Announcement from Eimskip

Today Eimskip received a notification from Alcoa Fjarðaál sf. informing that Alcoa intends to suspend the case against Eimskip next Tuesday 27 May before Reykjavík District Court.

The summons claim was ISK 3,086,000,000, together with penal interests from 24 May 2024, against Eimskipafélag Ísland hf., Eimskip Ísland ehf., Samskip hf. og Samskip Holding B.V. in solidum, for Alcoa’s alleged loss, with reference to the subject matter of the Icelandic Competition Authority’s decision no. 33/2023, which concerned the period 2008-2013. 

The financial claim of Alcoa was entirely based on a memorandum by the consulting firm Analytica ehf., which contains a so-called preliminary assessment, dated February 21, 2024. The consulting firm Hagrannsóknir sf., which is led by scholars dr. Birgir Þór Runólfsson, Associate Professor and Head of the Department of Economics at the University of Iceland, and dr. Ragnar Árnason, Professor Emeritus, reviewed Analytica’s memorandum and prepared a report on their findings for Eimskip.

Hagrannsóknir’s conclusion was decisive, that the shortcomings of Analytica’s memorandum were so severe that the memorandum was entirely unusable as an assessment of the alleged loss. The report by Hagrannsóknir was presented at Eimskip’s Q2 2024 investor meeting, and can be found in Icelandic here.

It was and is the Company‘s assessment that the claim is baseless, and the conditions of tort law are not fulfilled. Furthermore, the claimant’s alleged loss and therefore its claim is not based on any established documentation. 

For further information please contact Hörpa Hödd Sigurðardóttur, Executive Vice President of Human Resources & Communications, tel: +354 825-7379 or Guðbjörg Birna Björnsdóttir Head of Investor Relations, tel: +354 844-4752, or email: investors@eimskip.is.