Icelandic container line Eimskip is considering ways to restructure its fleet as it pursues cost cuts.
It said it expects to realise gains from a number of short-term initiatives to improve its operations and profitability.
Eimskip has already taken one ship off-hire in Norway and is "evaluating a restructuring of the vessel fleet and adapting the business to changes in the Norwegian market."
CEO Gylfi Sigfusson, who is stepping down to head its US operations at the end of the year, said: "We are working on fine-tuning the container sailing system, with more favorable terminal contracts.
"We are also working on lowering both our container cost and charter agreements for vessels."
He said reducing staff costs was also being considered, through more automation and further lay-offs.
Earnings fall in third quarter
The company reported third quarter revenue of EUR 182.2m ($207.5m), up EUR 8.3m year-on-year.
But net earnings were down at EUR 6.3m, from EUR 8.8m.
It blamed lower results in Norway as volumes decreased, as well as breakdowns of reefer vessels.
Eimskip said growth in volume and revenues was much slower than anticipated but in recent weeks it has seen increased bookings and anticipates seeing the growth turning into positive margins.
Sigfusson also said: "The trade tension and the consolidation of the big shipping lines is affecting our freight forwarding business. In addition, the company faced a loss of agency services for a shipping line in Europe, which negatively affected the third quarter results.
"Going forward, we expect freight forwarding to gain strength and the turbulence around the mergers and consolidation with the deep-sea lines is getting back to normal.
"Finally, a decrease in imports of vehicles and equipment to Iceland has negatively affected our results but exports from Iceland has been growing."
It is forecasting EBITDA of between EUR 49m and EUR 53m for 2018.
