Eimskip and König & Cie. establish a joint venture in Hamburg, Germany

Monday, January 19, 2015
Eimskip and the company König & Cie. Holding GmbH & Co. KG in Germany have established a joint venture company named Eimskip & KCie GmbH & Co. KG. The new company will be specialized in ship management and trading. The ownership will be 80% by Eimskip and 20% by König & Cie.

The new company will create synergy in vessel operation, including technical management, chartering, sale and purchase, new building projects and various other ship management and investment projects.

The new company will be domiciled in the premises of König & Cie. in Hamburg and Ásbjörn Skúlason from Eimskip and Jens Mahnke from König & Cie. Holding will be its Managing Directors.

Gylfi Sigfússon, President and CEO of Eimskip
I am pleased to inform the establishment of the new joint venture with König & Cie. and look forward to the future cooperation. Our aim has through the years always been to optimize and secure the operation of Eimskip's vessel fleet and we feel that with this joint alliance with König & Cie., Eimskip will even further strengthen its operations. With the joint venture Eimskip will also gain access to a wide range of expertise in worldwide ship management and trading. We will also provide our partners at König & Cie. with an extensive experience and knowhow of vessel operation in the North Atlantic, where we have been in liner services for a century.

Jens Mahnke, CEO of König & Cie. Holding
We at König & Cie. are very excited to be able to announce the joint venture with Eimskip, enabling us to extend our shipping services to a first class liner company. Same as for Eimskip, it has always been of utmost importance for us to provide our customers with very high standard tonnage and services. We appreciate the opportunity of learning more about the special requirements of a customer and its liner services. Moreover, we are looking forward to exploring together investment opportunities in the container sector, as we see that the current investment environment is very interesting."

About Eimskip
Eimskip runs a network of 51 offices in 19 countries and operates 16 vessels. Total number of employees is around 1,400, of which about 800 are located in Iceland. Approximately half of Eimskip's operating revenue comes from operations outside Iceland. The company's vision is to provide outstanding transportation services through a dependable transport system in the North Atlantic, as well as offering an extensive worldwide network of reefer logistics services.

About König & Cie.
König & Cie., with its subsidiaries Mercator Navigation and OSM Shipping, offers a broad spectrum of shipping services, such as technical management, chartering, operating, new building supervision, etc. The services cover all types of vessels, including tankers and dry bulk tonnage. König & Cie. has 75 employees, including a strong team of experienced ship management and trading specialists, and is able to meet the specific requirements of their customers. In addition to the current KG related fleet, König & Cie. has been successful in enlarging its fleet by taking over the management of vessels of international institutional investors with focus on the container sector. König & Cie. is currently controlling/managing a total of 55 vessels.