Eimskip to acquire Nor Lines

Eimskip, Nor Lines
Eimskip to take over Nor Lines. Photo: Eimskip
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Eimskip has entered into an agreement to a[ds_preview]cquire the Norwegian shipping and logistics company Nor Lines. The acquisition is financed with cash.

This move will see the Icelandic company expand its fleet.Nor Lines with a revenue of 110 mill. € and about 200 employees operates a fleet of 7 cargo vessels in and out of Norway. Completion of the transaction is subject to approval by the Norwegian Competition Authority.

The history of Nor Lines goes back to 1930 and is currently operating an extensive service network in Norway, handling general and reefer cargo on sea and land. Restructuring will be made to the vessel fleet and the operation of the company, where Eimskip will take over the operation of five vessels to strengthen the combined service network between Norway, continental Europe and the Baltic Sea. Eimskip is currently operating seven side-loaded reefer vessels in Norway which serve between Norway, the Netherlands and the UK

»The acquisition will increase our efficiency since our sailing system will range
over to the Baltic Sea and Germany.«
Gylfi SigfĂşsson, President and CEO of Eimskip

Nor Lines is providing an extensive land operation with a network of 60 terminals along the Norwegian coast which connect the trucking and sea operation. Furthermore, the company is selling cargo capacity on the 11 vessels of Hurtigruten, which operates along Norway’s western and northern coast, calling 32 ports on a daily basis.