The Icelandic shipping company Eimskip has for the second month in a row raised its profit forecast for 2021, the company announced in a statement.

The results for October and November have been so strong compared with the estimated income for December that Eimskip now expects an operating profit for 2021 somewhere between EUR 109.5 million and EUR 112.5 million.

Previously, the expectation was an annual profit of EUR 102 to EUR 110 million.

The adjusted EBIT result is expected to be between EUR 58.5 million and EUR 61.5 million, so the announcement states.

The main reason for the improved results is good performance on the company’s container routes with increasing volumes and improved income margins.

In addition the shipping business has also delivered good results so far in the fourth quarter, says Eimskip.

Offices searched

The good news about the results comes after some bad news for the company.

Earlier in the month the Icelandic authorities were given permission to search Eimskip’s offices in Iceland.

Permission was granted after allegations that two of the company’s former ships had ended up being scrapped on the beaches in India. The prosecutor had therefore asked for specific documents concerning the sale of the ships Goðafoss and Laxfoss.

Eimskip says it believes it has complied with all laws and regulations in the sales process.

The company is expected to announce the results for the fourth quarter – and the annual result – on 17 February 2022.

Eimskip offices searched on beaching suspicion

Eimskip upgrades full-year forecast