Boluda to invest in Samskip’s Iceland operations

Boluda Shipping plans to invest in Samskip and strengthen its operations in Iceland, although there is no formal guarantee that jobs will not be moved out of the country after the Spanish shipping company takes full ownership, Samskip chief executive Ólafur Orri Ólafsson told mbl.is.

Ólafsson said Boluda regards Samskip and its Icelandic operations as a “crown jewel” of the group. He said the company would add new shipping routes to improve reliability and increase the frequency of sailings, helping Icelandic businesses expand trade with Europe and other countries.

He said joining a larger company would bring greater economies of scale and improve reliability, service, sailing frequency and prices. The Boluda family is from the Canary Islands and is familiar with island communities, he added.

Samskip was founded in Iceland, and its largest operation remains there, even though its headquarters are elsewhere. Ólafsson said no other investors were considered. The company had not been seeking a sale, but he believed Boluda would be the best partner for Samskip in Iceland.

Asked how he felt about the company leaving his family’s ownership, Ólafsson said he was proud of the milestone and pleased for his parents and family. He said he saw the deal as putting the company in good hands for future development in Iceland and Europe. The family will not receive a stake in Boluda, he said.