Eimskip increases stake in Kursiu Linija to 70%

Eimskip increases stake in Kursiu Linija to 70%    Iceland’s Eimskip, owned by the Avion Group, has purchased a further 20 percent equity stake in Lithuania-based European short-sea container shipping line Kursiu Linija.
   In May, Eimskip beat competition from MacAndrews, a carrier owned by France’s CMA CGM, to secure 50 percent of Kursiu Linija. Eimskip said that it paid 5 million euros ($6.3 million) for the entire 70 percent stake. The Reykjavik-based company also has a call option on Kursiu Linija’s remaining 30 percent equity after the next four years.
   The Lithuanian shipping line operates six vessels ranging from 300 to 650 TEUs calling on three services: between the Baltic States and Poland and the United Kingdom and Benelux; between Germany and Kaliningrad; and between Germany and Lithuania and Sweden.
   Kursiu Linija moved 140,000 TEUs last year and posted revenue of 46 million euros ($58.3 million). Customers include Masterfood, Philip Morris, Procter & Gamble, Gillette and IKEA.