Eimskipafélag Íslands hf.
Eimskip receives a new vessel in China

Eimskipafélag Íslands hf. 

24.06.2014 15:16

Dissemination of a Adhoc News, transmitted by DGAP - a company of EQS Group
AG.
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------

Today, Eimskip's new vessel Lagarfoss was delivered in China. In June 2011 the
agreement of the new vessel building projects was made. As the project got
delayed, Eimskip and the shipyard negotiated a reduction of the total purchase
price of both the vessel building projects in the amount of approximately USD
11 million. Negotiations on the delivery time of the second vessel are ongoing
and will crystallize in the third quarter. 

The vessel was delivered to her Captain, Mr. Gudmundur Haraldsson, and his crew
of 11 Icelanders. 

On the route to Iceland, Lagarfoss will call the Chinese port of Qingdao in
order to load containers, e.g. for customers that are transporting goods under
the new free trade agreement between China and Iceland. The vessel will also
transport 200 new reefer containers which the company purchased in China.
Containers for foreign customers will also be transported to Rotterdam. 

The vessel will sail about 11 thousand nautical miles on route to Rotterdam,
which is a similar distance as between the North Pole and the South Pole. 

Lagarfoss is expected to call Rotterdam port next 12 August and Reykjavík port
on 17 August. 

The size of Lagarfoss is 875 TEU, thereof containing plugs for 230 reefer
containers. The vessel's deadweight is approximately 12 thousand tons, the
length is 140.7 meters, the width is 23.2 meters and the draft is 8.7 meters.
The vessel is geared with two 45 ton cranes. 

The vessel's maneuvering abilities are of high standards. She is equipped with
powerful bow and stern thrusters and has ice class 1A. 

Lagarfoss will replace the vessel Selfoss on the Yellow Line and Selfoss will
be transferred to other projects. 

Lagarfoss is Eimskip's seventh vessel with this name. Lagarfoss I was the
company's third vessel and was in the company's operation from 1917 to 1949. 

Gylfi Sigfússon, President and CEO

'It is very pleasant to reach this landmark in this large project. The building
of a specialized container vessel will strengthen transportation services for
our customers in the North Atlantic. Negotiations on the delivery of the second
vessel are ongoing with expected conclusion in the third quarter, but delivery
will not be made until 2015.' 

About Eimskip

Eimskip runs a network of 51 offices in 19 countries and operates 16 vessels.
Total number of employees is around 1,400, of which about 800 are located in
Iceland. Approximately half of Eimskip's operating revenue comes from
operations outside Iceland. The company's vision is to provide outstanding
transportation services through a dependable transport system in the North
Atlantic, as well as offering an extensive worldwide network of reefer
logistics services.
News Source: NASDAQ OMX



24.06.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

---------------------------------------------------------------------------
 
Language:     English
Company:      Eimskipafélag Íslands hf.
              
               
              Iceland
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         IS0000019800
WKN:          
 
End of Announcement                             DGAP News-Service
 
---------------------------------------------------------------------------