EIMSKIP GROUP RECORDS FIRST-HALF LOSS

EIMSKIP GROUP RECORDS FIRST-HALF LOSS    The Eimskip Group reported a first-half loss of Iceland Krona 1.45 billion ($14.8 million), compared to a profit of ISK 523 million for the same period last year.
   The shipping group said the loss was largely due to exchange rate losses, increased costs and a considerable drop in share prices on the Icelandic Stock Exchange.
   The Islandic Krona fell 16.4 percent during the six month period, which direct impacted the group's long-term liabilities, which are denominated in foreign currencies.
   Operating revenue for the group was ISK 8.63 billion ($88.0 million), up 6 percent over the year earlier period, which included a ISK 287-million gain on sale of fixed assets.
   “Fierce price competition in marine transport and inland haulage, as well as a decrease in transport volume in certain sectors … have had a significantly negative effect on Eimskip's revenues,” the group said.
   Eimskip anticipates increasing rates for seafreight tariffs and inland haulage later this month.
   Marine transport sailings declined 1 percent. General exports decreased due to a six-week seamen's strike. Imports remained flat. Eimskip's vessel transportation volume rose 4 percent due to an increase in bulk transport, mainly aluminum.