Icelandic shipping group Eimskip reported a revenue of €191.7 million ($207 million) for the first quarter of 2026, which represents a 4.8 per cent decrease from the same period last year.
Following this decline, operating profit before depreciation fell to €9.3 million from €15.3 million in 2025.
Production disruptions at Norðurál and the closure of PCC Bakki contributed to the decrease, as did costs from vessel-related incidents and rising fuel prices. Lower global freight rates also pressured the international forwarding segment, where revenue decreased by 12.7 per cent.
Sailing system volumes fell by 4.5 per cent, yet Eimskip noted that excluding specific industrial shutdowns, transport volumes rose due to strong import activity.
Chief Executive Officer Vilhelm Már Thorsteinsson said results were impacted by "continued challenging external conditions" which caused operational disruptions.
Total operating expenses decreased by 1.9 per cent to €182.5 million following the implementation of fleet reductions and staff cuts. Despite higher collective wage agreements, a reduced headcount limited the rise in salary expenses to 0.4 per cent, according to the group.
Management estimated that current efficiency measures will provide an annualised impact of approximately €14 million, including €3.2 million already realised this quarter. Thorsteinsson described the results as, "an important foundation for improved operations going forward."
The Confederation of Icelandic Enterprise is currently negotiating collective agreements with the Seafarer Association of Iceland regarding deckhands on three company vessels. There is hope that these negotiations will conclude without work stoppages later this month, Eimskip stated.
The group has prepared strike action contingency plans while it enters the traditionally busier second and third quarters. Driven by seasonal patterns, operations are expected to be stronger during the coming months, Eimskip remarked.
