Eimskip, the Icelandic shipping and logistics group, posted higher first quarter earnings and revenue as strong reefer traffic in intra-Asian trades more than offset flat container volumes in the North Atlantic.
Net earnings more than tripled to 2.53 million euros ($3.3 million) from 582,000 euros ($757,000) in the first three months of 2012 on revenue up 12.4 percent at 105.3 million euros ($144 million).
Earnings before interest, tax, depreciation and amortization grew 6.5 percent to 7.2 million euros ($9.4 million) from 6.8 million euros ($8.8 million).
The North Atlantic liner services saw traffic inch up 0.3 percent in the first quarter of 2013 as increased shipments to and from the Faroe Islands and between Europe and North America offset weaker imports into Iceland and Norway.
The reefer forwarding unit boosted volume 13.1 percent from a year ago, driven by growth in intra-Asian markets.
Eimskip, which operates 16 ships, boosted capacity 7.7 percent in March by adding an extra vessel to its liner network. It also entered the Baltic market, opening an office in Gdynia, Poland, during the quarter and making its first call at the Polish Port of Swinoujscie in April.
The company said it is strengthening and expanding its operations in the North Atlantic, focusing on projects related to heavy industry, oil and mining. It is also evaluating potential opportunities to launch shipping services in the Arctic.