EIMSKIP FINDS 2000 INCOME DIP UNSATISFACTORY

EIMSKIP FINDS 2000 INCOME DIP UNSATISFACTORY    Eimskip, the Iceland Steamship Co., reported net earnings of 520 million Iceland Krona ($6.1 million), down 63.8 percent from 1999.
   Revenue improved 6.2 percent to ISK 16.7 billion ($194 million).
   Raykjavik-based Eimskip said earnings from transport operations was “unsatisfactory in 2000 and far below the forecast made at the beginning of 2000.” The shipping line blamed “tough price competition in the market, which affected company revenues from both maritime and land-based operations.
   Eimskip carried 1.45 million tons of cargo in 2000, up 4.7 percent from 1999. Imports on scheduled sailings rose 2 percent while exports decreased 4 percent, due to lower exports of fish products.
   The company invested ISK 3.0 billion in 2000, including significant investment in fleet renewal. Eimskip purchased the vessel Godafoss, while sister vessel Dettifoss entered service in 2000 on bareboat charter.
   Eimskip foresees an improvement in profitability of its transport operations in 20001 and said it has launched organizational reforms aimed at sharpening the company's focus on sales and marketing.