Eimskip at a Glance

Eimskip is a leading transportation company in the North Atlantic with connections to international markets, specializing in worldwide freight forwarding services. The Company’s vision is to provide excellence in transportation solutions and services.

 

Liner services
in the North Atlantic and
worldwide freight
forwarding services
Revenue 2018
EUR 689 million​
EBITDA 2018
EUR 49.2 million​
Market Cap
EUR 255 million
as at 15 March 2019​
65 own offices
in 20 countries
in four continents
Worldwide
associates network
20 vessels
on seven routes
in the North Atlantic
About
1,800
employees

Eimskip has been a niche player in transportation in the North Atlantic for over 100 years. It specializes in shipping, logistics and supply chain management and offers its customers sea, land and air solutions, with a special emphasis on the handling and storing of all types of temperature-controlled cargo (frozen, chilled and dry cargo). Principal cargo includes 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 with links to its own shipping network, allowing it to provide its customers with comprehensive logistics services.

Eimskip’s main business segments are liner services in the North Atlantic and international forwarding services. The liner services include ocean transport, terminal operations, chilled and cold storage facilities, warehousing, trucking and distribution, airfreight services and agency services. The forwarding services include worldwide freight forwarding services for both reefer and dry cargo; in cooperation with the Company’s own offices, its worldwide network of associates and international deep-sea lines.

 

Eimskip has a strong position in its home market in the North Atlantic, spanning from the east coast of North America to the west and north coasts of Norway.

 

Eimskip was founded in 1914 and is a publicly traded company with its shares listed on Nasdaq Iceland. Eimskip currently operates 65 offices in 20 countries across four continents and employs about 1,800 people. The company operates 20 vessels sailing on seven different routes in the North Atlantic.

 

Mission, Vision and Values

Eimskip traces its roots back to the 17th of January 1914, when HF. Eimskipafélag Íslands was founded, with approximately 15,000 shareholders, representing almost 17% of the Icelandic nation at that time.

Eimskip is a leading transportation Company in the North Atlantic with connections to international markets, specializing in worldwide freight forwarding services. The Company’s vision is to provide 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
  • Provide an outstanding workplace for EMPLOYEES with great team spirit and ambition
  • Show concern for SOCIETY by endorsing social responsibility and reducing its ecological footprint

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

 

Strategic Focus

In recent years, Eimskip has been focusing on external growth through accretive acquisitions in specialized freight forwarding companies. The operational and strategic focus will now be on increasing the profitability of the current core business by streamlining and simplifying the operation. The company changed its corporate structure in January 2019, introducing a new Operations division that will be responsible for better utilization of core operating assets with the aim of reducing operating costs.

The company’s commitment to weekly services on its main sailing routes in the North Atlantic, including the North America line, will enable further organic growth and more diversified business going forward. The commitment came at a cost but volume has been building up and profitability increasing. Vessel sharing agreement with Royal Arctic Line in Greenland, involving investment in two 2,150 teus container vessels, will strengthen the infrastructure in a cost efficient way and open for new sales opportunities.

Forwarding operations have mainly grown through the acquisitions of forwarding companies in various countries. An emphasis will now be on further integrating these new companies into Eimskip’s forwarding network and standardizing end-to-end processes through digital transformation.

OPERATIONAL EXCELLENCE

During 2018, the Company focused on further improving its operational processes and on defining its process landscape. It is important for Eimskip to deliver excellence in transportation solutions and services in a consistent and efficient manner. The customer experience is depended on the end-to-end process and consequently the Company needs to standardize further and improve the efficiency of its processes. The Company will continue to streamline its end-to-end processes in 2019.

Another important factor under operational excellence is to secure resources in the best and most efficient way. The Company actively works on further improving its procurement processes. This work will continue in 2019, focusing on implementing strategic procurement processes to reduce costs and improve processes to reach operational excellence.

 

Organization and Executive Management

Changes were made to the organizational structure in January 2019. The current  Executive Management Team at Eimskip consists of the Chief Executive Officer (CEO) and  Directors of Finance, Human Resources, Operations, Sales and Marketing, Iceland Domestic Operations and Logistics, and International Operations and Logistics. The executive team has extensive experience in management and leadership.

VILHELM MÁR THORSTEINSSON

VILHELM MÁR THORSTEINSSON, Chief Executive Officer, was born in 1971. He was appointed as CEO in January 2019. He previously held various positions at Íslandsbanki for over twenty years. He was Managing Director of Corporate & Investment Banking at Íslandsbanki from 2017 to 2019 and Managing Director of Corporate Banking from 2008 to 2017. Vilhelm earned an MBA Degree from Pace University in New York, a B.Sc degree in Business Management, Majoring in Logistics, from Reykjavík University and is a licensed Securities broker. He is a Board Member and/or CEO, of various subsidiaries of Eimskipafélag Íslands hf.

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. 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. He received a Master’s degree in Industrial Engineering from the Technical University of Denmark in 1993 and a C.S. degree in Mechanical Engineering from the University of Iceland in 1991.

EGILL ÖRN PETERSEN

EGILL ÖRN PETERSEN, Chief Financial Officer, was born in 1974. He has worked for Eimskip since 2003, first as a Financial Controller within the finance department and later as a manager. He became Senior Manager of Finances in 2009 and through organizational changes in January 2019 he was appointed as CFO of Eimskip. Egill received a B.Sc. degree in Business Administration from University of Iceland in 2002. He is a Board Member of various subsidiaries of Eimskipafélag Íslands hf.

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 was Vice President of Human Resources from June 2016. She became Vice President of Human Resources and Marketing following organizational changes in November 2017 and again following organizational changes in January 2019 as Vice President of Human Resources. Elín is a Board Member of Eimskip Ísland ehf., a subsidiary of Eimskipafélag Íslands hf., a Member of the Board of SVTH – Federation of Trade & Services, a Member of the Board of Confederation of Icelandic Enterprise and was a Board Member of Kortathjónustan hf. 2016 to 2017. Elín received a B.Sc. degree in Business Administration in 2002 and an MBA degree in 2005 from Reykjavík University.

GUDMUNDUR NIKULÁSSON

GUDMUNDUR NIKULÁSSON, Vice President of Iceland Domestic Operations and Logistics, was born in 1961. He has worked for Eimskip since 1997. Gudmundur has been Vice President of Iceland Domestic Operations and Services (now Logistics) 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 four 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 C.S. degree in Civil Engineering from the University of Iceland in 1985.

HILMAR PÉTUR VALGARDSSON

HILMAR PÉTUR VALGARDSSON, Chief Operational Officer, was born in 1973. He has worked for Eimskip since 1999, as CFO from 2009 until January 2019 when he was appointed to the current position of COO. 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, 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.

MATTHÍAS MATTHÍASSON

MATTHÍAS MATTHÍASSON, Vice President of Sales and Marketing, 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 until January 2019, when through organizational changes he was appointed to the current position. Matthías 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.

Employees

Eimskip has a dedicated team of employees whose knowledge and skills are the company’s greatest resource. Eimskip employed on average of 1,821 people across 20 countries in 2018, a team consisting of 44 nationalities and four generations. We believe in diversity and that each member of our team brings a unique set of skills and experiences. This creates a dynamic work environment where the company’s values of achievement, cooperation and trust are upheld in every aspect of our operations.

Strategic planning has enabled us to focus on integration and process-driven projects with the main objective of streamlining and synergy. The company places an emphasis on knowledge dissemination, internal communication, cross-functional collaboration, improved technology and regular monitoring.

Developing a successful company culture is a never-ending journey, and creating a teamwork-based and process-driven culture requires strategic short-term and long-term decision making at every stage.

Strong teamwork and cooperation is the key to maintaining a clear vision of the future and to achieving our objectives. The company will focus on continuous improvement, waste reduction, clear objective setting, cross-functional communication, employees’ education and on regularly measuring the success of these measures.