The 875-teu Lagarfoss is the first of two ships ordered in June 2011 at Rongcheng Shenfei.
The delays have allowed Eimskip to knock $10.75m from the $50m bill.
CEO Gylfi Sigfusson said: “Negotiations on the delivery of the second vessel are ongoing with expected conclusion in the third quarter, but delivery will not be made until 2015.”
The ships were originally due in 2013, but the second had been put back to the final quarter of 2014 and now 2015.
