Ernst Russ AG with stable business performance


Hamburg, 24 August, 2023 - Following the correction in the second half of 2022, the charter market for container vessels is very significantly below the exceptional highs of the previous year. However, stabilization took place in the final months of the first half of 2023. In this mixed market environment, several opportunities to expand the existing fleet have arisen for Ernst Russ Group in the first half of 2023. For example, in Q1 2023, purchase agreements were concluded for two container vessels with slot capacities of 1,025 TEU and 2,194 TEU, respectively. The handover of both vessels took place at the beginning of May 2023. With the conclusion of a purchase agreement for a 13,371 TEU container vessel in June 2023, the Ernst Russ Group supplemented its ship portfolio and also opened up a new size class. The handover of the vessel took place in mid-July 2023. The sale of a 20-year-old container ship with a capacity of 2,516 TEU in the second quarter of 2023 contributes to the rejuvenation of the fleet. The vessel was also handed over in mid-July.

Revenues increased by EUR 13.7 million year-on-year to EUR 96.4 million in the first half of 2023. As the first half of the previous year was characterized by special items of EUR 25.8 million, including the sale of three vessels, the operating result decreased to EUR 27.6 million. Consolidated net income after taxes and before minorities amounted to EUR 29.1 million. Of this amount, EUR 11.5 million is attributable to minority interests. The Group equity ratio increased from around 73.2% to around 78.2%.

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 request a print copy of the Ernst Russ AG Half-year Report 2023 in both German and English or download it from

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 31 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.

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