- Eimskip's sale of its 49% share in Avion Aircraft Trading - Sales profit amounts ISK 1,6 billion

Hf. Eimskipafelag Islands has reached agreement for the disposal of its 49%
holding in Avion Aircraft Trading to a buy-out team consisting of Hafthor
Hafsteinsson, Chairman of AAT, Arngrimur Johannsson, member of the AAT board of
directors and other AAT key managers. 

The sales proceeds amounts USD 28 million, about ISK 1,8 billion and the profit
on disposal before tax is estimated to be USD 24 million, or approximately ISK
1,6 billion. AAT was wholly owned by Eimskip until October 2006 when Eimskip
sold a 51% holding in the company to the same party as now. 

An agreement of the sale was signed the 31st of July, however containing
provisions which have now been lifted. An irrevocable agreement has thus been
concluded, without any provisions or conditions. The sale will therefore be
recorded as a part of the third quarter. The proceeds from the disposal will we
be used to repay loans arisen by recent investments in the field of temperature
controlled storage. 

Eimskip announced its purposed disposal of the 49% holding of AAT in the end of
May this year, as a part of Hf. Eimskipafelag Islands Board of Directors'
decision to sell all avion related assets. The disposal of Air Atlanta hf. is
being undertaken along with Air Atlanta managers and associated consultants. 

Baldur Gudnason, CEO of Eimskip
“The disposal of Avion Aircraft Trading is in accordance with the strategy of
the board, introduced this spring. It is important for Eimskip to focus on its
core activities; transportation and storage of temperature controlled cargo,
where we are a key international player. We are content with the sale,
believing Avion Aircraft Trading is in good hands and we are looking forward to
watch it grow and prosper in the future” 

Hafthor Hafsteinsson, Chairman of Avion Aircraft Trading:
“We have had a very enjoyable collaboration with Eimskip the last half a year,
but considered this the right time to acquire the remaining shares in the
company. We are working on some very exciting projects and expect great
opportunities, supporting this investment“ 

Further information: 
Baldur Gudnason, CEO of Eimskip 					525-7202
Hafthor Hafsteinsson, Chairman of Avion Aircraft Trading		895-7707

About Eimskip
Hf. Eimskipafelag Islands is one of the largest companies in Iceland and is
publicly listed on the Icelandic Stock Exchange. The company has over 90 years
of experience in providing transportation, warehousing and logistics services
in Europe, primarily in the North Atlantic region. 

Operating with 200 locations around the world in over 30 countries with a total
of 14,500 employees, Hf. Eimskipafelag Islands has global reach. It has an
annual turnover exceeding EUR 1,450 billion and estimated 2007 EBITDA of EUR
135 million. It owns or operates 50 vessels, 180 cold-store facilities, 25 wide
body cargo aircraft and 2,000 trucks and trailers. 

Eimskip is traded on the Icelandic Stock Exchange under the symbol of HFEIM. To
find out more about Eimskip, visit our website at www.eimskip.is. 

About Avion Aircraft Trading
Avion Aircraft Trading was founded in April 2005 and specialises in the trading
of aircraft. The company has purchased, resold and leased 36 aircraft from
inception, thereof 16 new Airbus and Boeing airplanes.