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06 Bruarfoss

Financial performance

Key Financial Highlights


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Eimskip’s financial performance in 2023 was solid and both reported segments, liner operations and international forwarding, demonstrated resilience amid swift changes in global market conditions compared to the previous year. The international freight forwarding business generated an EBITDA of EUR 32.1 million in 2023, a decrease from EUR 43.6 million in 2022. This decline can be attributed primarily to the shift in market dynamics, with global freight rates significantly lower than the year before, especially compared to the first half of 2022 when rates were still highly elevated. As the freight forwarding business primarily serves as an intermediary between shippers and ocean carriers, managing sea freight and other services on behalf of customers and selling with a margin, global freight rates exert a substantial impact on the financial performance of this segment. Handled volume in forwarding remained on the same level in 2023 as in the preceding year but with a 7.2% growth in the last quarter of the year compared to same quarter the year before.

Eimskip’s liner services, encompassing ocean transportation in the North-Atlantic along with ancillary services like terminal operations, inland trucking, warehousing, customs agency, and related activities, delivered robust results in 2023 with EBITDA amounting to EUR 91.3 million and EBIT of EUR 36.4 million. The transported liner volume in 2023 was 204,400 TEUs and decreased slightly from 208,500 TEUs from the previous year. Revenue in liner services decreased by EUR 73.6 million, or 11%, from the prior year. This reduction was mainly driven by lower freight rates in the Trans-Atlantic trade lane and in third-party pre-and on-carriage rates while rates in the Eimskip’s home market remained relatively stable. Revenue and expenses in the liner segment are also significantly influenced by bunker prices, impacting both operating costs of vessels and liner revenue through floating bunker surcharges. In 2023, bunker expenses were EUR 18.5 million lower than in 2022, attributed both to lower oil prices and reduced consumption, with a similar effect on the revenue side.

The Company has maintained a strong focus on customer service, reliability, and operational efficiency in the liner services, essential for sustaining a healthy profitability in this asset-heavy segment and enabling a sustainable level of investment. Recognizing the evolving external environment amid an economic slowdown in the latter half of 2022, the management initiated efforts to streamline and optimize the sailing system, resulting in material changes to the system that were announced in November 2023 and are to be implemented in the first quarter of 2024. These changes are intended to enhance reliability, reduce costs, and, notably, reduce carbon emissions. Furthermore, the Company emphasizes providing its customers holistic logistics solutions, offering a broad range of value-added services which are under constant development. In the international forwarding business, the primary focus is on proactive sales to support volume growth, agile procurement to ensure competitive rates and enhanced productivity by implementing smart solutions and best practice processes.


Revenue amounted to EUR 827,5 million, compared to EUR 1.070.6 million the year before. EBITDA amounted to EUR 123.4 million, down from reported EBITDA of EUR 163,1 million in 2022, and EBIT was EUR 61.0 million, a decrease from EUR 101.5 million in 2022. Net earnings for the year 2023 amounted to EUR 54.5 million, compared to EUR 85.3 million in 2022.


Eimskip’s balance sheet at year-end 2023 remained strong, with assets amounting to EUR 618.8 million and a 50.4% equity ratio. Interest-bearing debt amounted to EUR 211.2 million at year-end, a decrease of EUR 26.7 million, where bank loans decreased by EUR 14.6 million and operational lease liabilities decreased by EUR 12.1 million. Net debt was EUR 176.6 million and increased by EUR 11.7 million from the previous year. Net cash from operating activities amounted to EUR 97.9 million, a decrease of EUR 50.6 million from 2022. The Company paid a dividend to shareholders amounting EUR 22.7 million, and a reduction in share capital was performed with a payment to shareholders amounting EUR 12.7 million. Share buy-back programs were initiated in the year where the Company acquired in total of 1.749.000 treasury shares with a total purchase price amounting EUR 5.4 million. Cash and cash equivalents amounted to EUR 32,5 million at year-end 2023.

Total capital expenditure, or CAPEX, amounted to EUR 44.5 million in 2023, of which maintenance CAPEX, including vessel dockings, was EUR 25.4 million. 

Consolidated Financial Statements 2023

Consolidated Financial Statements 2023 can be read in the link below.