Eimskip, the Icelandic container shipping and refrigerated logistics company, on Friday announced that it has agreed to sell its 50-percent stake in Euro Container Lines to Wilson ASA, a Norwegian bulk shipping operator.
Eimskip said it sold its holding for 712 million Icelandic crowns [$7.1 million] and booked a profit of 491 million crowns [$4.9 million].
The announcement comes just two days after Eimskip warned it was facing uncertainties over its long-term financing due to the financial crisis in Iceland as well as a loan guarantee of 207 million euros [$280 million] to XL Travel, a leading British tourism group that collapsed in September.
“The sale is part of the Group’s previously announced strategy to decrease debt and focus on development of Eimskip’s core business,” said Eimskip Chief Executive Gylfi Sigrusson.
Euro Container Lines is not part of Eimskip’s network and the sale will not impact services, he said.
Sigrusson said the company continues to maintain a strong foothold in the North Atlantic market through Eimskip, Eimskip-CTG, Faroe Ships and Containerships.
Eimskip said it sold its holding for 712 million Icelandic crowns [$7.1 million] and booked a profit of 491 million crowns [$4.9 million].
The announcement comes just two days after Eimskip warned it was facing uncertainties over its long-term financing due to the financial crisis in Iceland as well as a loan guarantee of 207 million euros [$280 million] to XL Travel, a leading British tourism group that collapsed in September.
“The sale is part of the Group’s previously announced strategy to decrease debt and focus on development of Eimskip’s core business,” said Eimskip Chief Executive Gylfi Sigrusson.
Euro Container Lines is not part of Eimskip’s network and the sale will not impact services, he said.
Sigrusson said the company continues to maintain a strong foothold in the North Atlantic market through Eimskip, Eimskip-CTG, Faroe Ships and Containerships.