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Eimskip On The Rise

Icelandic shipper Eimskip has reported record volumes, revenue and EBITDA for 2017.

Despite a 7% rise in EBITDA and a 29.2% rise in revenue, the company took in a smaller net income than in 2016. This was due to unfavorable currency exchange trends.

“The year 2017 can be described as “the year of growth” for Eimskip, where volume, revenue and EBITDA were record high. The year was great for the forwarding segment, with new companies added to the group and solid organic growth. The company faced some operational challenges in the liner segment, like the fishermen strike at the beginning of the year and the volume imbalance between imports and exports in Iceland that reached an all-time high, negatively affecting the EBITDA margin,” Gylfi Sigfússon, President and CEO, stated.

Eimskip plans to continue growing and sees an increased importance in their forwarding business. It has reached a major goal when it added a weekly service on all routes, including North America and Europe. 

The capacity of its container liner system grew by 35%. The vessel sharing agreement with Royal Arctic Line should start in 2019. The carbon footprint has been reduced by 12.3% over the past 2 years. 

Eimskip has a fleet of 22 vessels.

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CoscoSSC Biggest Multipurpose Shipper

Cosco Shipping Specialized Carriers (CoscoSSC) has become the world’s largest multipurpose shipper by deadweight, according to a report from Dynamar.

The Chinese company's fleet has a total deadweight of 1.76 million tons.

BBC Chartering of Germany has dropped to the second spot after reducing their fleet by 13 ships (total deadweight 1.68 million tons across 146 ships). 

Dutch Spliethoff came in third with a total fleet dwt of 778,000.

Dynamar said that the break bulk industry should see increased volumes in 2018: “The effects of the 2016 and 2017 -not yet ended- consolidation wave, together with a very low orderbook for multipurpose/project/heavy-lift tonnage, and this in combination with the expected economic recovery should see breakbulk operators writing dark grey ink again by the end of 2018.”