Eimskipafélag Íslands - M&A Activity 2025

Announcement from Eimskip - sale of the vessel Lagarfoss

Eimskip has reached an agreement to sell the vessel Lagarfoss. Lagarfoss was built in 2014 in China and was specifically designed for Eimskip’s shipping routes. The vessel has served the Company for over a decade and played a key role in its operations. Since the book value of the vessel exceeds the sale price, Eimskip will record a loss of sale of approximately EUR 3.4 million in the third quarter of 2025.

The buyer of Lagarfoss is company Grupo Sousa, which is located in Madeira Portugal. The company is the owner of the shipping company GS Lines. GS Lines operates six vessels that provides regular service between mainland Portugal, the Azores, Madeira, Canry Islands, Cape Verde and Guinea-Bissau. The vessel is expected to be delivered to a new owner in Reykjavík, during the period of August to September. The sale is subject to standard conditions for vessel sale and purchase.

The decision to sell is partly based on favorable market conditions for second hand tonnage, and the potential adjustments of the sailing system, which has been under review in recent months, particularly following PCC Bakki’s announcement of a temporary shutdown of operations. The transported volume for PCC Bakki has been the backbone of Eimskip‘s specialized coastal shipping in Iceland.

With the sale of Lagarfoss the Company’s fleet will be reduced by one vessel, at least temporarily. The Company aims to offer the crew on Lagarfoss employment on other owned vessels. Upon delivery of the vessel, changes will be made to the Company‘s specialized coastal sailing schedule in Iceland. Eimskip will continue to provide excellent service to the domestic market in Iceland, although unavoidably with less coastal sailings. Customers will be informed of service changes in due course and as they become available.

Based on the above measures and expected changes to the Company‘s sailing schedule which is under review, current estimates is that the operational impact of these changes will be positive in the short term.

Further information

Harpa Hödd Sigurðardóttir, EVP of Human Resources & Communication, tel: +354 825 7379, email: [email protected].