Eimskip Stocks Drop After News Of Anti-Competitive Conduct - The Reykjavik Grapevine

Eimskip Stocks Drop After News Of Anti-Competitive Conduct

Published October 17, 2014

Eimskip and Samskip both deny allegations - Eimskip prepares legal action against coverage

Eimskip and Samskip both deny allegations - Eimskip prepares legal action against coverage

After RÚV’s Kastljós covered the Competition Authority’s investigation into anti-competitive collaboration between shippping companies Eimskip and Samskip, Eimskip’s stock value dropped 5.6% over two days.

Eimskip stock Oct 2014

On Wednesday, Eimskip distributed a press release, denying any allegations of anti-competitive conduct. The company calls the coverage ‘untimely’, claims it was based on illegally obtained internal information, and that its lawyers were preparing complaints to be delivered to the Competition Authority and the office of Special Prosecutor as well as the Police.

Interviewed by Kastljós, the other shipping giant Samskip’s CEO Pálmar Óli Magnússon denied the allegations as well. He claimed that all reports cited in the program’s earlier coverage was a normal part of strategizing, and that Samskip at times abstained from bidding for Eimskip’s clients due to shipping capacity and external circumstances. At this point, Samskip has not announced any reaction to the coverage.

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