In the first quarter of 2026, the Ernst Russ shipping company generated revenue of over € 37 million. To ensure stable cash flows in the future, the Hamburg-based company is diversifying its fleet.
In the first three months of 2026, Ernst Russ generated revenue of € 37.8 million and EBIT of € 13.2 million. Compared to the same period of the previous year, this represents a decrease of 7.6% in revenue (previously € 40.9 million) and as much as 67.2% in EBIT (previously € 40.3 million). However, this was “primarily due to the absence of a gain on the sale of a ship from the first quarter of 2025 and the negative currency effect of a weaker US dollar,” Ernst Russ reported.
Adjusted for the proceeds from the sale of ships, the EBITDA margin improved from 51.2% to 54.3%, reflecting the company’s “consistent portfolio optimization”. The fleet also developed positively in operational terms. The average daily charter rate rose by $ 2,663 to $ 19,546, while fleet utilization remained at a high level.
The charter backlog increased from € 448.6 million at the end of 2025 to € 620.9 million and the average remaining term of charter contracts from 26.0 to 34.3 months – “largely driven by the long-term charter contracts for the newly acquired tonnage”, according to the shipping company. The operating cash flow of € 17.4 million was largely stable compared to the previous year; the liquidity position strengthened further to € 120.2 million as at March 31, 2026.
MPP ships and tankers expand the fleet
The shipping company’s fleet strategy is also already taking shape, most recently through important acquisitions. At the end of the first quarter of 2026, Ernst Russ purchased two multipurpose vessels, each of which will be chartered out for seven years after delivery.
In April 2026, the company announced its entry into the tanker segment. In the near future, four new product/chemical tankers will be added to the shipping company’s fleet. The ships are scheduled for delivery between Q4/2026 and Q2/2027. Fixed charter contracts with a term of at least five years have already been signed for all of them. At the end of May 2026, the sale of the 1,710 TEU container ship MV “EF Emira”, which was built in 2008, marked a further step in the rejuvenation and further development of the ship portfolio.
The company recently raised its EBIT forecast for 2026 as a whole from € 34 to 44 million to € 45 to 55 million. This is due to the sale of the ship “EF Emira”. The expected sales revenue remains unchanged in a range between € 145 million and € 160 million. At the Annual General Meeting at the beginning of June, shareholders will vote on a dividend of € 0.25 per share for 2025, which is higher than the previous year’s level.
“The results of the first quarter and the positive share price performance show that Ernst Russ’ relevance to the capital market is continuously growing and that the new strategic roadmap is clearly being recognized,” said Christopher Eilers, Co-CEO and CFO of Ernst Russ.
“With the acquisition of two multipurpose vessels and our entry into the tanker segment, we have taken two strategically significant steps in a short space of time,” added Co-CEO and CCO Joseph Schuchmann. “We are thus creating the basis for precisely the stable cash flows that our investors are looking for.”
