsdóttir assumed the role of in September 2024, following María Björk Einarsdóttir's resignation earlier that year; María, who held the position from 2021, brought a B.Sc. in from and experience as a licensed securities broker during her tenure. Rósa, with an M.S. in from and prior CFO role at Heimar hf. from 2021 to 2024, now shapes Eimskip's financial strategy amid volatile global markets. Harpa Hödd Sigurðardóttir was appointed Executive Vice President of and Communication in November 2024, succeeding Edda Rut Björnsdóttir, who transitioned to Executive Vice President of Domestic Operations; Edda, appointed to her original HR role in 2020, holds a B.Sc. in from . Harpa, with an M.Sc. in and a B.Sc. in Psychology from the , supports talent development and internal communications strategies. Other key executives include Chief Information Officer Hilmar Karlsson, appointed in 2018, who leverages his Cand.Sc. in Electrical Engineering from the University of Iceland and prior IT leadership at Arion Banki to advance digital transformation efforts; Chief Operating Officer Hilmar Pétur Valgardsson, appointed in January 2019, with a Cand. Oecon. from the University of Iceland and experience at Eimskip since 1999, including as former CFO; and General Counsel Davíd Ingi Jónsson, with the company since 2009, holding an MBA and Master of Laws from Reykjavík University while ensuring regulatory compliance in international operations. In September 2025, Erla María Árnadóttir was appointed as HR Manager for , leading the domestic HR department and contributing to workforce strategies under the EVP of .

Board of directors

Eimskip's Board of Directors consists of five directors and two alternate directors, elected annually by shareholders at the company's (AGM). The board is responsible for overseeing the company's strategic direction, , and compliance with corporate policies, operating under rules of procedure that emphasize independence and transparency in decision-making. The current board was elected at the 2025 AGM held on March 27, 2025, for a one-year term. Óskar Magnússon serves as Chairman of the Board, a position he has held since 2022. Born in 1954, Magnússon is a Attorney with an LL.M. from and a Cand.jur. from the ; he previously served as CEO of Iceland and is known as a and . He owns 14,056 shares in Eimskip and is not independent due to links with major shareholder Seley ehf. Margrét Guðmundsdóttir is Vice-Chairman, elected to the board in 2021. An with a Cand. oecon. from the and a Cand. merc. from the , she was formerly CEO of Icepharma hf. and holds 12,772 shares; she is independent. The other directors include Guðrún Ó. Blöndal, elected in 2018, who is independent and holds no shares; she is a former CEO of CSD Iceland with a Cand. oecon. from the . Lárus L. Blöndal, an independent director since 2014, is a Attorney at Juris Law Offices, owning 2,989 shares, and holds a Cand.jur. from the . Ólöf Hildur Pálsdóttir, elected in 2021, is independent and indirectly owns 29,027 shares; she was formerly at atNorth ehf. and holds a Cand. oecon. from the . The alternate directors are Baldvin Þorsteinsson, serving since 2022 and not independent due to ties to Seley ehf., who holds 227,336 shares; he is an industrial engineer with a BS from the and chairs Samherji hf. The second alternate, Stefán Sigurðsson, elected in 2025, is independent with no shares or options; born in 1972, he is Managing Director of Nordic Development ehf. Of the five directors, four are independent: Margrét Guðmundsdóttir, Guðrún Ó. Blöndal, Lárus L. Blöndal, and Ólöf Hildur Pálsdóttir. The board maintains three standing committees to support governance: the Audit Committee, chaired by Ólöf Hildur Pálsdóttir with Guðrún Ó. Blöndal and Guðmundur Kjartansson (external member); the Remuneration Committee, chaired by Óskar Magnússon with Lárus L. Blöndal and Baldvin Þorsteinsson; and the Nomination Committee, chaired by Margrét Guðmundsdóttir with Óskar Magnússon and Lárus L. Blöndal. At the 2025 AGM, shareholders approved the Remuneration Committee's proposals for board fees: ISK 800,000 per month for the Chairman, ISK 600,000 per month for the Vice-Chairman, ISK 400,000 per month for other directors, and ISK 140,000 per meeting for alternates (with a maximum of ISK 400,000 per month and a minimum of ISK 400,000 per term). Committee members receive an additional ISK 140,000 per month.

Financial performance

Eimskip's early financial performance was closely tied to its foundational role in Iceland's economy, established in with approximately 15,000 shareholders representing nearly 17% of the nation's . As the country's first shipping company, Eimskip dominated the transport of essential goods such as foodstuffs, , and machinery to support the island's isolated market. This position generated steady revenue streams scaled to Iceland's small and limited trade infrastructure, with operations initially focused on via steamships that connected to European ports. Following the late 1960s, Eimskip experienced significant growth driven by Iceland's emerging export sectors, particularly aluminum production starting in and the expansion of fisheries. The advent of aluminum smelting, led by facilities like the plant at Straumsvík, created demand for bulk export shipping, while fisheries—accounting for a substantial portion of Iceland's GDP—relied on Eimskip's reefer capabilities for frozen and fresh transport to North American and European markets. Fleet expansions in the and , including the adoption of in , boosted cargo volumes by improving efficiency and reducing handling costs, allowing Eimskip to handle increased tonnages of these key commodities. This shift from import dominance to balanced import-export trade solidified revenue growth, with containerized operations enabling more reliable service in the North Atlantic routes. By 2020, Eimskip reported annual revenue of €668.3 million and net profit of €4.5 million, underscoring its sustained focus on North Atlantic liner services amid evolving global trade dynamics, including disruptions from the . EBITDA trends post-1980s showed steady improvement due to efficiencies, with further acceleration after the company's 2012 listing on , which enhanced capital access for fleet modernization. Dividend policies evolved accordingly, with annual payouts introduced post-listing and increasing over the subsequent decade to reflect profitability gains, typically ranging from 10-65% of net earnings to balance shareholder returns with reinvestment needs.

Recent results (2020s)

During the early 2020s, Eimskip demonstrated resilience in recovering from the , with liner operations benefiting from elevated global freight rates in and that drove growth to EUR 882.7 million in and EUR 1,070.6 million in . This recovery was supported by strategic investments in eco-friendly vessels, including the delivery of the and Brúarfoss in 2020, which featured advanced fuel-efficient designs to reduce emissions. By 2023, as pandemic-related rate surges normalized, declined to EUR 827.5 million, yet the company maintained solid EBITDA of EUR 123.4 million, reflecting amid market softening. In 2024, increased to EUR 847.1 million, with EBITDA at EUR 97.8 million and net profit of EUR 30.0 million. The company's commitment to the Icelandic Equal Pay certification, initially achieved in 2019 and re-certified annually through the with pay gaps below 1% (e.g., 0.8% in 2023 and 1.0% in 2024), involved systemic wage adjustments that increased HR-related costs, including salary expenses rising by approximately 8% in subsequent years due to compliance and equity measures. In Q3 2025, Eimskip's operations fell below expectations amid a challenging market, with revenue declining 6.5% to EUR 204.7 million compared to Q3 2024, driven by lower freight rates, while operating expenses decreased only 1.0% to EUR 184.3 million due to persistent cost pressures like wage increases and currency effects. EBITDA dropped 38.0% to EUR 20.4 million (margin of 10.0%), influenced by non-recurring items including a EUR 2.9 million loss versus a EUR 2.2 million gain in the prior year, resulting in net profit after tax of EUR 5.6 million. CEO Vilhelm Már Thorsteinsson commented that the quarter was particularly difficult, attributing the downturn to softening rates and elevated costs, while highlighting ongoing initiatives such as fleet optimization and a 46 staff reduction to enhance efficiency. At the Annual General Meeting on March 27, 2025, shareholders authorized the Board to repurchase up to 10% of the company's shares over 18 months to support capital management, a program initiated in September 2025 with ongoing transactions, such as the purchase of 70,000 shares in late . An investor meeting followed the Q3 results release on November 12, 2025, where CEO Thorsteinsson and Rósa Guðmundsdóttir presented the outcomes and outlook. Eimskip's dividend policy targets consistent payouts of 10-65% of net profit after taxes, contingent on investments, market conditions, and capital structure. For 2024 earnings, the Board proposed a of ISK 13.33 per share, payable on April 29, 2025, aligning with this framework. Remuneration proposals for the Board in 2025, approved at the AGM, set fees at ISK 800,000 for the Chairman, ISK 600,000 for Vice Chairman and committee chairs, and ISK 500,000 for other members, plus attendance allowances.

References

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  40. https://www.eimskip.com/corporate-governance/
  41. https://www.eimskip.com/annual-reports/ar-appendix-2024/key-executive-management/
  42. https://www.globenewswire.com/news-release/2024/06/21/2902159/0/en/Changes-in-Eimskip-s-Executive-Management.html
  43. https://www.eimskip.com/news/general-news/changes-in-eimskips-executive-management/
  44. https://www.eimskip.com/media/eqacwhe2/eim-bod-rules-of-procedure-2025.pdf
  45. https://www.eimskip.com/media/bwxp3zdv/agm-2025-results.pdf
  46. https://www.eimskip.com/media/mhsbcrif/eim_nomination-committee_report-2025.pdf
  47. https://www.eimskip.com/media/svpfor5r/eim-remuneration-committee-report-2025.pdf
  48. https://www.eimskip.com/news/general-news/eimskip-s-consolidated-financial-statements-2020-and-q4-results/
  49. https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=544254&lang=en
  50. https://simplywall.st/stocks/is/transportation/icse-eim/eimskipafelag-islands-hf-shares/dividend
  51. https://www.eimskip.com/news/general-news/eimskip-s-consolidated-financial-statements-2021-and-q4-results/
  52. https://www.globenewswire.com/news-release/2024/02/13/2828564/0/en/Eimskip-Fourth-quarter-and-full-year-2023-results.html
  53. https://www.globenewswire.com/news-release/2025/02/04/3020573/0/en/Eimskip-Management-Financial-Report-Fourth-quarter-and-full-year-2024-results.html
  54. https://www.eimskip.com/media/eccjvp2c/eimskip-sustainability-statement-2024-esg.pdf
  55. https://www.eimskip.com/media/ybsnlglc/eimskip-19-financial-results-presentation.pdf
  56. https://www.globenewswire.com/news-release/2025/11/11/3185677/0/en/Eimskip-Third-quarter-2025-results.html
  57. https://phaata.com/en/logistics-market/eimskip-announces-q32025-results-profit-decline-attributed-to-freight-rates-and-exceptional-costs-61832.html
  58. https://www.globenewswire.com/news-release/2025/09/29/3157948/0/en/Eimskip-Share-buy-back-program-initiated.html
  59. https://www.globenewswire.com/news-release/2025/10/27/3174340/0/en/Eimskip-Transaction-in-relation-to-a-share-buy-back-program.html
  60. https://www.eimskip.com/investors/
  61. https://www.marketscreener.com/quote/stock/EIMSKIPAFELAG-SLANDS-HF-62745701/news/Eimskipafelag-slands-hf-Proposes-Dividend-for-the-Year-2024-Payable-on-29-April-2025-49279545/
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