Ernst Russ AG: Successful business performance despite challenging market environment
Hamburg, 15. November 2023 - After the first nine months of 2023, Ernst Russ AG is looking back on a successful business performance despite geopolitical tensions and risks, persistent inflation, high inventories and significantly weaker freight and charter rates. The net assets, financial position and earnings continued to develop positively during this period. Revenue increased by EUR 11.3 million year-on-year to EUR 149.3 million in the first nine months of 2023. The increase resulted in particular from the expansion of the fleet over the course of the financial year. Consolidated net profit after minority interests amounted to EUR 36.3 million (previous year: EUR 33.9 million). Ship assets increased by EUR 69.4 million to EUR 265.3 million.
At the end of the third quarter of 2023, 31 ships were majority-owned by the Ernst Russ Group. This ship portfolio consisted primarily of container ships in the 700 to 13,400 TEU size classes, supplemented by a 38,000 dwt handysize bulker and a multipurpose ship. In the second quarter of 2023, a purchase agreement for a container ship with a capacity of 13,371 TEU was signed. The handover of the vessel took place in July 2023. Also in July 2023, a 20-year-old container ship with a capacity of 2,516 TEU was sold and handed over to the buyer. Jointly with the delivery of a 3,091 TEU container ship in November 2023, these transactions led to the rejuvenation of the Group's own fleet.
For the financial year 2023, against the background of the continued positive business development and the largely secured employment situation of the shipping fleet, the Ernst Russ Group expects revenues in a range between EUR 190 and 210 million and an operating result (EBIT) between EUR 70 and 90 million.
You can download the Ernst Russ AG Nine-Month Report 2023 in both German and English from www.ernst-russ.de.
About the Ernst Russ Group: Ernst Russ AG is an internationally operating ship-owner and maritime investment manager based in Hamburg. Parts of the company date back to 1893. The Group currently manages a fleet of 30 fully consolidated vessels. The focus here is on container ships with a capacity of between 700 and 6,600 TEU. Ernst Russ AG expands its fleet on an ongoing basis thus ensuring stable and sustainable added value for its shareholders.