Hamburg, 13 November 2024 - After the first nine months of 2024, the Ernst Russ Group ('ER Group') can report a successful business performance. Despite the stabilization of inflation and general economic growth, the shipping industry continues to face risks stemming from the ongoing escalation of regional conflicts, particularly in the Middle East, and the Russia-Ukraine war, as well as renewed trade tensions.

In the first three quarters of 2024, the assets, financial position and earnings of the ER Group continued to develop at a satisfactory level. Revenue decreased by EUR 20.2 million year-on-year to EUR 129.1 million in the first nine months of 2024. This was primarily due to the anticipated decline in the average daily charter rate, from USD 20,053 per day to USD 17,432 per day. With an operating result (EBIT) of EUR 51.3 million, the ER Group recorded earnings before taxes of EUR 51.8 million. Consolidated net income after minority interests amounted to EUR 33.9 million, while ship assets decreased by EUR 21.8 million to EUR 230.0 million.

At the end of the third quarter of 2024, 29 ships were majority-owned by the ER Group. This ship portfolio consisted primarily of container ships in the 700 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 (prior-year period: 95.1 %).

Against this backdrop and considering the largely secured employment situation of the fleet, the ER Group continues to expect revenue within a range of EUR 155 million to EUR 175 million, and an operating result (EBIT) between EUR 47 million and EUR 67 million for the 2024 fiscal year.

You can download the Ernst Russ AG Nine-Month Report 2024 in both German and English from www.ernst-russ.de.

About the Ernst Russ Group: Ernst Russ AG is a publicly traded international ship owner and maritime investment manager based in Hamburg. Parts of the company’s history date back to 1893. Currently, the corporate group manages a fleet of 29 vessels, partially operated in collaboration with strategic partners. The focus is on container vessels ranging from 700 to 4,200 TEU, complemented by two larger container vessels with approximately 6,600 and 13,400 TEU, respectively, along with a Handysize bulker with 38,000 dwt and a multi-purpose vessel. Ernst Russ AG is continuously expanding its fleet, thus ensuring stable and sustainable value growth for shareholders.