• MII News  >> A New Joint Venture between Eimskip and Qingdao Port

Withnessed by the visiting Icelandic Minister for Foreign Affairs & External Trade Mr. Gunnar Sveinsson and Mr. Liu Zhimin, Vice Mayor of Qingdao City on 28 June, Eimskip signed a joint venture contract with the Qingdao Port authorities on the operation of a 55,000 ton cold storage.

According to the joint venture contract, Eimskip will become a 30% partner in a new joint venture company where the port authorities will own 70%. The port authorities have selected Eimskip as a partner to develop transport related services to importers and exporters in reefer forwarding business which Eimskip is specialized in. The joint venture company will lease the cold storage from the port authorities in Qingdao. Eimskip's investment in this project amounts to EUR 700,000 in the form of share capital in the new company.

The cold storage in Qingdao is located at the city's container terminal which is the seventh largest container port in the world with a turnover of about 15.5 million TEU per year. Approximately 80 employees will be working in the new company and annual revenue at the outset is expected to be in the amount of about EUR 4.5 million.

Eimskip's operations in China are in four locations, i.e. Qingdao, Dalian, Xiamen and Shenzen, with a total of about 140 employees. The headquarters are located in Qingdao, which is an area of seafood production, extensive export of fruit and vegetables and import of meat. Annual transported volume in Eimskip's reefer forwarding services to and from China is over 40,000 TEU and has been growing in recent years, especially in the Intra Asian market. The cooperation with the port authorities in Qingdao is a significant step to further developing the company's reefer forwarding services in Asia.