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Thursday, 13/11/2025, 10:00 (GMT +7)
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Eimskip Announces Q3/2025 Results: Profit Decline Attributed to Freight Rates and Exceptional Costs
Eimskip’s third-quarter 2025 profit saw a sharp drop compared to the same period last year, impacted by the global decline in freight rates and certain non-recurring (exceptional) charges, despite stable volumes and tightened control over operating costs.
Eimskip has just announced its Q3 2025 business results, revealing a performance that fell short of expectations. Although the company recorded stable volumes and implemented strict cost control in certain business segments, the overall results were weighed down by falling freight rates and exceptional costs.
Revenue and Operating Expenses
Eimskip’s total revenue for the quarter reached EUR 204.7 million, marking a 6.5% decrease compared to the previous year’s corresponding quarter. In contrast, operating expenses saw a modest reduction to EUR 184.3 million, equivalent to a 1.0% year-on-year decrease.
Specifically, the liner services segment recorded a modest volume growth of 1.5%; however, the average freight rate significantly decreased. The international forwarding segment was heavily affected by the sharp global drop in freight rates. Conversely, logistics and agency services delivered solid results, supported by tightened cost management efforts.
Decline in Operating Profit (EBITDA)
Eimskip’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) only reached EUR 20.4 million, representing a significant 38% decrease from the EUR 32.9 million achieved in Q3 2024. Consequently, the EBITDA margin fell from 15% in Q3/2024 to 10%.
The company noted that the year-on-year comparison was affected by two exceptional items: a positive gain of EUR 2.2 million in Q3/2024 and a loss of EUR 2.9 million in Q3/2025, both related to the sale of the vessel Lagarfoss.
Net profit after tax reached EUR 5.6 million, a notable decrease from the EUR 14.3 million recorded in the same quarter last year.
Liquidity Position Remains Solid
Despite the less-than-favorable profit, Eimskip affirmed that its liquidity position remains robust, even though cash flow from operations has decreased compared to previous quarters.
Mr. Vilhelm Már Þorsteinsson, CEO of Eimskip, 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 indicated that it remains focused on cost efficiency and operational improvements across its core segments, as the shipping market is projected to continue its volatility heading into the final quarter of the year.
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