The Company

Eimskip is a leading transportation company in the North Atlantic, connecting continents with weekly liner services between Europe and North America to and from Iceland, the Faroe Islands, and Norway. Eimskip also provides worldwide forwarding services with a special focus on frozen and chilled commodities.

Eimskip has been a niche player in North Atlantic transportation for over 100 years. The Company specializes in shipping, logistics, and supply chain management. The Company offers its customers sea, land, and air solutions, with a special emphasis on the handling and storing of all types of temperature-controlled 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 customers with comprehensive logistics services worldwide.

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 is a publicly traded company, listed on Nasdaq Iceland. Eimskip currently operates 56 offices in 18 countries across four continents and employs about 1,770 people. The Company operates 17 vessels sailing on different routes in the North Atlantic.

Eimskip was founded on January 17^th, 1914, when H.F. Eimskipafélag Íslands was established. Shareholders were approximately 15,000 – representing almost 17% of the Icelandic nation at that time.

Eimskip is a leading transportation company in the North Atlantic, connecting continents with weekly liner services between Europe and North America to and from Iceland, the Faroe Islands and Norway. Eimskip also provides worldwide forwarding services with special focus on frozen and chilled commodities. The Company’s vision is to provide excellence in transportation solutions and services.

Eimskip’s employees always observe the Company’s values: achievement, cooperation and trust.

Strategic focus will continue to be on increasing profitability of the core business. Targets are to be met by streamlining and simplifying the operation after years of acquisitive external growth. The company changed its corporate structure in February 2020, introducing a new Sales & Business Management division formed by integrating the Liner division Sales & Services and the Freight Forwarder TVG-Zimsen. The objective is to simplify Eimskip’s service offerings and brands as well as increase emphasis on business origination: offering a complete range of logistic services. A simpler structure means better service to customers in Iceland and internationally in co-operation with the Company’s international offices and agents. Increased emphasis will be on proactive sales and a more holistic customer service.

In October 2019, the Company made changes to its container sailing system. As a result, Eimskip can offer simplified sailing routes and larger vessels, which will increase service and reliability in the system. The Company currently offers the last scheduled departure from Europe to Iceland and the shortest transit time, with express service for export and import of fresh products to and from Iceland and the Faroe Islands. Eimskip’s commitment to weekly services on its main sailing routes in the North Atlantic, including the North America line, will continue to enable organic growth and a more diversified business.

A vessel sharing agreement with Royal Arctic Line in Greenland, with associated investments in two 2,150 TEUs container vessels, will strengthen the sailing system infrastructure in a cost-efficient way and pave the way for new sales opportunities.

Eimskip will continue to integrate acquired forwarding companies into the company’s forwarding network and standardize end-to-end processes through digital transformation.

Eimskip places great emphasis on the training and education of its employees. In a fast-changing environment employee education and training has become even more important and Eimskip has taken concrete steps in digitizing educational and training material.

Corporate Social Responsibility (CSR) is extremely important to Eimskip. The Company works hard on achieving the ambitious goal set in 2015: to reduce its carbon footprint by 40% before 2030. In 2019 the Company took various measures that e.g. resulted in 23% less printed paper and 9% less unsorted waste between years. Eimskip furthermore signed an agreement with the unique recycling company Pure North in Iceland, which is powered by geothermal energy, to recycle plastic that accumulates in Eimskip’s operation in Iceland. Eimskip will continue to emphasize CSR matters.

In 2019, company management increased transparency by sharing even more operation-related information with employees, market analysts, and shareholders, and will continue to do so.

Changes were made to the organizational structure in February 2020. The current Executive Management Team at Eimskip consists of the Chief Executive Officer (CEO), Chief Operating Officer (COO) and Chief Financial Officer (CFO), and Executive Vice Presidents of Sales and Business Management, International Operations, Human Resources, and Iceland Domestic Operations. The executive team has extensive experience in management and leadership.

Eimskip has a dedicated team of employees whose knowledge and skills are the Company’s most important resource. At the end of 2019, Eimskip employed around 1,770 people across 18 countries: a strong team composed of different genders, nationalities, and generations.

We believe in diversity and that each member of our team can bring a unique set of skills and experiences. Different backgrounds and outlooks create a dynamic work environment where the Company’s values of achievement, cooperation, and trust are upheld in every aspect of our operations.

In a fast-developing technical environment – usually referred to as the 4th industrial revolution – with increased automation and smart technology becoming mainstream, it is right to review the company strategy in relation to the knowledge and skills that exist within the organization. Moreover, increased demands in terms of environmental impact are no less important when it comes to revising our strategy. Environmental concerns affect the way business is done and what customers, employees, and society at large expect of companies. In that regard, we need to prepare existing employees as well as new ones for both ongoing changes and for the future. That is why we emphasize digitalization, streamlining, and corporate culture.

Our focus has been on increasing information flow, not only to employees but also between them: across divisions, departments, and borders. We break barriers and build bridges. Training within Eimskip is an integral part of any substantial project or ongoing transformation program within the Company. To keep up with a fast-developing environment and increase our competitive advantage, continuous learning is necessary. Therefore, learning and adapting to new technology and honing personal skills such as empathy, innovation, teamwork, and leadership, is imperative.

To make learning and knowledge-sharing accessible for everyone, we have created an online learning platform, “The Eimskip Academy”. There, all employees can find information, specific courses, reading materials, and other motivating content. The focus has so far been on ongoing transformation projects within the company, but the journey of creating a learning culture has just begun.

This journey is about preparing our existing employees for the future and embracing newcomers that might bring in fresh ideas, different knowledge, and experiences. It is about a new mentality and a cultural change within the company: what we like to call “Growth mindset – learning culture”.

Our aim is to keep the spark alive and ignite new ones.