Eimskip invests in infrastructure in Grundartangi, Iceland

Sunday, February 22, 2015

Eimskip has signed a purchase agreement for three lots at the industrial and harbor area in Grundartangi, Iceland. The total size of the purchased land is 22,410 sq. meters. A comprehensive construction is planned in this area by various parties and Eimskip intends to participate in it with the investment.

Concurrent with the investment, the company has bought two new harbor cranes of the type TREX Gottwald GHMK 6507. One of the cranes will be located in Grundartangi where it will serve Nordurál, the Century Aluminum plant, and other potential industries. The other crane will be located at Mjóeyrarhöfn in Reydarfjördur on the east coast of Iceland, where it will replace an older crane which will be transported to Reykjavík to replace the crane Jaki during its regular maintenance. After finalizing Jaki's maintenance, the older crane from the east coast will be sent to the Faroe Islands to meet increased activity there. The new cranes will be the largest harbor cranes in Iceland and their specialization is that they can simultaneously lift two 20 ft containers. This will create great advantage during unloading and loading of vessels. The cranes are electrically driven and are therefore more environmentally friendly than the older cranes powered by fuel. This is in accordance with Eimskip's environmental policy which e.g. aims at minimizing the release of carbon dioxide. Furthermore, the cranes will increase safety and reliability during unloading and loading of the company's vessels.

Eimskip's total investment in these projects amounts to approximately EUR 8 million.