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Eimskip signs letter of intent to acquire 60% share in the Chinese container depot company Luyi Depot

Eimskip has signed a letter of intent to acquire a 60% of the total shareholding in the Chinese container depot company Luyi Depot. Luyi Depot was established in 2000 and its total base depot operational area is approximately 110,000 square meters – thus being the fifth largest in the Qingdao Port area.

Further, Eimskip has a call option to buy additional 20% share in Luyi Depot. Former owners will hold 40% share and will further develop the operation of Luyi Depot with Eimskip.

Luyi Depot has a strong relationship with its customers which are big shipping lines, such as Maersk, CMA CGM and Yang Ming. Baldur Gudnason, CEO of Eimskip: “We are experienced in developing successful business in Qingdao in co-operation with local companies.

In this case we plan on building up another thriving business in collaboration with our reputable co-owners in Qingdao.”

The letter of intent was signed in Qingdao in the presence of the President of Iceland, Mr. Olafur Ragnar Grimsson and high level officials.

(From Eimskip)