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Eimskip boosts Kursiu Linija

LEADING short sea operator Kursiu Linija has sold a further twenty per cent share of its equity to Icelandic transport company Eimskip. The move gives Kursiu linija additional financial power and paves the way for Company expansion plans.

Following the increase in Eimskip’s stake, Kursiu Linija will be run by a four man board consisting of Bragi Thor Marinosson, Bjorn Einarsson, Stefan August Magnusson and Kursiu Linija founder and former managing director Arijus Ramonas. Ramonas has been elected chairman of the board, and the board has appointed Thorkell Palsson as managing director.

Newly appointed managing director Thorkell Palsson says, “We intend to grow this business, the Baltic and East European markets are growing strongly and there is great potential for an efficient door to door short-sea carrier to expand and facilitate the trade further.” Palsson has a background in international management consultancy and has many years experience at the CEO level in several countries. He has been working closely with Kursiu Linija since Eimskip acquired a 50 per cent take two months ago. Lithuania-based Kursiu Linija has an expected turnover of approximately 50 million Euros in 2006 compared to 44 million Euros in 2005.

About Kursiu Linija
Kursiu Linija was established in 1995. It currently operates three seperate services, between the Baltic States and Poland and UK and Benelux, between Germany and Kaliningrad and between Germany and Lithuania and Sweden. The main ports that Kursiu Linija calls at are Klaipeda in Lithuania, Liepaja in Latvia, Gdansk in Poland, Ipswich and Teesport in UK, Rotterdam in Netherlands, Hamburg and Bremerhaven in Germany and Åhus in Sweden. Kursiu Linija operates six vessels with a transport capacity of 300-650 teu. In 2001, a strategic decision was made to invest in 45ft containers in order to strengthen the company’s competitive position versus overland transport and to heed the EU appeal to minimize inland transportation in this region. Kursiu Linija owns approximately 1,500 high cube pallet wide 45ft containers, drycontainers, refrigerated containers and curtainside containers. The total transport capacity is 5,000 teu.

Kursiu Linija transported 140,000 teu in 2005 and the estimate for 2006 is 220,000 teu. The company handles transportation for Masterfood, Procter & Gamble, Gillette and IKEA as well as for other companies.

About Eimskip
Eimskip, a subsidiary of Iceland’s Avion Group, 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 80 operational bases in Europe, North America, South America and Asia. The company operates 30 vessels, 400 trucks and over 40 cold stores.

About Avion Group
Avion Group operates at 110 bases worldwide and employs 6,500 people. The company offers its customers reliable, fast and practical transportation solutions.

2006-07-28Kursiu Linija

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