Eimskip at a Glance

Eimskip is a leading transportation company in the North Atlantic with connections to international markets and is specialized in worldwide freight forwarding services, with the vision of providing excellence in transportation solutions and services.

Liner services
in the North Atlantic and
worldwide freight
forwarding services
Revenue 2016
EUR 514 m
Market Cap
EUR 510 m
as at 20 March 2017
60 own offices
and 69 associates
in a total of
48 countries
21 vessels
on six routes
in the North Atlantic
1,700
employees in
20 countries

Eimskip is a niche player in transportation in the North Atlantic. It specializes in shipping, logistics and supply chain management and offers its customers solutions on sea, land and air, with a special emphasis on the handling and storing of all types of temperature-controlled cargo. Principal cargoes are frozen, salted and fresh fish, aluminum and a wide range of general goods from heavy machinery to fruit and vegetables. Over the years, Eimskip has built a network of its own offices and associates that links with its own shipping network, allowing it to provide its customers with comprehensive logistics services.

Eimskip’s transportation services include shipping, terminal operations, ocean and land transport, air-freight, warehousing, freight forwarding and expert advice on shipping and logistics. Eimskip currently operates 60 offices in 20 countries and works with 69 associates in 40 countries, making a network of 48 countries in total. The Company employs around 1,700 people worldwide and operates 21 vessels sailing on six different routes in the North Atlantic area.

Eimskip concentrates mainly on serving the North Atlantic, with a focus on its home market, where the Company has a strong position. Eimskip has defined its home market as lying in the North Atlantic, from the east coast of North America to the west and north coasts of Norway; in other words, Newfoundland and Labrador, Iceland, the Faroe Islands and Norway. Eimskip is the only containerized liner company offering direct services between Newfoundland and Labrador and Europe, between Newfoundland and Labrador and the USA and between North America and Northern Norway, connecting these areas with one comprehensive sailing schedule.

Eimskipafélag Íslands hf., the parent company, currently owns nine direct subsidiaries, all of which are fully owned by Eimskip with one exception. These direct subsidiaries further own 55 subsidiaries which are mostly 100%-owned entities.

Mission, Vision and Values

Eimskip traces its roots back to 17 January 1914, when H.F. Eimskipafélag Íslands was founded with about 15,000 shareholders, representing almost 17% of the Icelandic nation.

Eimskip is a leading transportation company in the North Atlantic with connections to international markets and is specialized in worldwide freight forwarding services, with the vision of providing excellence in transportation solutions and services.

EIMSKIP’S OBLIGATIONS TOWARDS ITS STAKEHOLDERS ARE TO:

  • Secure a good return for SHAREHOLDERS with profitable growth
  • Create value for CUSTOMERS with outstanding solutions and services
  • Be an outstanding workplace for EMPLOYEES with great team spirit and ambition
  • Show concern for the SOCIETY with social responsibility and reduced ecological footprint

Eimskip’s employees observe the Company’s values in their daily work:  ACHIEVEMENT – COOPERATION – TRUST

Strategic Priorities 2017

Eimskip has defined its Strategic Priorities for the year 2017. These are the six different priorities presented in the following circle, covering different aspects of the Company’s operations.

The Strategic Priorities relate to Eimskip’s mission and vision and are based on the Company’s values.

FOLLOWING ARE EIMSKIP’S STRATEGIC PRIORITIES 2017:

  • TEAM EIMSKIP focuses on integrating Eimskip’s global team
  • CORPORATE SOCIAL RESPONSIBILITY AND ECOLOGICAL FOOTPRINT has main focus on implementing a formal CSR strategy for the Company and on measuring its ecological footprint
  • IT, PROCESSES AND SERVICES focus on integrating IT and processes to optimize service excellence
  • PROCUREMENT OPTIMIZATION focuses on implementing strategic procurement processes to reduce cost
  • SAILING SYSTEM AND VESSELS has main focus on strengthening and optimizing the sailing system and on renewing the fleet and enlarging the size of vessels
  • EXTERNAL GROWTH AND INTEGRATION focuses on continued execution of the Company’s investment strategy for external growth and on integrating companies to ensure maximized synergy

Organization and Executive Management

 

THE EXECUTIVE MANAGEMENT of Eimskip consists of the Chief Executive Officer and the Directors of Finance and Operation, International Operations and Logistics, Human Resources, North Atlantic Container Liner Services and Iceland Domestic Operations and Services. All the executives have an extensive experience within the Company.

GYLFI SIGFÚSSON

GYLFI SIGFÚSSON, President and CEO, was born in 1961. He has worked for Eimskip and related companies since 1990 and as President and CEO from 2009. Before that he was CEO of HF. Eimskipafélag Íslands, now A1988 hf., from 2008 to 2009. Gylfi held the position of CEO of Eimskip USA, Eimskip Logistics and Eimskip Canada from 2006 to 2008, overseeing all of Eimskip’s transport operations in USA and Canada. Gylfi was the CEO of Eimskip Logistics in USA from 2000 to 2006. He was Executive Vice President of Ambrosio Shipping in USA from 1996 to 2000 and Executive Vice President of Marketing and Operations at Tollvörugeymslan hf., now TVG-Zimsen ehf., from 1990 to 1996. He is a board member or CEO, or both, of various subsidiaries of Eimskipafélag Íslands hf. Gylfi is a board member of Iceland Chamber of Commerce, the American-Icelandic Chamber of Commerce, the Icelandic-Canadian Chamber of Commerce, the Greenland-Icelandic Chamber of Commerce and the Icelandic-Arctic Chamber of Commerce. He earned a Cand.Oecon. degree from the University of Iceland in 1990.

HILMAR PÉTUR VALGARDSSON

HILMAR PÉTUR VALGARDSSON, Chief Financial Officer, was born in 1973. He has worked for Eimskip since 1999 and as CFO from 2009. Before that he worked as CFO of HF. Eimskipafélag Íslands, now A1988 hf., from 2008 to 2009. He was CFO of Containerships Ltd. OY in Finland from 2006 to 2008 and Senior Manager of Eimskip’s Financial Control Department from 2004 to 2006. Hilmar is currently a board member and Managing Director of various subsidiaries of Eimskipafélag Íslands hf. Before, Hilmar was a board member of Containerships UAB, Containership UAB, Containerships Polska, Air Atlanta Properties Ltd., Air Atlanta Aero Engineering Ltd., Vátryggingafélag Íslands hf. and Líftryggingafélag Íslands hf. Hilmar received a Cand.Oecon. degree from the University of Iceland in 1999.

BRAGI THÓR MARINÓSSON

BRAGI THÓR MARINÓSSON, Executive Vice President of International Operations and Logistics, was born in 1965. He has worked for Eimskip since 1993. Bragi has been Executive Vice President of International Operations and Logistics since June 2016, before which he was Executive Vice President of International Operations from 2008 to 2016 and Executive Vice President of North Atlantic Operations from 2006 to 2008, Executive Vice President of International Operations from 2004 to 2006, Managing Director of Eimskip Nederland B.V. from 1999 to 2004, Senior Manager of the International Department from 1997 to 1999, Quality Manager from 1995 to 1997 and Representative in the International Department from 1993 to 1995. Bragi is currently a board member of various subsidiaries of Eimskipafélag Íslands hf. Bragi is a board member of the British-Icelandic Chamber of Commerce and the Norwegian-Icelandic Chamber of Commerce. He received a Master’s degree in Industrial Engineering from the Technical University of Denmark in 1993 and a B.Sc. degree in Mechanical Engineering from the University of Iceland in 1991.

ELÍN HJÁLMSDÓTTIR

ELÍN HJÁLMSDÓTTIR, Vice President of Human Resources, was born in 1972. She has worked for Eimskip since 2004. Elín was appointed Recruiting Manager in 2006 and in 2008 she became Senior Manager of Human Resources in Iceland. Following organizational changes in 2009 she became Senior Manager of Human Resources of Eimskip and has been Vice President of Human Resources since June 2016. Elín is a board member of Eimskip Ísland ehf., a subsidiary of Eimskipafélag Íslands hf., and an alternate member of the board of Kortathjónustan hf. Elín received a B.Sc. degree in Business Administration in 2002 and an MBA degree in 2005 from Reykjavík University.

MATTHÍAS MATTHÍASSON

MATTHÍAS MATTHÍASSON, Vice President of North Atlantic Container Liner Services, was born in 1966. He worked for Eimskip from 1983 to 2004 and again from 2009. Matthías has been Vice President of North Atlantic Container Liner Services since June 2016, was Vice President of Transportation Services 2015 to 2016 and Vice President of Sales and Services from 2009 to 2014. Before that he was Vice President of Special Projects and Managing Director of Eimskip Germany in 2009, Managing Director of Komatsu Denmark from 2004 to 2009, Managing Director of Eimskip UK from 2003 to 2004 and Senior Manager of Eimskip’s Export Department from 2001 to 2003. He was Senior Manager of Eimskip’s Vehicles, Equipment and Special Projects from 2000 to 2001, Key Accounts Manager of Eimskip International Sales and Services from 1997 to 2000 and a sales representative of Eimskip’s Import Department from 1993 to 1997. Matthías studied Education at Hedmark University in Norway from 1993 to 1996.

GUDMUNDUR NIKULÁSSON

GUDMUNDUR NIKULÁSSON, Vice President of Iceland Domestic Operations and Services, was born in 1961. He has worked for Eimskip since 1997. Gudmundur has been Vice President of Iceland Domestic Operations and Services since June 2016. Before that he was Vice President of Iceland Domestic Operations from 2005 to 2016 and served as Senior Manager of Terminal Operations from 1997 to 2005. Gudmundur held the position of Chief Engineer for the City of Reykjavík from 1991 to 1997. From 1987 to 1991 he was a Consulting Engineer at Hnit hf. He is currently a board member of three subsidiaries of Eimskipafélag Íslands hf. In 1987 Gudmundur received a Civ.Ing. degree (M.Sc.) in Engineering from the Technical University of Denmark in Copenhagen. He received a B.Sc. degree in Civil Engineering from the University of Iceland in 1985.

Employees

Eimskip’s employees aim at excellence in their work. One of the main keys to achieve this is strong teamwork and cooperation, drawing the best from the Company’s employees with their variety of backgrounds as regards education and experience.

Eimskip employed an average of 1,632 people in fixed positions in 19 countries in 2016.

With global growth, Eimskip’s employees face both opportunities and challenges. The opportunities seem obvious in terms of the growth itself, but to meet them it is important to strengthen the team and the company culture even further with a clear strategy at hand.

   
Early in 2016, Eimskip launched Workplace as an additional tool for communication and information flow. Workplace is a solution by Facebook to connect employees in companies. It was launched in the Company worldwide simultaneously with a memorable launching day and good results. The way people communicate has changed with Workplace, a tool that ‘turns ideas into action’, makes the world smaller and gives every employee an opportunity to communicate with his or her colleagues worldwide in a quick, informal and efficient way. Given this access and flexibility, employees have the opportunity to strengthen their knowledge of the operation and easier access to their network of colleagues worldwide.

   
One of the Company’s ways to harness team spirit and joint goal seeking involves using the methodology ‘The 4 Disciplines of Execution’ (4DX) which is a powerful tool for improvements. Eimskip’s employees talk about the ‘the paths to the mountaintop’ which refers to the financial goal at the top of the mountain and the several ways to reach it. Each Strategic Priority can be described as one way of reaching the top of the mountain. The 4DX projects are based on the Strategic Priorities for each year. The 4DX methodology has proved its existence and the employees’ participation and creativity has led to good results. This tool is now a part of the Company’s daily operations and Eimskip focuses on further strengthening its use worldwide.

TEAM EIMSKIP is one of the Company’s Strategic Priorities in 2017. This focuses on integrating Eimskip’s global team and is built on a decision to harness the company culture in a more strategic way, with the emphasis on teamwork. Working with the company culture is a never-ending journey and the decision to build a stronger teamwork culture requires strategic short-term and long-term projects.

In a fast-moving world and against a background of rapid technical progress, the Company has a challenging task ahead in attracting the right knowledge and creative thinking which are essential elements in a growing company. Eimskip is well recognized in its field, with an engaged and ambitious group of employees that aims to maximize the potential results.