Eimskip at a Glance
Eimskip is a leading transportation company in the North Atlantic providing container and reefer liner services with connections to international markets and is specialized in worldwide freight forwarding services with 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 55 offices in 20 countries across four continents and employs about 1,600 people. The company operates 17 vessels sailing on different routes in the North Atlantic.
Mission, Vision and Values
Eimskip was founded on January 17th, 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.
ACHIEVEMENT
We simplify things for our customers. That’s how we achieve our goals.
- PROGRESSIVE
We're always thinking ahead. We are ambitious, driven by initiative to create and implement innovative solutions.
- PASSIONATE
We inspire others with our drive for excellence. We celebrate the big and small wins and aim for success.
COOPERATION
We offer outstanding solutions and services. We do that through cooperation.
- TEAMWORK
We believe our continued success and great achievements are only possible with teamwork and collaboration.
- POSITIVE
We have fun, we enjoy our work, we celebrate successes, and we’re team players.
TRUST
We show responsibility towards customers, shareholders, society and the environment. That’s how we earn trust.
- RESPONSIBLE
We're caring. We work for a better society, and to preserve and protect the environment. We strive to be a role model when it comes to responsibility and trust. - ACCOMPLISHED
We connect the world. We make the trip safe, we provide excellent service – and we have been doing it for 107 years.
Strategic Focus
Management’s attention and focus will continue to be on increasing profitability of the core business and maintaining cost benefits from streamlining measures in 2019 and 2020. Special focus will be on improving profitability of the container liner services both by managing cost and increasing revenues. The Company has taken steps to simplify its structure and significantly increase flow of information to all stakeholders offering employees added strategic direction and enabling better service to customers with a complete range of logistic services. Continued focus will be on a more holistic customer service and proactive sales.
Current trends in global container shipping markets have e.g. led to imbalance in supply and demand in vessel charter markets which have resulted in substantial increase in charter rates and as a result the Company has already announced general ocean freight rates increase. The container sailing system has also been adjusted somewhat and examples of that is improved Trans-Atlantic services with a shorter transit time to the US allowing transportation of fresh fish by sea. That has led to more volume of fresh commodities e.g. salmon to North-America. Furthermore, the adjustments secured customer service due to Brexit and improved the export service from Iceland and Faroe Islands.
The vessel sharing agreement with Royal Arctic Line commenced fully in November 2020 with increased service and reliability in the system. Eimskip opened an office in Greenland in 2020 paving the way for new sales opportunities.
Eimskip will continue to integrate previously acquired forwarding companies into the Company‘s forwarding network and standardize end-to-end processes through digital transformation.
The Company places great emphasis on training and educating 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.
Eimskip has been leading in sustainability especially in Iceland for years and will continue to focus on the matter with growing interest from customers. In 2020 the Company took various measures e.g. many new policies approved, 35% less printed paper and an action plan for the next three years approved. The Company works hard on achieving the ambitious goal set in 2015: to reduce its carbon footprint by 40% before 2030.
Customer Service
Eimskip is renowned for excellent service. The Company has a broad customer base and provides a wide range of solutions to meet diverse requirements. A global team with local expertise provides customers with holistic services, designed specifically for their needs.
In 2020 the Company introduced a new Global Service Policy. The goal of the Global Service Policy is to align our service approach, goal setting, and measurements between different units within Eimskip to ensure that we are offering excellent customer service. The Global Service Policy contains three pillars; Global Team, Proactive, and Simplify.
The digitalization and automation of processes are key elements in the continued development of Eimskip’s services. We are determined to adapt to customers’ needs in a fast-changing technical environment where elements of self-service are increasingly important. A strong focus on information technology, and potential synergies between systems and teams, is playing a vital role in our proactive commitment to service excellence.
In early 2020, Eimskip launched a new service-oriented website. We have continued to develop the site throughout the year, providing better information about our products and services and enabling higher levels of customer self-service.
Eimskip’s customer portal is being enhanced continuously. The portal enables customers to make their booking and service requests electronically, to access invoices and necessary documents online and monitor orders.
Organization and Key Executive Management
The Company’s operations are divided into four divisions and three support divisions. There are three business divisions; Iceland Sales and Business Management, Iceland Domestic Operations, and International Operations. An Operations Division and then three support divisions; Finance, Human Resources and Communications, and IT and Business Process Management. Additionally, the General Counsel reports to the CEO. The heads of the business-, operations- and support units form the Company's Executive Management Board and Delegates together with the CEO.
VILHELM MÁR THORSTEINSSON, Chief Executive Officer (CEO), was born in 1971. He was appointed as CEO in January 2019. Over the previous 20 years, he held various positions at the bank Íslandsbanki, most recently as Managing Director of Corporate & Investment Banking (2017-2019) and Managing Director of Corporate Banking (2008-2017). He is a Board Member of the Chamber of Commerce in Iceland and a Board Member of various subsidiaries of Eimskipafélag Íslands hf.
Vilhelm earned an MBA Degree from Pace University in New York; a BSc degree in Business Management, Majoring in Logistics, from Reykjavík University; and is a licensed Securities broker.
BJÖRN EINARSSON, Executive Vice President of Sales and Business Management (EVP), was born in 1969. He was appointed as EVP following organizational changes made in February 2020. Björn has worked for Eimskip and subsidiaries for 14 years, in roles which include Managing Director of Eimskip in Europe, based in the Netherlands. For the past ten years he has been the Managing Director of TVG-Zimsen, and he is currently Chairman of the Board of TVG-Zimsen and its subsidiaries Gára and Skipakostur. He is also a Board Member of Eimskip Greenland and of the travel company Discover Truenorth.
Björn holds a BA degree in Political Science from the University of Iceland.
BRAGI THÓR MARINÓSSON, Executive Vice President of International Operations (EVP), was born in 1965. Bragi started working for Eimskip in 1993 and has held his current position since 2008. Previously, he was EVP North Atlantic Operations (2006-2008) and International Operations (2004-2006). Bragi’s other roles with the Company include Managing Director of Eimskip Nederland B.V. (1999-2004), Senior Manager of the International Department (1997-1999) and Quality Manager (1995-1997). He was also a representative in the International Department from 1993-1995. Based in the Netherlands since June 2016, he is currently a Board Member of various Eimskip group subsidiaries.
Bragi received an MSc degree in Industrial Engineering from the Technical University of Denmark in 1993 and a CS degree in Mechanical Engineering from the University of Iceland in 1991.
EDDA RUT BJÖRNSDÓTTIR, Executive Vice President of Human Resources and Communication (EVP), was born in 1980. Joining Eimskip in 2019 as Head of Marketing and Communication, she was appointed to her current role in early 2020. Edda has over 20 years’ wide-ranging experience, having worked extensively in the IT sector and for 12 years in the financial sector. At Íslandsbanki, her various roles included Executive Director of Customer Relationship Management and Sales in the bank's Corporate and Investment Banking division. Edda is a Board Member of Eimskip Ísland ehf., a subsidiary of Eimskipafélag Íslands hf. and Advania Iceland one of the largest IT companies in Iceland.
Edda has a BSc degree in Business Administration with an emphasis on Computer Science from Reykjavík University.
EGILL ÖRN PETERSEN, Chief Financial Officer (CFO), 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. Egill became Senior Manager of Finance in 2009 and was appointed as Eimskip’s CFO in January 2019. He is a Board Member of various Eimskip subsidiaries.
Egill received a BSc degree in Business Administration from the University of Iceland in 2002.
GUDMUNDUR NIKULÁSSON, Executive Vice President of Iceland Domestic Operations (EVP), was born in 1961. He has worked for Eimskip since 1997 and took up his current position in June 2016. Previously Vice President of Iceland Domestic Operations (2005-2016), Gudmundur also served as Senior Manager of Terminal Operations (1997-2005). Before joining Eimskip, he was Chief Engineer for the City of Reykjavík (1991-1997) and a consulting engineer at Hnit hf. (1987-1991). He is currently a Board Member of various subsidiaries of Eimskipafélag Íslands hf. and a member of the Board of federation of Trade & Services in Iceland (SVÞ).
Gudmundur received an MSc in Engineering from the Technical University of Denmark in 1987. He earned a BSc degree in Civil Engineering from the University of Iceland in 1985.
HILMAR PÉTUR VALGARDSSON, Chief Operational Officer (COO), was born in 1973. He has worked for Eimskip since 1999, taking on the role of COO in January 2019. Hilmar was Eimskip’s Chief Financial Officer (CFO) for 10 years prior to his current appointment, and CFO of HF. Eimskipafélag Íslands, now A1988 hf. (2008-2009). Previously a CFO at Containerships Ltd. OY in Finland (2006-2008), he also worked as Senior Manager of Eimskip’s Financial Control Department (2004-2006). Hilmar is currently a Board Member and Managing Director of various subsidiaries of Eimskipafélag Íslands hf. In the past, Hilmar has been 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.
DAVID INGI JÓNSSON, General Counsel and Compliance Officer, was born in 1981. He has worked for Eimskip since 2009, initially as a Senior Legal Counsel prior to being appointed to his current role. Before joining Eimskip, Davíd was a Legal Counsel at Íslandsbanki and an intern at Lögmenn Borgartúni 18 legal services.
Davíd earned an MBA degree from Reykjavik University in 2018; an M.L. degree in Law in 2007 and a B.A. degree in Law in 2005 from Reykjavík University. He is a member of the Icelandic Bar Association.
HILMAR KARLSSON, Chief Information Officer and head of IT and Business Process Management (CIO), was born in 1971. He has worked for Eimskip since 2017 and in his current role since 2018. For over 10 years he held various management positions related to IT at Arion Banki. Head of IT Operations from 2006 to 2011 and head of Software Development responsible for online banking, APP development, and CRM development from 2011 to 2017.
Hilmar Karlsson received a cand sci degree in electrical engineering from the University of Iceland in 1997.
Employees
Eimskip has a dedicated team of employees whose knowledge and skills are the Company’s most important resources. Eimskip employs around 1,600 people in 20 different countries creating a strong team composed of different genders, nationalities, and generations.
Each member brings a unique set of skills and experience to the team. Diverse backgrounds create a dynamic work environment where Eimskip’s values of achievement, cooperation and trust are upheld in every aspect of the operation.
The focus over recent years has been on increasing information flow, not only to employees, but also between them: across divisions, departments, and borders. Emphasis has been placed on supporting employees with e.g. digital learning platform, check-in conversations and monitoring employee wellbeing with surveys.
Although 2020 has been challenging due to COVID-19, there were also some unexpected positive outcomes. In few months, employees became skilled in utilizing new information technology, allowing them to stay connected and make communication and collaboration more agile and efficient. The Uncertainty surrounding the pandemic also had immediate effects on our environment. The priority was to ensure the health and safety of employees, by implementing various safety precautions.
As day-to-day life changed, remote working became the new norm for many employees, while others had to handle the front lines, coming into work every day to ensure an unbroken logistic chain. In challenging circumstances, employees rose to the occasion, found new and innovative ways to make things happen and keep the operation going during this unique time.
As a company, it is important to be able to adapt quickly to ever-changing demands, that also applies to the workplace. In June last year the headquarters in Iceland were consolidated and the office space transformed into an activity-based working environment. That is a move that will enable the Company to be more flexible and effective going forward. This has had very positive affect on the company culture making Eimskip a more dynamic and attractive place to work.