Eimskip holds a steady Atlantic course
Eimskip has reported its results for Q2/2022. Volumes were strong in imports to Iceland and in Trans-Atlantic services. The domestic Iceland segment performed well driven by overall high activity in the Icelandic economy, although fish transportation was down compared to the same period last year.
Revenues in the quarter amounted to EUR 283.1 million, an uptick of EUR 72.0 million or 34.1%, while expenses grew to EUR 238.4 million, a rise of 31.4% from adjusted expenses last year, mainly driven by significant increases in third party expenses, oil prices and salaries.
Yet, Eimskip achieved a good growth of ebitda (EUR 44.8 million) compared to adjusted ebitda of EUR 29.7 million in Q2/2021. For H1/2022, revenue reached EUR 522.8 million, up 33.6%, and total expenses amounted to EUR 447.7 million, an increase of EUR 102.3 million compared to adjusted expenses for H1/2021. Global freight rates have been coming down while vessel charter rates in Eimskip's category are remaining at a high level. (sh)