Icelandic carrier Eimskip has acquired Norwegian carrier and logistics company Nor Lines, which operates a fleet of seven ships along three different routes in and out of Norway. The purchase price is estimated at EUR 15 million depending on the company's 2016 results.
According to a press release from the listed shipping and logistics company, Eimskip plans to restructure Nor Lines and take over operations of five vessels which will be integrated into Eimskip's existing network between Norway, Northern Europe, and the Baltic Sea.
Nor Lines' annual revenue is approximately EUR 110 million. Besides its own fleet, Nor Lines also sells freight capacity on the Hurtigruten, which sails along the Norwegian west coast and in the northern part of the country with daily calls at 32 ports.
According to Eimskipøs CEO, Gylfi Sigfússon, the acquisition will contribute to Eimskip's Norwegian presence.
The purchase is subject to approval by the Norwegian competition authority.
Eimskip's Icelandic rival Samskip recently completed the purchase of Euro Container Line AS. This marked Samskip's second acquisition in Norway within a short period of time, following the purchase of a 50 percent stake in Silver Green AS, which is located in Bergen and operates a fleet of 14 reefer vessels.