Eimskip delivered solid results in the second quarter, supported by strong growth in container liner services and increased activity in logistics, although a significant decline in global freight rates continued to pressure margins in the forwarding segment.
Volumes in the company’s sailing system rose by 7.9%, a notable acceleration compared to previous quarters.
Revenue growth, however, did not fully match the rise in volumes due to lower average freight prices.
In the international freight forwarding business, activity was modestly down, while the quarter was marked by sharp volatility in global freight rates, which remained at substantially lower levels amid uncertainty around US tariffs.
The Logistics and agency segment reported good results, with trucking activity improving and warehouse volumes increasing.
However, terminal operations slowed compared to the same quarter last year, and results were further impacted by one-off costs linked to collective wage agreements.
Revenue for the quarter totalled EUR 201.1 million, down EUR 6.1 million (2.9%) compared with Q2 2024. Expenses decreased by EUR 3.8 million (2.0%) to EUR 179.9 million, with salary costs rising EUR 3.8 million (10%) due to wage increases, while all other expenses declined by 5.1 percent.
Quarterly EBITDA came in at EUR 21.2 million, down from EUR 23.5 million a year earlier, reflecting a 9.8% decrease. The EBITDA margin stood at 10.5%, compared with 11.3% in Q2 2024.
Net earnings reached EUR 4.5 million, compared with EUR 7.9 million in the same period last year.
The decline reflects not only weaker forwarding margins and higher wage costs but also lower affiliate results, driven in part by the depreciation of the US dollar against the euro.
Vilhelm Mar Thorsteinsson, CEO of Eimskip, commented that there was a strong volume in the liner system and good growth compared to the same quarter last year supporting improved results for the segment. However, the results did not fully reflect the higher volume, as freight rates have not developed at the same level as expenses.
