Globe Tracker is facing yet another significant setback, with challenges mounting once again.
Hjalti Hvítklett, chairman of the board, acknowledged the difficulties during a recent committee meeting.
Headquartered in Denmark, Globe Tracker’s parent company is set to release its financial statements for the calendar year 2025 in the coming days. However, until then, Hvítklett refrained from divulging specific figures surrounding the company’s losses, merely stating that it has been a tough year financially, leaving their accounts far from favorable.
It’s become increasingly clear that Globe Tracker requires additional funding from its shareholders if it hopes to sustain operations. For the past 18 months, the company has been backed by two primary shareholders: the shipping company Framherji and LÍV.
“We certainly regret LÍV’s decision to exit,” said Hvítklett, emphasizing the positive relationship that remains with Framherji.
Just yesterday, LÍV announced its withdrawal from Globe Tracker. In this announcement, it was revealed that LÍV’s investment in the company amounted to ISK 174 million—most of which is likely a loss. Adding to the turbulence, LÍV’s CEO, Jan Jakobsen, has been let go from his position.
Globe Tracker specializes in the manufacture of equipment designed for tracking, monitoring, and controlling storage bins. According to Hvítklett, the company has faced persistent issues rectifying technical flaws in its equipment; these are devices embedded in tens of thousands of bundles that have failed to function as intended.
However, as LÍV opts out, only Framherji stands ready to keep Globe Tracker afloat.
The latest available accounts for 2024 revealed a deficit exceeding ISK 73 million, while the anticipated figures for 2025 remain forthcoming.
For LÍV, this chapter with Globe Tracker is proving to be a costly one, as on Monday, the stakeholders of LÍV—namely Ognarfelagið LÍV and p/f Fakfelag—are scheduled to receive a briefing on the current situation. LÍV is collectively owned by its policyholders, while p/f Fakfelag is comprised of 21 trade unions across the Faroese labor market, with both entities each holding half of the LÍV Group.
