Release Date: 02 October 2006
Release ID: 963
The Icelandic transportation company Eimskip and the Finnish Container Finance Ltd Oy have formed a joint venture that will be one of Europe’s largest door-to-door logistics service providers under the name Containerships Group. The joint venture has 41 vessels, a total of 30,000 container units (TEU), a wide range of modern container units as well as an extensive office network in the Baltic Sea region and Europe.
Earlier this year, Eimskip acquired Kursiu Linija, a Lithuanian short-sea container shipping line providing door-to-door freight delivery services in the Baltic States, Poland, Russia, United Kingdom and Northern Europe.
Containerships is a 40 year old Finnish family company specialized in door-to-door transport services within Finland, Russia and Northern Europe. Covering service network includes ports of Helsinki, St.Petersburg, Teesport, Tilbury, Hamburg, Rotterdam, Aarhus, Gdansk and Södertälje.
From these elements, combining Eimskip, Kursiu Linija and CSL market coverage, knowledge and specialization on superior customer service, a new Baltic Sea champion will be formed under the brand Containerships Groups. The Containerships Group will have an annual turnover of 200 million euros, an EBITDA of 6 % and it will operate 11 vessels, more than 10.000 mainly pallet wide and special containers, and employ more than 500 persons. The market area will cover the whole Baltic Sea and the North Sea with transshipment possibilities to Spain, Portugal, Ireland and Italy and through the Eimskip network to other parts of the world.
Eimskip will own 65 % of the joint venture and Container Finance will own 35 %. The parties have agreed upon an option enabling Eimskip to increase its shareholding to 100 % of Containerships Group in the future.
The Containerships Group will have its headquarters in Helsinki. Kursiu Linija will be a subsidiary of CS and integrated to CS operations within this year. On January 1st 2007, Mr. Sigurjon Markusson will take office as a new CEO at Containerships. Until then, Mr. Kimmo Nordström will act as CEO and will after Markusson’s arrival act as Chairman of the Board.
“I am very pleased with this cooperation. The joint venture with Containerships supports Eimskip’s future vision of being the market leader in the North Atlantic, offering total services in through a network linking key ports in Europe. There is a great deal of knowledge and valuable human resources within Containerships, Eimskip and Kursiu Linija. With joined forces we’ll be able to better serve our customers by offer more extensive and flexible service than before”, says Baldur Gudnason, CEO of Eimskip.
“Participating in the joint venture with our 40 year old family company was not a trivial decision. Eimskip was, however, able to assure us about the added value of this cooperation. Today, Containerships’ business is doing better than ever. Our customer oriented door-to-door strategy as well as our direct investments in Russia have been successful. A family owned company has, however, restricted resources. With Eimskip, Containerships shall be better positioned to grow and to continue developing the door-to-door service both in Europe and in Russia. Containerships will bring its logistics know-how, its excellent personnel and office network as well as the experiences of the Russian trade into the cooperation”, says Kimmo Nordström, CEO of Containerships.
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