Icelandic shipping and logistics company Eimskip reported on Tuesday, November 10, that its third-quarter 2026 revenue rose 19.4 per cent year-on-year. Higher volumes and elevated freight rates worldwide drove the increase, and the company linked those rates to a significant rise in oil prices.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by €8.9 million ($9.98 million), or 43.6 per cent. The same quarter of 2025 included a €2.9 million loss on the sale of the containership Lagarfoss.
Operating expenses rose 16.7 per cent. Vessel bunker costs were €6.1 million higher, a 56 per cent increase, against a 78 per cent rise in market prices. The company attributed the gap mainly to when bunker purchases were made.
Results improved in all business segments, and Liner services recorded the largest gain. CEO Vilhelm Már Thorsteinsson said liner EBITDA rose by €3.5 million after adjusting for the Lagarfoss loss. "Despite this improvement, profitability remains unsatisfactory. Liner EBIT amounted to only approximately €500,000 in the quarter, in a highly capital-intensive business segment," he said.
In 2025 Eimskip discontinued dedicated coastal sailings and cut one container vessel from its fleet. The operational measures Eimskip put in place during the latter half of that year generated €3.3 million in benefits during the quarter and €9.4 million over the first nine months of 2026.
Results from associated companies rose to €7.3 million from €3.5 million, mainly because of Elbfeeder's sale of a vessel in July.
During the quarter, Eimskip added a weekly route between Tórshavn in the Faroe Islands and Rotterdam, with a call at Ålesund in Norway. It also removed one vessel from its Norwegian line. The company said the changes respond to rising farmed salmon production in the Faroe Islands.
In the third quarter of 2025, Eimskip's revenue fell 6.5 per cent and its EBITDA fell 38 per cent.