Hf. Eimskipafélag Íslands - Company Announcement

Eimskip Appoints Gylfi Sigfusson as Chief Executive Officer

Reykjavik, Iceland, 20 May, 2008 - Eimskip (OMX: HFEIM), the international
transportation company, today announced the appointment of Gylfi Sigfusson as
Chief Executive Officer (CEO) of Eimskip, effective immediately. Stefan Agust
Magnusson, who served as interim CEO following the resignation of Baldur
Gudnason in February 2008, will continue in his previous role as deputy CEO and
Executive Vice President of Finance for the next two to three months while
assisting Mr. Sigfusson during the transition period, after which Mr. Magnusson
will leave the company to pursue other interests. 
Mr. Sigfusson joined Eimskip in the year 2000 as Managing Director of Eimskip
Americas and later became a member of the executive management team of
Versacold/Atlas, the cold-store company which Eimskip acquired in 2007. Prior
to Eimskip, he was the Managing Director for TVG, an Icelandic transportation
company from 1990-1996 and Managing Director of Ambrosio Shipping in the U.S.
from 1996-2000. A business graduate from the University of Iceland in 1990, Mr.
Sigfusson has extensive experience in the transportation sector having worked
in the industry for 18 years. 
Commenting, Sindri Sindrason, Chairman of Eimskip said: "I am delighted to welcome Mr. Sigfusson to Eimskip as our new Group CEO. The
board is confident that his extensive experience in the transportation sector
will be of great benefit to the company. During his time at Eimskip, Mr.
Sigfusson has been instrumental in developing the company's growth plan and has
played an important role in Eimskip's business development in the U.S. and
Canada. The last couple of years have seen Eimskip grow significantly through
acquisitions and internal growth. Looking ahead, we plan to focus on
integrating these businesses, while identifying growth opportunities in our
existing markets.  The board would also like to thank Mr. Magnusson for his
dedication and contribution to Eimskip and for his assistance during the
executive transition.” 
Commenting, Gylfi Sigfusson, CEO of Eimskip said:                              
                                                “I am very excited by the
opportunity to lead Eimskip. Eimskip is among the leading transportation
companies in the North Atlantic and the largest company in the world in cold
store services and related transportation. Along with my fellow colleagues, we
are committed to achieving Eimskip's goals of becoming the international
transportation company of choice for our customers, while growing revenue and
profitability in each of our lines of business.  I am looking forward to
working with the management team and all my fellow employees to execute our
strategic plan and build upon Eimskip's performance to date.” 

For further information: 
Halldor Kristmannsson 
Executive VP of Corporate Communications 
Tel: (+354) 525 7000 / (+354) 825 7221

About Eimskip

Hf. Eimskipafelag Islands (Eimskip) is one of the largest companies in Iceland
and is publicly listed on the OMX stock exchange in Iceland. The company has
over 90 years of experience in providing transportation, warehousing and
logistics services in Europe, primarily in the North Atlantic region. 

Operating with 200 locations around the world in over 30 countries with a total
of 14,000 employees, Hf. Eimskipafelag Islands has global reach. It owns or
operates approximately 40 vessels, 180 cold-store facilities and 2,000 trucks
and trailers.