Core Insights - The company reported solid results in Q2 2025, driven by strong volume in container liner services and high activity in logistics, although global freight rates significantly declined, impacting margins in the forwarding segment [1][4]. Financial Performance - Revenue for Q2 2025 was EUR 201.1 million, a decrease of EUR 6.1 million or 2.9% compared to Q2 2024 [2]. - Total expenses amounted to EUR 179.9 million, down by EUR 3.8 million or 2.0% year-on-year, with salary expenses increasing by EUR 3.8 million, reflecting a 10.0% rise due to collective wage increases [2]. - EBITDA for the quarter was EUR 21.2 million, a decline of 9.8% from EUR 23.5 million in the same period last year, resulting in an EBITDA margin of 10.5%, down from 11.3% [2][3]. - Net earnings were EUR 4.5 million, compared to EUR 7.9 million in the same quarter last year, primarily affected by lower results from affiliates due to the weakening of the US dollar against the euro [2]. Operational Highlights - The liner system experienced strong volume growth of 7.9% compared to previous quarters, although revenue growth did not keep pace due to lower average prices [6]. - Logistics and agency segments showed good results with increased activity in trucking and growing volume in warehousing, despite lower terminal activities compared to the same period last year [4][6]. - The company decided to sell the vessel Lagarfoss and temporarily reduce the fleet by one vessel in response to changing market conditions, including rising operational costs [5]. Strategic Developments - Starting September 1, the company will add weekly calls to Rotterdam, enhancing connectivity for exports from Iceland and the Faroe Islands [6]. - The company remains optimistic for the upcoming months, anticipating sustained strong volumes in the liner system and solid performance in logistics, with expectations of somewhat higher volumes in international forwarding despite lower global freight rates [10]. Corporate Social Responsibility - The company emphasizes corporate social responsibility, having sponsored the Football Association of Iceland and supported women's football initiatives [8]. - The company graduated its fifth class from the international leadership program, with a total of 157 employees participating, highlighting its commitment to equal opportunities in leadership roles [9].

Core Viewpoint - The global shipping industry is adapting to a changing trade landscape, with major shipping companies like Maersk and Mediterranean Shipping Company (MSC) shifting their focus towards emerging markets due to strong demand outside the U.S. [1][4][10] Group 1: Shipping Companies' Strategies - MSC is launching new shipping services connecting ports in China and South Korea to Peru, as well as to West African countries like Nigeria and Benin, indicating a strategic shift towards emerging markets [2] - Maersk has opened a logistics center in Panama to serve as a gateway to Latin America, reflecting its commitment to expanding operations in regions with strong demand [3] - The shipping giants are responding to a decline in demand on trans-Pacific routes, with many new vessels entering markets outside the U.S. [2][3] Group 2: Market Demand and Financial Performance - Maersk reported a significant decline in container throughput between China and the U.S., down approximately 35% year-on-year for the second quarter [3] - Despite the downturn in North American imports, Maersk has raised its profit forecast for the year, citing strong demand from Europe, Latin America, and Africa [4] - The global container market is expected to grow by 2% to 4%, indicating resilience in markets outside North America [4] Group 3: Emerging Markets and Trade Dynamics - Chinese ports are increasingly adding international shipping routes to emerging markets, with significant growth in container throughput to regions like Africa and Latin America [7][8] - China's trade with emerging markets has shown substantial growth, with imports and exports to Africa increasing by 14.4% in the first half of 2025 [8] - The shift in trade routes is seen as a response to U.S. tariffs, with emerging markets recognizing the importance of enhancing trade among themselves [10]