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Hitt og þetta 28. september 2006

Eimskip and Containerships to form transportation alliance

Nordic Business Report-September 28, 2006-Eimskip and Containerships to form transportation alliance
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The Icelandic transportation company Eimskip, owned by Avion Group, and the Finnish Container Finance Ltd Oy have formed a joint venture that will be one of Europe's largest door-to-door logistics service providers, Eimskip announced on Thursday (28 September).

The joint venture, named Containerships Group, has 41 vessels, a total of 30,000 container units (TEU), a wide range of modern container units as well as an extensive office network in the Baltic Sea region and Europe.

Earlier this year Eimskip acquired Kursiu Linija, a Lithuanian short-sea container shipping line providing door-to-door freight delivery services in the Baltic States, Poland, Russia, the United Kingdom and Northern Europe.

The Containerships Group will have an annual turnover of EUR200m, an EBITDA of 6% and it will operate 11 vessels, more than 10,000 mainly pallet wide and special containers, and employ more than 500 persons. The market area will cover the whole Baltic Sea and the North Sea with transhipment possibilities to Spain, Portugal, Ireland and Italy and through the Eimskip network to other parts of the world, Eimskip said.

Eimskip will own 65% of the joint venture and Container Finance will own 35%. Eimskip will have an option to increase its shareholding to 100% of Containerships Group in the future.

"I am very pleased with this cooperation. The joint venture with Containerships supports Eimskip's future vision of being the market leader in the North Atlantic, offering total services through a network linking key ports in Europe," Eimskip's chief executive Baldur Gudnason said.

"Participating in the joint venture with our 40-year-old family company was not a trivial decision. Eimskip was, however, able to assure us about the added value of this cooperation," said the chief executive of Containerships, Kimmo Nordstrom.

One euro (EUR) is worth approximately 0.67 British pounds (GBP).

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