To lower interest expenses and overall debt, global shipping and logistics services providerHf Eimskipafelag Islands, Reykjavik, Iceland, said it expects by the end of 2008 to sellVersaCold Atlas, a global network of 120 public refrigerated warehouses, most of which are located in Canada and the United States.
"Eimskip's transportation business continues to show results in line with our expectations. However, financial items and higher interest expense continue to have a negative effect in Eimskip's bottom line," said President & CEO Gylfi Sigfusson. "We are diligently working towards our stated goal of lowering our debt levels. In addition, several internal restructuring and cost-cutting initiatives are being undertaken in response to an anticipated downturn in the transportation business driven by a weakening macroeconomic landscape."