Eimskip has signed an agreement to sell 65% of its shares in the Finnish shipping company Containerships. The buyer is Container Finance Ltd Oy which is the current minority owner in the company. This agreement is provisional due to an approval from the Board of Directors and release of pledges. Eimskip acquired the Company in October 2006 and has since then been a subsidiary of the Eimskip group. After the sale Containerships and Eimskip will continue their co-operation in Denmark and Finland. Eimskip Denmark will remain the agent for Containerships in Denmark and Containerships will remain the agent for Eimskip in Finland.
The sale of Containerships is part of the financial restructuring of Eimskip. With the sale of Containerships Eimskip’s debts will decrease by ISK 11 billion, but the sale´s loss will be ISK 3.9 billions. The sale is also a part of Eimskip’s strategy to focus on the North-Atlantic and reefer forwarding worldwide and to sell assets that are not part of its core business going forward.
Eimskip will continue its restructuring work as has been announced. Eimskip is still working on the sales process of the cold store companies in North America which has taken longer time than originally planned. The process is at its final stage but the objective is that the restructuring of the Eimskip group will be finalized before the end of June 2009.
The sale of Containerships is part of the financial restructuring of Eimskip. With the sale of Containerships Eimskip’s debts will decrease by ISK 11 billion, but the sale´s loss will be ISK 3.9 billions. The sale is also a part of Eimskip’s strategy to focus on the North-Atlantic and reefer forwarding worldwide and to sell assets that are not part of its core business going forward.
Eimskip will continue its restructuring work as has been announced. Eimskip is still working on the sales process of the cold store companies in North America which has taken longer time than originally planned. The process is at its final stage but the objective is that the restructuring of the Eimskip group will be finalized before the end of June 2009.