Corporate News, Hamburg, 05 February 2021: Ernst Russ expands and diversifies its fleet in a currently very positive market environment
Hamburg, 05 February 2021 – The Ernst Russ Group was successful in delivering its consolidation strategy to become a ship owner and a maritime investment manager in the 2020 financial year. It also successfully expanded and diversified its fleet in February 2021 with the acquisition of majority shares in two multi-purpose vessels. These are two project cargo vessels built in 2007, each with a deadweight tonnage of around 12,500 tons.
In December 2020, the Ernst Russ Group cooperating with strategic partners acquired two container vessels with a total capacity of 9,700 TEU. These transactions bring the total number of majority-owned vessels to 18. Together with 13 other vessels, in which Ernst Russ has significant shares, and the managed fund ships, the Ernst Russ Group manages a fleet totalling 71 vessels.
According to our preliminary, as yet unaudited, consolidated financial statements, we expect an operating result in the low single-digit million range for the 2020 financial year in line with our forecast. At present, the Ernst Russ Group is benefitting from booming maritime trade with steadily rising charter rates and longer charter periods. This increase in charter rates did not significantly impact the revenues in the 2020 financial year. However, on this basis, we expect the company earnings situation to develop positively in the 2021 financial year.
The Ernst Russ Group will continue to focus on the expansion of a valuable and stable vessel portfolio in the container, bulker, tanker and multi-purpose classes.
About the Ernst Russ Group: Ernst Russ AG is an international ship owner and maritime investment manager based in Hamburg. Parts of the company date back to 1893. The listed shipping company currently manages a fleet of 71 container, tanker, bulker, multi-purpose and other vessels. www.ernst-russ.de