Ernst Russ AG - Continuation of Positive Business Development in a Dynamic Market Environment

Hamburg, 29 August 2024 - In the first half of 2024, Ernst Russ Group benefited from the sustainable employment concept of its fleet in the international shipping market and continued its positive business performance as expected.

International container shipping saw significant developments with increased demand and port congestion due to geopolitical issues like attacks on merchant ships by Yemeni Houthi militia. Despite these challenges, Ernst Russ AG managed a fleet utilization of 97.0%, up from 94.0% the previous year.

Revenue decreased by EUR 8.8 million to EUR 87.6 million due to lower charter rates, but the operating result rose from EUR 27.6 million to EUR 36.5 million. This was aided by the sale of a container vessel and fewer scheduled dockings. The consolidated result after taxes was EUR 37.8 million, with EUR 13.8 million attributable to minority interests.

Looking forward, Ernst Russ Group expects revenues between EUR 155 million and EUR 175 million and an EBIT of between EUR 47 million and EUR 67 million for the 2024 financial year, backing its secure fleet employment situation.