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.