Eimskips Nor Lines Purchase Hits a Hurdle

Eimskip Reykjavik-based shipping company Eimskip has received a notice of objection from the Norwegian Competition Authority related to its acquisition of the Norwegian shipping and logistics firm Nor Lines AS. Reflecting the authoritys preliminary conclusion, the notice states that Eimskip has 15 business days to present counterarguments. The Norwegian Competition Authority informed that a final decision will be made after another 15 business days. Announced in November 2016, the acquisition of Nor Lines, which has a fleet of seven cargo vessels that operate three different trade lanes in and out of Norway, is part of Eimskips efforts to expand its presence in Norway. The company earlier said that it would restructure Nor Lines business in order to improve its services and profitability by aligning it with Eimskips current operations in Norway. Under the restructuring plan Eimskip expected to take over the operation of five Nor Lines vessels, strengthening the combined service network between Norway, continental Europe and the Baltic Sea. The acquisition of Nor Lines is a large step in widening the service scope and strengthening the current services of Eimskip in Norway, Gylfi Sigfússon, President and CEO of Eimskip, earlier said.