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 56 offices in 20 countries across four continents and employs about 1,700 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 108 years.
Strategic Focus
Eimskip offers holistic transportation services and door-to-door solutions to its customers, with a niche focus on transportation of frozen and chilled commodities. Eimskip is well positioned as a leading transportation company in the North Atlantic providing container and reefer liner services and worldwide freight forwarding services.
There is a general consumer trend towards increased consumption of fresh and chilled products such as seafood, farmed fish, fruits, and vegetables. There is also a growing demand for environmentally friendly transportation solutions, which Eimskip meets by offering reliable and competitive liner services and value-added ancillary services such as efficient land transportation, warehousing, and cold storage operations in key locations. For North Atlantic islands like Iceland and the Faroe Islands, ocean shipping is the most environmentally friendly way of transporting goods. Eimskip is therefore in a very competitive position, with its large vessels and vast capacity, and is well suited to provide transportation with the least carbon footprint. Eimskip’s strategic approach in the Trans-Atlantic services has proven successful, and the Company will continue active product development in that space.
The Company has taken meaningful steps to simplify its structure, shorten lines of communication, and increase the flow of information to all stakeholders. This has offered employees added strategic direction and enabled better service to customers with a complete range of logistics services. The Company will continue to focus on holistic customer service and proactive sales.
Eimskip places great emphasis on sustainability, which is a core theme in development of the Company’s operations and services.
The Company works hard on achieving the ambitious goal set in 2015: to reduce its carbon footprint by 40% before 2030. The vessels account for 96% of the Company’s CO2 emissions, and it is clear that energy transition is needed to reach that goal. Eimskip has a group of employees from various positions within the Company working together towards that goal. Eimskip has started to analyze and evaluate its options in renewing the container vessel fleet, focusing on the next generation of vessels using alternative greener fuel. As part of Eimskips sustainability strategy, the company recognizes the importance of regularly reviewing the GHG reduction targets and will be conducting a re-evaluation of target and ensure necessary steps are taken to address the climate change.
For the last three years, Eimskip has been investing in technology platforms to support customer service, e.g. Microsoft Customer Engagement solution, a new system for our liner and forwarding operation, container management system and a new financial reporting and planning platform. This is very important to continue to develop the Company, operate efficiently, and provide excellent service. The Company will continue that digital journey to ensure excellent customer service leveraging on technical improvements and business and employee adaptability to change.
Greater emphasis has been on training and educating employees. Leadership training, development, and succession planning play a vital part in ensuring a group of diverse leaders ready to take on new roles and responsibilities at all times. The focus will remain on supporting employee wellness with various measures.
Management’s attention and focus will continue to be on the profitability of the core business and maintaining cost benefits from past years’ streamlining measures.
Finally, management will explore opportunities to develop and support further growth in strategic locations and areas.
Customer Service
Eimskip is renowned for its 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.
The Company has a Global Service Policy. The goal of the Global Service Policy is to align the service approach, goal setting, and measurements between different units within Eimskip to ensure that the Company is offering excellent customer service. The Global Service Policy contains three pillars: Global Team, Proactive, and Simplify. To measure and monitor customer satisfaction for customers globally, Eimskip sends out a Net Promoter Score (NPS) customer survey each year. The NPS continues to be strong. Gallup research also measures customer satisfaction in Iceland and the positivity toward the Company is increasing between years.
In 2022 the sailing schedule on eimskip.com got a new appearance with new features and more reliability. The main goal was to simplify the schedule and make it more user-friendly for customers and employees.
Eimskip added the fourth vessel to the North American route in November to meet continued strong demand Westbound. The fourth vessel is 700 TEUs. Before, the Company operated three vessels on the route on weekly service, two 900 TEUs and one 700 TEUs. Eimskip offers an outstanding environmentally friendly product for transporting fresh products by sea to North America. Which in turn allows customers to lower their carbon footprint.
The digitalization and automation of processes are key elements in the continued development of Eimskip’s services. The Company is 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 Eimskip’s proactive commitment to service excellence.
Eimskip continues to strategically invest in technology platforms to better support customer service. This includes Microsoft Customer Engagement solution, new systems for liner and forwarding operation, container management system, global financial reporting and planning platform and more.
Organization and Key Executive Management Team
The Company’s structure is divided into three business divisions, an operations division and three support divisions. The heads of the respective divisions plus the General Counsel form the Executive Management Team with the CEO.
VILHELM MÁR THORSTEINSSON, Chief Executive Officer (CEO), was born in 1971. He was appointed CEO in January 2019. Prior to his current role at Eimskip, he held various positions at Íslandsbanki for 20 years, most recently as Managing Director of Corporate & Investment Banking (2017-2019) and Managing Director of Corporate Banking (2008-2017). Vilhelm furthermore has a background in both treasury and capital markets activities. 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 B.Sc. degree in Business Administration, 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 B.A. 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 M.Sc. degree in Industrial Engineering from the Technical University of Denmark in 1993 and a C.S. degree in Mechanical Engineering from the University of Iceland in 1991.
BÖDVAR ÖRN KRISTINSSON, Executive Vice President of Iceland Domestic Operations (EVP), was born in 1970. He was appointed EVP in October 2021. Bödvar Örn started working for Eimskip in 2004 on projects related to Iceland’s domestic transport e.g. in sales and as operations manager. He was a senior manager of the Iceland Land Transport division until he was appointed EVP in 2021.
Bödvar holds a B.Sc. degree in business from Bifrost University and an M.Sc. in transportation economics and logistics from Erasmus University in Rotterdam.
DAVÍD 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.
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 The Federation of Trade & Services (SVÞ) and a board member of The Confederation of Icelandic Enterprise (SA).
Edda has a B.Sc. degree in Business Administration with an emphasis on Computer Science from Reykjavík University.
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 received a Cand.Sc. degree in Electrical Engineering from the University of Iceland in 1997.
HILMAR PÉTUR VALGARDSSON, Chief Operational Officer, was born in 1973. He has worked for Eimskip since 1999 and has held the current position since January 2019. From 2009 to 2019, he was the Chief Financial Officer (CFO) and CFO of HF. Eimskipafélag Íslands, from 2008 to 2009. He was CFO of Containerships Ltd. OY in Finland from 2006 to 2008 and Senior Manager of Eimskip’s Financial Control Department from 2004 to 2006. Hilmar is currently a Board Member and Managing Director of various subsidiaries of Eimskipafélag Íslands hf.
Hilmar received a Cand. Oecon. degree from the University of Iceland in 1999.
MARÍA BJÖRK EINARSDÓTTIR, Chief Financial Officer, was born in 1989. She was appointed as CFO in September 2021. She was Managing Director of Alma íbúðafélag (previously Almenna leigufélagið), one of the largest real estate companies in Iceland, which she has led from its foundation seven years ago. Prior to that she worked in the financial sector where she focused on alternative investments, with emphasis on real estate investments and financing.
María Björk has a B.Sc. degree in Engineering Management, majoring in finance, from Reykjavík University and she is a licensed Securities broker.
Employees
Eimskip has a devoted team of employees whose knowledge and talents are the Company’s most important resources. Eimskip employs over 1.700 people in 20 countries, creating a diverse team of various genders, nationalities, and generations.
The Company’s values of achievement, cooperation, and trust serve as guiding principles for The Company’s actions and decisions and shape the Company’s culture and reputation, both internally and externally.
Each member brings a wide range of talents, ideas, and views to the table, which inspires creativity and innovation within the Company. They bring energy and a positive attitude to the workplace, which fosters a dynamic work culture characterized by collaboration, communication, and ambition.
The Company continuously looks for new ways to build a positive, inclusive work environment. Employee satisfaction is one of Eimskip’s most important measures, and the employee engagement survey provides valuable feedback about employee experiences and perceptions. The Company annually measures employee satisfaction with the Workday tool, Peakon Employee Voice. In 2022 the Eimskip outcome outperformed the tool’s industry benchmark.
Employee learning is essential for improving performance and fostering a culture of innovation and growth. Eimskip believes that investing in employee development encourages individual growth and contributes to the Company’s long-term success. The Company is committed to providing employees with opportunities for learning and development and offers a variety of training.
Diversity within the workplace is vital. It is equally important to focus on inclusion so every employee feels a sense of belonging. Eimskip actively seeks to ensure that women have a voice at all levels in the Company to ensure dynamic conversations and broad perspectives. A powerful tool in driving diversity and gender equality in Eimskip’s executive management team is its Succession Planning process which supports the development of diverse leaders within the Company. Furthermore, the Company aspires to develop a group of prospective leaders through the Company´s International Leadership Program which was launched in 2022. The program aims to encourage and facilitate individual growth so individuals can take on new responsibilities and excel in their leadership roles
In 2022, Eimskip placed a special focus on the topic of bullying, harassment, sexual harassment, violence, and discrimination in the workplace. The Company has a clear policy and a contingency plan against bullying, harassment, and discrimination which was revised in 2022. Throughout the year, the Company conducted seminars on bullying, harassment, and discrimination for all employees.
More information about employees is available in the Company’s Sustainability report.