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Announcement from Eimskip

Eimskipafelag Islands hf.
·1-min read

Eimskip would like to inform that the vessel holding company ElbFeeder Inc., an equity accounted investee in which Eimskip holds 48% share, has today reached an agreement to sell one of its container vessels. The execution is subject to final documentation and formal transfer of ownership is expected to be concluded in September. The vessel being sold is 11 years old and is sold for further trading to an affiliate of Ernst Russ AG in Germany. The vessel is currently employed to a 3rd party shipping company for a term of up to 3.5 years.

Eimskip’s share of the results of ElbFeeder Inc. is included in the income statement of Eimskip under the Share of profit of equity accounted investees. This sale, when concluded, will positively affect the net earnings of Eimskip for Q3 2021 by approximately EUR 3 million.

ElbFeeder Inc. is a vessel holding company which will own six container vessels after the transaction in the range of 700 – 3,000 teus which are all on charter to various operators. The majority shareholder in ElbFeeder Inc. is the international shipping company Ernst Russ AG in Germany which is listed on the Frankfurt stock exchange [Scale segment].

FURTHER INFORMATION
Edda Rut Björnsdóttir, Executive Vice President of Human Resources & Communication, tel.: +354 825 3399, email: investors@eimskip.com.