HIGHLIGHTS OF Q3 2020 RESULTS
HIGHLIGHTS OF 9M 2020 RESULTS
VILHELM MÁR THORSTEINSSON, CEO
“I am pleased with the third quarter results and the continued improvements in our operation. We had a positive volume development from previous two quarters and our streamlining measures over the past year are resulting in lower cost and improving profitability. There was a good volume in export from Iceland and the Faroe Islands as well as in our reefer forwarding services. Furthermore, we are leveraging on a more cost-efficient container sailing system which we implemented as part of our proactive COVID-19 actions and we are starting to see the benefits of our co-operation with Royal Arctic Line. However, we are also seeing negative impact of the pandemic on e.g. our cruise agency and ferry operation in Iceland which normally has its high season in the third quarter.
I am extremely pleased and thankful for the dedication and valuable contribution of our diverse group of employees all over the world. They have successfully managed to maintain an unbroken logistic chain and good customer service during these unprecedented times.
It was a great milestone for us when we took delivery of our second newbuilding, Brúarfoss, in China in beginning of October. The vessel came into our service this week in Denmark. I would like to thank the crew of Brúarfoss for travelling to China in this challenging environment due to COVID-19 and to secure a safe delivery of our new vessel.
Eimskip has long paid attention to corporate social responsibility in its operations. Recent event following the sale of two of our older vessels was a reminder of the importance of taking ESG matters into account in every decision we make. We have taken this matter seriously and an ESG risk assessment has been conducted on our Company by advisors specialized in sustainability. As a result of that a new and updated action plan and ESG targets for the next three years are being developed. Sustainability is an on-going journey and even though we have been leading in this respect in Iceland for years, we are now increasing our emphasis on this matter and have dedicated a full time employee in the role of Sustainability Manager.
The outlook for fourth quarter is favorable with solid result in October but November and especially December are usually more volatile and slower months. We expect sustainability of streamlining measures undertaken for the past 12-18 months. Operationally, effects of COVID-19 on different markets that Eimskip operates in continues to remain uncertain.”
ONLINE INVESTOR MEETING 20 NOVEMBER 2020
The Board of Directors of Eimskipafélag Íslands hf. approved the company’s Interim Consolidated Financial Statements for the third quarter of 2020 at its meeting on 19 November 2020. Investors and market participants are invited to a meeting on Friday 20 November 2020 at 8:30 a.m. The meeting will only be webcasted live in Icelandic at www.eimskip.com/investors. Vilhelm Már Thorsteinsson, CEO will present the company’s financial results for the third quarter of 2020. Investor presentation and a recording of the meeting (in Icelandic) will be available on the company’s investor relations website, www.eimskip.com/investors.
Statements contained in this financial press release that refer to the company’s estimated or anticipated future results or future activities are forward-looking statements which reflect the company’s current analysis of existing trends, information and plans. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially depending on factors such as the availability of resources, the timing and effect of regulatory actions and other factors. Eimskip undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.