Hf. Eimskipafélag Íslands - Company Announcement

Eimskip signes an agreement to sell Containerships shares

Eimskip has signed an agreement to sell 65% of its shares in the finnish
shipping company Containerships.  The buyer is Container Finance Ltd Oy which
is the current minority owner in the company. This agreement is provisional due
to an approval from the Board of Directors and release of pledges. 

Eimskip acquired the Company in October 2006 and has since then been a
subsidiary of the Eimskip group.  After the sale Containerships and Eimskip
will continue their co-operation in Denmark and Finland. Eimskip Denmark will
remain the agent for Containerships in Denmark and Containerships will remain
the agent for Eimskip in Finland. 

The sale of Containerships is part of the financial restructuring of Eimskip.
With the sale of Containerships Eimskip's debts will decrease by ISK 11
billion, but the sale´s loss will be ISK 3.9 billions. The sale is also a part
of Eimskip's strategy to focus on the North-Atlantic and reefer forwarding
worldwide and to sell assets that are not part of its core business going
forward. 

Eimskip will continue its restructuring work as has been announced.  Eimskip is
still working on the sales process of the cold store companies in North America
which has taken longer time than originally planned.  The process is at its
final stage but the objective is that the restructuring of the Eimskip group
will be finalized before the end of June 2009.