Icelandic shipping company Eimskip has reported its results for the third quarter of 2025, with operations falling short of expectations. Revenue for the quarter amounted to €204.7 million ($237.0 million), a 6.5 per cent decrease compared to the same period in 2024.
EBITDA for the quarter was €20.4 million, a 38 per cent decline from €32.9 million in Q3 2024. Net profit fell to €5.6 million from €14.3 million last year.
Vilhelm Már Thorsteinsson, CEO, stated the quarter was "challenging." He noted the EBITDA decline was partly explained by one-off items, including a €2.9 million loss from the sale of the vessel Lagarfoss in Q3 2025 and a positive one-off item in Q3 2024.
The revenue decrease was driven by a significant drop in global freight rates, lower unit prices in the liner segment, and lost revenue from the closure of PCC Bakki.
The liner segment saw volumes increase by 1.5 per cent, but unit prices declined to levels that the company said, "exceed the system’s operational sustainability," leading to negative results for that segment. In response, Eimskip sold the Lagarfoss in July and discontinued its dedicated coastal service.
The logistics segment, however, showed strong performance due to cost-reduction initiatives, while the international forwarding segment delivered "satisfactory results" despite the drop in global rates.
Operating costs decreased by one per cent, despite an 8.1 per cent (€3 million) increase in salary expenses, which the company attributed largely to collective wage agreements in Iceland.
Looking ahead, Eimskip noted that recent production reductions at Nordurál and the temporary closure of PCC will have a "significant impact on volumes."
The company has implemented countermeasures, including the fleet reduction and other projects, estimated to deliver annual savings of €12–14 million.