PRESS RELEASE FROM EIMSKIP
Eimskip strengthens its foothold in the container management market
Eimskip has strengthened its position with an acquisition of a 51% stake in CSI Group LLC (Container Services International), a company with headquarters in Boston, USA, specialized in the re-marketing of container and shipping related assets. With the acquisition, Eimskip is tapping into a great know-how in container purchasing, leasing and trading of second hand units. The investment is around EUR 1.0 million.
CSI was founded in 2011 and is managed by Stephan Howard, who has 25 years of experience in the container industry and has an extensive network of contacts with a worldwide reach and expertise. CSI and its associates maintain stocks in various locations around the USA. Stephan Howard will remain as a 49% shareholder in CSI and will lead the company as a general manager.
CSI specializes in selling and leasing new and used containers both for storage and shipping and in selling specialized container equipment. CSI also provides consulting services for the container trade. The annual turnover of the company is around EUR 5 million with an EBITDA margin of approximately 10%.
Gylfi Sigfússon, President and CEO of Eimskip
“It is great to have CSI as part of the Eimskip group and it will further strengthen Eimskip’s knowledge base in dealing with purchasing, maintenance and container control. Cost control around container fleet has been a challenge for all carriers in the past and therefore we see benefit in the knowledge we gain to lower Eimskip’s cost of dealing with our own and leased container fleet worldwide. I also welcome Stephan Howard and his expertise, as well as his team with all their experience, and I look forward to working with them.”
Stephan Howard, Managing Director of CSI
“I am happy that CSI has become a part of a larger network, enabling the company to look at realizing further growth opportunities, both short-term and long-term, in the Americas and overseas. Eimskip combines a strong shipping culture, real attention to customers and an open mind. This environment has enabled us to build a good working relationship with Eimskip in the past and I look forward to a closer relationship with the company moving the group forward.”
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 was founded in 1914 and is a publicly traded company with its shares listed at Nasdaq Iceland. The company runs a network of 61 offices in 20 countries, operates 21 vessels and has around 1,700 employees.