Eimskip has strengthened its position in worldwide logistics services by acquiring 75% of the freight forwarding company SHIP-LOG, the company said in its press release. The company was founded in 2003 and its headquarters are located in Aarhus, Denmark. The current management team will continue to own 25% of the shares in the company and will manage its operations.
SHIP-LOG focuses on serving import and export customers and has a strong international agency network in more than 120 countries which gives the company a global reach. The company has a strong foothold within the temperature controlled cargo in the food and pharmaceutical sector. The company’s annual revenue amounts to approximately EUR 17 million with EBITDA ratio of 6-7%. SHIP-LOG employs 32 people.
The acquisition of SHIP-LOG further strengthens Eimskip’s reefer logistics services and increases the commodity portfolio with the addition of food and pharmaceutical logistics, with new customer base and volumes. SHIP-LOG will strengthen Eimskip’s position in Denmark and will support its network to capitalize on new opportunities for further development in Eimskip’s logistics services.
About Eimskip
Eimskip is a leading transportation company in the North Atlantic with connections to international markets and is specialized in worldwide freight forwarding services, with the vision of providing excellence in transportation solutions and services. Eimskip was founded in 1914 and is a publicly traded company with its shares listed at Nasdaq Iceland. The company runs a network of 61 offices in 20 countries, operates 21 vessels and has around 1,720 employees.