Eimskip at a Glance
Eimskip is a leading transportation company in the North Atlantic, connecting continents with weekly liner services between Europe and North America to and from Iceland, the Faroe Islands, and Norway. Eimskip also provides worldwide forwarding services with a special focus on frozen and chilled commodities.
Eimskip has been a niche player in North Atlantic transportation for over 100 years. The Company specializes in shipping, logistics, and supply chain management. The Company offers its customers sea, land, and air solutions, with a special emphasis on the handling and storing of all types of temperature-controlled cargo. Principal cargo includes frozen, salted, and fresh fish; aluminum; and a wide range of general goods, from heavy machinery to fruit and vegetables. Over the years, Eimskip has built a network of its own offices and associates with links to its own shipping network, allowing it to provide customers with comprehensive logistics services worldwide.
Eimskip’s main business segments are liner services in the North Atlantic and international forwarding services. The liner services include ocean transport, terminal operations, chilled and cold storage facilities, warehousing, trucking and distribution, airfreight services, and agency services. The forwarding services include worldwide freight forwarding services for both reefer and dry cargo in cooperation with the Company’s own offices, its worldwide network of associates, and international deep-sea lines.
Eimskip is a publicly traded company, listed on Nasdaq Iceland. Eimskip currently operates 56 offices in 18 countries across four continents and employs about 1,770 people. The Company operates 17 vessels sailing on different routes in the North Atlantic.
Mission, Vision and Values
Eimskip was founded on January 17th, 1914, when H.F. Eimskipafélag Íslands was established. Shareholders were approximately 15,000 – representing almost 17% of the Icelandic nation at that time.
Eimskip is a leading transportation company in the North Atlantic, connecting continents with weekly liner services between Europe and North America to and from Iceland, the Faroe Islands and Norway. Eimskip also provides worldwide forwarding services with special focus on frozen and chilled commodities. The Company’s vision is to provide excellence in transportation solutions and services.
Eimskip’s employees always observe the Company’s values: achievement, cooperation and trust.
We simplify things for our customers. That’s how we achieve our goals.
We're always thinking ahead. We are ambitious, driven by initiative to create and implement innovative solutions.
We inspire others with our drive for excellence. We celebrate the big and small wins and aim for success.
We offer outstanding solutions and services. We do that through cooperation.
We believe our continued success and great achievements are only possible with teamwork and collaboration.
We have fun, we enjoy our work, we celebrate successes, and we’re team players.
We show responsibility towards customers, shareholders, society and the environment. That’s how we earn trust.
We're caring. We work for a better society, and to preserve and protect the environment. We strive to be a role model when it comes to responsibility and trust.
We connect the world. We make the trip safe, we provide excellent service – and we have been doing it for 106 years.
Strategic focus will continue to be on increasing profitability of the core business. Targets are to be met by streamlining and simplifying the operation after years of acquisitive external growth. The company changed its corporate structure in February 2020, introducing a new Sales & Business Management division formed by integrating the Liner division Sales & Services and the Freight Forwarder TVG-Zimsen. The objective is to simplify Eimskip’s service offerings and brands as well as increase emphasis on business origination: offering a complete range of logistic services. A simpler structure means better service to customers in Iceland and internationally in co-operation with the Company’s international offices and agents. Increased emphasis will be on proactive sales and a more holistic customer service.
In October 2019, the Company made changes to its container sailing system. As a result, Eimskip can offer simplified sailing routes and larger vessels, which will increase service and reliability in the system. The Company currently offers the last scheduled departure from Europe to Iceland and the shortest transit time, with express service for export and import of fresh products to and from Iceland and the Faroe Islands. Eimskip’s commitment to weekly services on its main sailing routes in the North Atlantic, including the North America line, will continue to enable organic growth and a more diversified business.
A vessel sharing agreement with Royal Arctic Line in Greenland, with associated investments in two 2,150 TEUs container vessels, will strengthen the sailing system infrastructure in a cost-efficient way and pave the way for new sales opportunities.
Eimskip will continue to integrate acquired forwarding companies into the company’s forwarding network and standardize end-to-end processes through digital transformation.
Eimskip places great emphasis on the training and education of its employees. In a fast-changing environment employee education and training has become even more important and Eimskip has taken concrete steps in digitizing educational and training material.
Corporate Social Responsibility (CSR) is extremely important to Eimskip. The Company works hard on achieving the ambitious goal set in 2015: to reduce its carbon footprint by 40% before 2030. In 2019 the Company took various measures that e.g. resulted in 23% less printed paper and 9% less unsorted waste between years. Eimskip furthermore signed an agreement with the unique recycling company Pure North in Iceland, which is powered by geothermal energy, to recycle plastic that accumulates in Eimskip’s operation in Iceland. Eimskip will continue to emphasize CSR matters.
In 2019, company management increased transparency by sharing even more operation-related information with employees, market analysts, and shareholders, and will continue to do so.
Eimskip is known for excellent service. The Company has a broad customer base and provides a wide range of solutions to meet their needs. The Company employs a team of experienced and dedicated business, relationship, and service managers that aim to give customers tailormade services designed for their needs and based on company expertise.
Digitalization and automatization of processes are key elements in the continued development of services. Eimskip will continue to develop solutions and adapt to customers’ needs in a fast-changing technical environment where self-service has become more important. Eimskip’s focus on information technology, synergy, and the implementation of Robotic Process Automation (RPA) plays a vital role in the Company’s commitment to service excellence.
Eimskip’s service portal is in constant development. The portal enables customers to send in booking and service requests electronically, access invoices and necessary documents online, and monitor their orders.
In early 2020 Eimskip launched a new service-oriented web. The Company will keep on developing the web with the aim of providing even better information and online services for an improved self-service experience.
Organization and Executive Management
Changes were made to the organizational structure in February 2020. The current Executive Management Team at Eimskip consists of the Chief Executive Officer (CEO), Chief Operating Officer (COO) and Chief Financial Officer (CFO), and Executive Vice Presidents of Sales and Business Management, International Operations, Human Resources, and Iceland Domestic Operations. The executive team has extensive experience in management and leadership.
VILHELM MÁR THORSTEINSSON, Chief Executive Officer (CEO), was born in 1971. He was appointed as CEO in January 2019. For over 20 years, he held various positions at bank Íslandsbanki. He was Managing Director of Corporate & Investment Banking at Íslandsbanki from 2017 to 2019 and Managing Director of Corporate Banking from 2008 to 2017.
He is a board member of the Chamber of Commerce in Iceland and a board member and/or CEO of various subsidiaries of Eimskipafélag Íslands hf.
Vilhelm earned an MBA Degree from Pace University in New York; a BSc degree in Business Management, majoring in Logistics, from Reykjavík University; and is a licensed Securities broker.
BJÖRN EINARSSON, Executive Vice President of Sales and Business Management (EVP), was born in 1969. He was appointed as EVP following organizational changes made in February 2020. Björn has worked for Eimskip and subsidiaries for 14 years, for example as Managing Director of Eimskip in Europe, based in the Netherlands, and for the past ten years as Managing Director of TVG-Zimsen.
Björn is currently Chairman of the Board of TVG- Zimsen and its subsidiaries Gára and Skipakostur. He is also a board member of Discover True North.
Björn holds a BA degree in Political Science from the University of Iceland.
BRAGI THÓR MARINÓSSON, Executive Vice President of International Operations (EVP), was born in 1965. Bragi has worked for Eimskip since 1993 and has held the current position since 2008. He has been based in The Netherlands since June 2016. He was the EVP of North Atlantic Operations from 2006 to 2008, and EVP of International Operations from 2004 to 2006. He was a Managing Director of Eimskip Nederland B.V. from 1999 to 2004, Senior Manager of the International Department from 1997 to 1999, Quality Manager from 1995 to 1997 and a representative in the International Department from 1993 to 1995.
Bragi is currently a board member of various company subsidiaries.
He received an MSc degree in Industrial Engineering from the Technical University of Denmark in 1993 and a BSc degree in Mechanical Engineering from the University of Iceland in 1991.
EGILL ÖRN PETERSEN, Chief Financial Officer (CFO), was born in 1974. He has worked for Eimskip since 2003, first as a Financial Controller within the finance department and later as a manager. He became Senior Manager of Finances in 2009, and was appointed as CFO of Eimskip following organizational changes in January 2019.
He is a board member of various company subsidiaries.
Egill received a BSc degree in Business Administration from the University of Iceland in 2002.
ELÍN HJÁLMSDÓTTIR, Executive Vice President of Human Resources (EVP), was born in 1972. She has worked for Eimskip since 2004 and has held the current position since 2016. Previously, she held several management positions in the field of Human Resources. Elín was appointed Recruiting Manager in 2006, and in 2008 she assumed the role of Senior Manager of Human Resources in Iceland. Following organizational changes in 2009, she became Senior Manager of Human Resources of Eimskip and then Vice President of Human Resources from June 2016. She temporarily held the position of Vice President of Human Resources and Marketing following organizational changes in November 2017 and was appointed Executive Vice President of Human Resources in January 2019 following further changes.
Elín is a board member of Eimskip Ísland ehf., a subsidiary of Eimskipafélag Íslands hf., a Vice-Chairman of the Board of Federation of Trade & Services (SVÞ), a member of the Board of Confederation of Icelandic Enterprise (SA) and was a board member of Kortathjónustan hf. from 2016 to 2017.
Elín received a BSc degree in Business Administration in 2002 and an MBA degree in 2005 from Reykjavík University.
GUDMUNDUR NIKULÁSSON, Executive Vice President of Iceland Domestic Operations (EVP), was born in 1961. He has worked for Eimskip since 1997 and has held the current position since June 2016. He was Vice President of Iceland Domestic Operations from 2005 to 2016 and served as Senior Manager of Terminal Operations from 1997 to 2005. Gudmundur held the position of Chief Engineer for the City of Reykjavík from 1991 to 1997. From 1987 to 1991, he was a consulting engineer at Hnit hf.
He is currently a board member of various subsidiaries of Eimskipafélag Íslands hf.
Gudmundur received an MSc in Engineering from the Technical University of Denmark in 1987. He earned a BSc degree in Civil Engineering from the University of Iceland in 1985.
HILMAR PÉTUR VALGARDSSON, Chief Operational Officer (COO), was born in 1973. He has worked for Eimskip since 1999 and has held the current position since January 2019. From 2009 to 2019, he was the Chief Financial Officer (CFO) and CFO of HF. Eimskipafélag Íslands, now A1988 hf., from 2008 to 2009. He was CFO of Containerships Ltd. OY in Finland from 2006 to 2008 and Senior Manager of Eimskip’s Financial Control Department from 2004 to 2006.
Hilmar is currently a board member and Managing Director of various subsidiaries of Eimskipafélag Íslands hf. Before, Hilmar was a board member of Containerships UAB, Containerships Polska, Air Atlanta Properties Ltd., Air Atlanta Aero Engineering Ltd., Vátryggingafélag Íslands hf., and Líftryggingafélag Íslands hf.
Hilmar received a Cand. Oecon degree from the University of Iceland in 1999.
Eimskip has a dedicated team of employees whose knowledge and skills are the Company’s most important resource. At the end of 2019, Eimskip employed around 1,770 people across 18 countries: a strong team composed of different genders, nationalities, and generations.
We believe in diversity and that each member of our team can bring a unique set of skills and experiences. Different backgrounds and outlooks create a dynamic work environment where the Company’s values of achievement, cooperation, and trust are upheld in every aspect of our operations.
In a fast-developing technical environment – usually referred to as the 4th industrial revolution – with increased automation and smart technology becoming mainstream, it is right to review the company strategy in relation to the knowledge and skills that exist within the organization. Moreover, increased demands in terms of environmental impact are no less important when it comes to revising our strategy. Environmental concerns affect the way business is done and what customers, employees, and society at large expect of companies. In that regard, we need to prepare existing employees as well as new ones for both ongoing changes and for the future. That is why we emphasize digitalization, streamlining, and corporate culture.
Our focus has been on increasing information flow, not only to employees but also between them: across divisions, departments, and borders. We break barriers and build bridges. Training within Eimskip is an integral part of any substantial project or ongoing transformation program within the Company. To keep up with a fast-developing environment and increase our competitive advantage, continuous learning is necessary. Therefore, learning and adapting to new technology and honing personal skills such as empathy, innovation, teamwork, and leadership, is imperative.
To make learning and knowledge-sharing accessible for everyone, we have created an online learning platform, “The Eimskip Academy”. There, all employees can find information, specific courses, reading materials, and other motivating content. The focus has so far been on ongoing transformation projects within the company, but the journey of creating a learning culture has just begun.
This journey is about preparing our existing employees for the future and embracing newcomers that might bring in fresh ideas, different knowledge, and experiences. It is about a new mentality and a cultural change within the company: what we like to call “Growth mindset – learning culture”.
Our aim is to keep the spark alive and ignite new ones.