Eimskip reported third-quarter 2025 results below expectations, with lower freight rates and one-off costs affecting performance despite steady volumes and cost control in parts of the business.
Revenue for the quarter was EUR 204.7 million (about US$219 million), a 6.5 per cent decline from the same period last year. Operating expenses fell 1.0 per cent year on year to EUR 184.3 million (US$197 million).
Liner services recorded a 1.5 per cent increase in volumes, although average freight rates fell. The company noted that the global decline in freight rates had a direct impact on the international forwarding segment, while logistics and agency services reported stable results supported by tighter cost management.
© Eimskip
EBITDA for the quarter was EUR 20.4 million (US$21.8 million), compared with EUR 32.9 million (US$35.1 million) a year earlier, representing a 38 per cent decline. The EBITDA margin fell to 10 per cent from 15 per cent in Q3 2024. The company also cited two non-recurring items affecting the comparison: a positive EUR 2.2 million (US$2.3 million) in Q3 2024 and a EUR 2.9 million (US$3.1 million) loss in Q3 2025 linked to the sale of the vessel Lagarfoss.
Net profit after tax for the quarter was EUR 5.6 million (US$6.0 million), down from EUR 14.3 million (US$15.2 million) in the same quarter last year. Liquidity remains stable, although operating cash flow was lower than in previous quarters.
CEO Vilhelm Már Þorsteinsson stated, "The third quarter of 2025 was challenging for Eimskip, with operations falling short of expectations. Revenue decreased by 6.5% during the quarter, driven by lower unit prices in liner services, a global decline in freight rates, reduced trucking volumes in Iceland and the Faroe Islands, and the loss of port revenue following the closure of PCC Bakki. At the same time, we managed to reduce costs by 1% despite an 8.1% increase in salary expenses."
Eimskip said it will continue to prioritise cost efficiency and operational improvements across its core segments as the shipping market remains volatile going into the final quarter of the year.
Source: Container News
