Eimskip acquires a further 20% share in the Lithuanian shipping line Kursiu Linija
Avion Group’s subsidiary company Eimskip, is pleased to announce the acquisition of an additional 20% equity stake in Kursiu Linija. Kursiu Linija is the only Lithuanian short sea container shipping line providing ’door to door‘ freight delivery services in the Baltic States, Poland, Russia, United Kingdom and Northern Europe.
Avion Group’s subsidiary company Eimskip, is pleased to announce the acquisition of an additional 20% equity stake in Kursiu Linija. Kursiu Linija is the only Lithuanian short sea container shipping line providing ’door to door‘ freight delivery services in the Baltic States, Poland, Russia, United Kingdom and Northern Europe. Eimskip previously acquired a 50% equity interest in Kursiu Linija in May 2006; by acquiring a controlling 70% interest, the company will be consolidated into the financial statements of Avion and Eimskip. Kursiu Linija will form part of the financial statements of Eimskip with effect from 1 August 2006 being the commencement of the fourth quarter in Eimskip’s financial year ending 31 October. The purchase price for the 70% equity stake was 5 million EUR. The purchase will be financed by Eimskip’s equity. Eimskip also has a call option on the remaining 30% of the equity after the next four years.
About Kursiu Linija
Kursiu Linija was established in 1995 and now operates six vessels with a transport capacity of 300-650 teus. In 2001, a strategic decision was made to invest in 45 ft. containers in addition to the conventional 20 ft. and 40 ft. containers to strengthen the company’s competitive position in overland transport. Kursiu Linija owns approximately 1,500 45 ft. containers, drycontainers, refrigerated containers and curtainside containers, where the sides of the containers can be pulled open during loading and discharging. The total transport capacity of the company is 5,000 teus.
Eimskip offers total transportation solutions to its customers, including ocean freight, reefer logistics, air freight and inland transportation, with particular expertise in temperature controlled logistics and storage. Eimskip operates at 88 operational bases in Europe, North America, South America and Asia. The company operates 36 vessels, 400 trucks and over 40 coldstores.
About Avion Group
Avion Group is a leading investment company, focused on air, land and sea transportation solutions worldwide. The company is organized into three business divisions -- Aviation Services, Charter & Leisure and Shipping & Logistics.
Aviation Services consists of ACMI (Aircraft, Crew, Maintenance, Insurance) provider Air Atlanta Icelandic, maintenance provider Avia Technical Services and airport handling provider Southair. Charter & Leisure is represented by leisure service travel provider Excel Airways Group in the UK, Star Airlines, the second biggest charter airline in France and the newly founded airline Star Europe in Germany. There are currently approximately 60 Boeing and Airbus aircraft in the fleet.
The Shipping and Logistics division is represented by Eimskip, the market leading transport company in the North Atlantic and the prime maritime transportation company in Iceland. Avion Group employs close to 6,500 people at 118 operational bases worldwide.
- Contact Information
- Dögg Hjaltalín
- Director - Investor Relations
- Avion Group
- Contact via E-mail
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