Eimskip reports Q2 2026 financial results

Eimskip reported positive Q2 2026 financial results, supported by stronger underlying operations and improvement measures introduced in recent months.

Revenue reached €225.4 million, an increase of €23.1 million or 11.4% from the second quarter of 2025.

Eimskip attributed the growth to higher global freight rates, rising oil prices, strong volumes and special cargo shipments in its international freight forwarding operations.

Performance across business segments

Liner revenue increased by €9.9 million, or 10.2%, despite a 2.4% decline in volume.

Iceland-related volumes remained strong. However, lower industry-related exports affected the overall result.

Forwarding revenue rose by €13.6 million, or 21.2%. Higher volumes, global freight rates and several special cargo projects supported this increase.

Revenue from logistics and agency services remained stable. High activity in trucking and port operations supported the segment, while lower volumes affected warehousing and cold storage.

Higher fuel and operating costs

Operating expenses increased by €23 million, or 12.7%, to €204.1 million.

Eimskip linked the increase to geopolitical tensions in the Middle East. These conditions raised bunker expenses, global freight rates, trucking costs and vessel chartering costs.

Bunker costs increased by €5.7 million, or 52.7%, despite a 5.8% reduction in bunker consumption.

European Union Emissions Trading System costs rose by €0.9 million. The ETS implementation rate increased from 70% to 100% at the beginning of 2026.

EBITDA remains stable

Second-quarter EBITDA reached €21.3 million and remained marginally above the level recorded one year earlier.

A seafarers’ strike reduced the quarterly result by approximately €0.7 million.

Eimskip estimates that its operational improvement initiatives will deliver an annualised benefit of approximately €13 million.

The company realised €3.2 million of this amount during the second quarter. The initiatives contributed €2.7 million to quarterly EBITDA.

Associated companies contributed €3.4 million to the result.

“The second-quarter result was solid, and despite a challenging operating environment, we saw stronger performance in the company’s underlying operations than in recent quarters,” said Vilhelm Már Thorsteinsson, CEO of Eimskip.

“The conflict in the Middle East has had a significant impact on the transportation sector, primarily through sharp increases in global oil prices, higher supply costs and disruption to international transport routes. The company’s bunker costs, for example, increased by 53% year on year,” he added.

“Despite these challenges, the company improved its results through decisive actions to address rising costs and the successful execution of operational improvement initiatives launched last year, including enhanced efficiency and a reduction in full-time employees,” Thorsteinsson continued.

Export activity supports container operations

Strong exports of seafood, farmed fish and water from Iceland supported Eimskip’s container sailing system. These volumes partly offset lower industrial cargo activity.

Forwarding also improved due to higher volumes and successful project shipments. Meanwhile, logistics and agency services delivered a positive quarterly performance.

Eimskip has invested approximately €20 million since the beginning of 2026.

The company is implementing a new sales and service system for its container sailing operations. Eimskip expects the system to support automation, artificial intelligence solutions and customer service improvements.

Construction of a new distribution centre in Selfoss will begin in the coming weeks. The company has also started refurbishing its Reykjavík distribution centre.

In addition, Eimskip recently opened a chilled and frozen storage facility in Aarhus. It has also installed additional temperature-controlled storage facilities in Rotterdam.