The two new 2,280 TEU vessels will lift Eimskip’s total capacity by roughly 4.6 kTEU – an ≈ 8‑10 % increase over the current fleet that services the Reykjavík‑Rotterdam/Teesport “Blue Line”. Because the contracts are capped by a ten‑year time‑charter with ElbFeeder, the uplift translates into incremental, contract‑backed freight revenue from day 1, mitigating the typical utilization risk that accompanies new‑build deliveries. Assuming the Blue Line runs at historic 70‑75 % fill‑rates, the extra 4.6 kTEU can generate an estimated US$6‑8 million of additional annual turnover (≈ US$1.3‑1.5 million per vessel) once the ships are fully commissioned, and should compress unit‑costs as fixed‑costs are spread over a larger cargo base.
Fundamentally, the capacity expansion dovetails with a favourable mid‑term market outlook: North‑European and Baltic‑Icelandic trade lanes have seen steady volume growth (≈ 3‑4 % YoY) and limited slot‑availability at key ports. Adding modern, 2,280 TEU vessels improves operational efficiency and service frequency, allowing Eimskip to capture higher yields in a market where carriers are still constrained by vessel‑size mismatches. The 10‑year char‑term also cushions the company against a potential short‑term over‑supply of ships that could depress rates later in the decade.
Trading implication: The capacity boost upgrades the revenue outlook and earnings per share (EPS) forecasts for FY‑2025‑2026, creating a modest upside catalyst. Given the stable charter structure and the upside to utilization, the stock is positioned for a neutral‑to‑bullish bias. Traders may consider a long position or a buy‑on‑dip if the market currently prices in a more conservative capacity forecast, while keeping an eye on upcoming management commentary for any revisions to volume guidance or fleet‑utilisation targets. A breach of the 70‑day moving average on higher volume would further validate the upside narrative.