Icelandic container line Eimskip may look to sell its ferry subsidiary as it examines a new financial structure.
The tourism unit, Seatours, has two vessels.
The company's CEO Vilhelm Mar Thorsteinsson said: "A decision has been made to evaluate a potential divestment of Seatours, Eimskip’s subsidiary in sea-related tourism. We expect to have a decision on this matter in the next few months."
He added: "Eimskip’s management has strong focus on cash generation and I am pleased to see that cashflow from operation increased substantially in the first six months compared to same period last year.
"We are currently working on a target future capital structure for the company along with a three-year maintenance capex plan and hope to present that later this year."
Net earnings amounted to €2.7m ($2.95m) in the second quarter, compared to €4.6m in the same period of 2018.
This was in line with expectations, the owner said.
Revenue amounted to €167.5m, a decrease of €5.1m or 3% when compared with 2018.
Routes under review
Transported volume in liner services decreased by 4.8%, affected by lower level of imports to Iceland and a decline in exports at the end of the quarter.
Salary cost and related expenses decreased by 5.2%, whereas other operating expenses fell 1.2%, adjusted for IFRS 16.
Thorsteinsson added: "We currently have the container sailing system under review to adjust for the lower volume levels with the aim of lowering fixed operating costs, secure high customer service level and to pave the way for the Royal Arctic Line cooperation.
"The goal is to present adjusted sailing system later this year. The work is well under way and we are confident that we will continue to operate the best sailing system to and from Iceland and the Faroes."
