Latest news with #Eimskip
Yahoo
12 hours ago
- Business
- Yahoo
Mills reaffirms commitment to foreign trade partners amid tariff uncertainty
Jun. 9—Gov. Janet Mills reaffirmed Maine's commitment to its northern and European neighbors and to preserving the Arctic landscape in the face of climate change at an annual breakfast with business and trade leaders. Speaking to a crowd of hundreds at the Governor's International Breakfast on Monday, Mills emphasized the interconnectedness of trade and the environment, and she championed the importance of understanding and minimizing the worst effects of climate change. The theme of Monday's breakfast was "Maine: Gateway to the Arctic and North Atlantic." Speakers, including representatives of shipping logistics company Eimskip and the Maine International Trade Center, discussed Maine's role as a shipping and marine industry hub. Mills said the actions of other nations working in the Arctic, including Canada and Maine's European trading partners, directly impact "our little state." "And the actions of our little state affect the Arctic," she said. Mills paid particular attention to Maine and Canada's "historic friendship and deeply intertwined economies," noting that the state took in billions of dollars' worth of goods last year, including high quantities of fuel and heating oil that rural Mainers rely on. She highlighted a recent campaign to install signage welcoming Canadians at each of Maine's 13 border crossings. Canadian tourism is anticipated to drop by about a quarter this summer, as Canadians feel increasingly hesitant to visit in light of President Donald Trump's tariffs and threats to make their country the 51st state. "While we can't fix this economic uncertainty coming from the nation's capital," Maine can show Canadians tourists that they are welcome, Mills said. "It's the least we can do." Mills followed remarks by Bernadette Jordan, consul general of Canada in Boston, who thanked the governor for her "steadfast friendship." The Arctic, including Canada's Arctic Archipelago, has been warming four times faster than the rest of the world, Jordan said. Meanwhile, the country's northwest passage could become the most efficient shipping route between Europe and East Asia, which would lead to increased international traffic, she said. "The threats to our sovereignty are real when it comes to the North," she said, adding that Canada is pursuing intelligence-sharing agreements with other nations that include or do business in arctic territories. At one point, Mills directed her remarks to a table of visiting students from Edward Little High School in Auburn, urging them to ask questions of their elected officials and to avoid isolationism when they grow old enough to vote. She said Maine has learned improved forest production and fishery techniques from officials and tradespeople in Finland and Iceland, citing these as examples of cross-cultural knowledge sharing that drives innovation at home. Mills will join a handful of northeastern governors and a half-dozen Canadian premiers in Boston next week to discuss the impacts of tariffs and develop plans for ensuring cross-border trade continues. Copy the Story Link
Yahoo
23-05-2025
- Business
- Yahoo
Announcement from Eimskip
Today Eimskip received a notification from Alcoa Fjarðaál sf. informing that Alcoa intends to suspend the case against Eimskip next Tuesday 27 May before Reykjavík District Court. The summons claim was ISK 3,086,000,000, together with penal interests from 24 May 2024, against Eimskipafélag Ísland hf., Eimskip Ísland ehf., Samskip hf. og Samskip Holding B.V. in solidum, for Alcoa's alleged loss, with reference to the subject matter of the Icelandic Competition Authority's decision no. 33/2023, which concerned the period 2008-2013. The financial claim of Alcoa was entirely based on a memorandum by the consulting firm Analytica ehf., which contains a so-called preliminary assessment, dated February 21, 2024. The consulting firm Hagrannsóknir sf., which is led by scholars dr. Birgir Þór Runólfsson, Associate Professor and Head of the Department of Economics at the University of Iceland, and dr. Ragnar Árnason, Professor Emeritus, reviewed Analytica's memorandum and prepared a report on their findings for Eimskip. Hagrannsóknir's conclusion was decisive, that the shortcomings of Analytica's memorandum were so severe that the memorandum was entirely unusable as an assessment of the alleged loss. The report by Hagrannsóknir was presented at Eimskip's Q2 2024 investor meeting, and can be found in Icelandic here. It was and is the Company's assessment that the claim is baseless, and the conditions of tort law are not fulfilled. Furthermore, the claimant's alleged loss and therefore its claim is not based on any established documentation. For further information please contact Hörpa Hödd Sigurðardóttur, Executive Vice President of Human Resources & Communications, tel: +354 825-7379 or Guðbjörg Birna Björnsdóttir Head of Investor Relations, tel: +354 844-4752, or email: investors@ in to access your portfolio
Yahoo
13-05-2025
- Business
- Yahoo
Eimskip: First quarter 2025 results
HIGHLIGHTS OF Q1 2025 RESULTS Seasonal fluctuations in the company's operations characterize the performance of the first quarter, which nevertheless improves year-on-year. Solid volume in the sailing system during the quarter, grew by 6.6%, while average freight rates remained unchanged from the previous year despite higher rates in Trans-Atlantic. The international freight forwarding performed well during the quarter, despite a decrease in volume, which was based on a favorable mix of projects. In other logistics services, activity decreased year-on-year, mainly due to lower utilization in the company's coldstore facilities, lower quotas, and lower customer's inventory levels. Revenue amounted to EUR 200.3 million, an increase of EUR 6.5 million or 3.4% when compared with Q1 2024Expenses amounted to EUR 185.0 million, increasing by EUR 5.4 million or 3.0% from the previous year. Wage costs increased by EUR 3.2 million year-on-year, equivalent to an 8.6% increase, mainly due to collective wage increases. The number of employees remained unchanged year-on-year. EBITDA for the quarter amounted to EUR 15.3 million compared to EUR 14.2 million in the same period in 2024, an increase of 7.7%. The EBITDA margin was 7.7% compared to 7.3% in the same quarter last earnings were negative, EUR 0.8 million for the quarter compared to positive earnings of EUR 0.5 million in the same period last year, mainly due to increases in depreciation and lower share of profit from flow from operations during the quarter was strong, amounting to EUR 16 million, compared to EUR 2.7 million in the first quarter of 2024. VILHELM MÁR THORSTEINSSON, CEO"The first months of the year started off reasonably well, with moderate growth in EBITDA result in the first quarter which amounted to EUR 15.3 million, an increase of EUR 1.1 million from the previous year. Historically, the first quarter has the lowest activity in the company's operations, and this year, costly disruptions in operations due to unusually bad weather in the North Atlantic were added. However, there was a 6.6% increase in volume in the sailing system. The recent U.S. tariff policy has generated significant controversy and raised concerns about its impact on companies and the global economy. Nevertheless, the impact on Eimskip has remained minimal thus far. The improved performance of the sailing system can be mainly attributed to increased volume and better utilization, along with a slight decrease in cost per transported unit. However, the changed cargo mix affected the average freight rate, which remained unchanged between years, despite higher average rates in Trans-Atlantic. We are pleased to see that the changes made to the sailing system in the first quarter of last year have resulted in fewer sailed miles and reduced oil consumption, offsetting general cost increases and inflationary pressures. The performance of international freight forwarding was satisfactory, with EBITDA increasing to EUR 2.5 million from EUR 2.0 million last year, despite a 12% decrease in volume. The decrease in volume was mainly due to the turmoil in international markets due to impending tariffs to and from the United States. Additionally, there has been a shortage of containers in Asia among some of the major international shipping companies and congestion in some of their port operations worldwide, which affects the services we saw quite good activity in trucking and terminal operations while utilization in warehousing decreased in the quarter due to our customers' lower inventory levels of seafood products which impacted other companies in international operations, we have faced challenges associated with regulatory requirements and increasing uncertainty in international trade. It is concerning that, following an extended period of high interest rates and inflation in Iceland, there are now discussions about imposing additional tax burdens on both businesses and we remain relatively optimistic about the months ahead, as we anticipate the usual seasonal fluctuations in our operations, with the second and third quarters typically with the highest activity level. Eimskip's unique position in the North Atlantic provides a degree of resilience to economic fluctuations, as our home markets are heavily reliant on imports and exports primarily transported by sea. Additionally, our international freight forwarding efforts are centered on serving customers in transporting fresh and frozen food products." INVESTOR MEETING 14 MAY 2025Investors and market participants are invited to a meeting on Wednesday, 14 May 2025, at 8:30 a.m. at the Company's headquarters, Sundabakki 2, second floor. Vilhelm Már Thorsteinsson, CEO and Rósa Guðmundsdóttir, CFO, will present the Company's financial results for Q1 2025. The meeting will also be webcasted live in Icelandic at An investor presentation and a recording of the meeting will be available on the Company's investor relations website. FURTHER INFORMATIONRósa Guðmundsdóttir, CFO, tel: +354 844 4776, email: investors@ Guðbjörg Birna Björnsdóttir, Head of Treasury and Investor Relations, tel: +354 844 4752, email: investors@ FORWARD-LOOKING STATEMENTSStatements contained in this financial press release that refer to the Company's estimated or anticipated future results or future activities are forward-looking statements which reflect the company's current analysis of existing trends, information and plans. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially depending on factors such as the availability of resources, the timing and effect of regulatory actions and other factors. Eimskip undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Attachments Condenced Consolidated Interim Financial Statement 31.03.2025 - Eimskipafélag Íslands hf Q1 2025 Results PresentationError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
