The Ernst Russ Group’s turnover in the first nine months was depressed by lower revenue from charter ships.
Despite the stabilisation of inflation and general economic growth, the escalation of regional conflicts, particularly in the Middle East and the Ukraine-Russia war, and renewed trade tensions continue to pose risks for the shipping industry, according to Ernst Russ.
In the first three quarters of 2024, revenue decreased by €20.2m year-on-year to €129.1m. This was due, in particular, to the expected decline in charter rates from an average of US$20,053/day to US$17,432/day.
The operating result (EBIT) amounted to €51.3m. Consolidated net income after minority interests amounted to €33.9m, while ship assets decreased by €21.8m to €230.0m.
29 ships in the Ernst Russ fleet
At the end of the third quarter of 2024, 29 ships were majority-owned by the Ernst Russ Group. This ship portfolio mainly consisted of container ships in the 700 TEU to 13,400 TEU size classes, supplemented by a handysize bulker and a multipurpose ship. Of 8,061 possible operating days, this fleet was operational on 7,784 days, or 96.6%, in the first nine months of 2024 (previous year: 95.1%).
For the 2024 financial year, the Ernst Russ Group expects revenue of between €155m and €175m and an operating result (EBIT) of between €47m and €67m in view of the largely secure employment situation of the fleet.
Ernst Russ AG is a listed international shipping company and maritime investment manager based in Hamburg. Parts of the company’s history date back to 1893 and the group currently manages a fleet of 29 ships, some of which it operates with strategic partners.
