From GlobeNewswire: 2024-08-20 12:09:00

Highlights of the second quarter results for Eimskip in 2024 include stable revenues of 210 million euros, with a decrease in revenue from reefer cargo by 12.9 million euros. Lower profitability from planned voyages was attributed to lower Trans-Atlantic prices, changes in export composition in Iceland, and a four-week strike in the Faroe Islands.

Eimskip saw a higher profit from international forwarding due to higher international shipping prices, especially in routes connected to Asia. Operating costs increased by 10.9 million euros, primarily due to higher shipping costs paid to third parties. Despite a decrease in labor force of 2%, labor costs increased by 1.1 million euros.

The first six months of 2024 saw a decrease in revenues by 18.6 million euros compared to the same period last year, with operating costs increasing by 9.8 million euros. EBITDA was at 37.7 million euros, down by 28.4 million euros, while EBIT was at 7.7 million euros, a decrease from 35.2 million euros in the same period last year.

CEO Vilhelm Már Þorsteinsson highlighted the challenging operational environment in the second quarter, with EBITDA decreasing by 10.8 million euros from the previous year. The company focused on cost management due to inflationary pressures, resulting in reduced cost increases. Despite market uncertainties, Eimskip remains optimistic about future profitability and increased export volumes in Iceland.

Eimskip’s unique business model, integrating shipping, port services, and distribution, plays a key role in providing efficient and flexible services to meet the demands of Icelandic consumers and international markets. The company emphasizes providing high-quality services in challenging weather conditions in the North Atlantic, ensuring the timely delivery of valuable seafood products.

Looking ahead to the third quarter, Eimskip expects improved profitability compared to the second quarter, anticipating increased export volumes in Iceland following the fishing season. While uncertainties remain, the company is prepared for fluctuations in markets and aims to maintain strong operational performance in the coming months. The company will hold an investor presentation to discuss the results further.



Read more at GlobeNewswire:: Eimskip: Afkoma annars ársfjórðungs 2024