Ernst Russ Reports Growing Charter Backlog
Despite a first quarter of 2026 marked by geopolitical disruption, volatile energy prices and a fundamental realignment of global trade routes, Ernst Russ AG is consistently executing the disciplined growth strategy communicated in its annual report.
The Hamburg-based shipowner closed the first quarter of 2026 with strong operating results and has already optimized its fleet during the current year through strategically significant transactions.
At the end of the first quarter of 2026, Ernst Russ AG acquired two multipurpose vessels, each chartered for seven years following handover.
In April 2026, the company announced its entry into the tanker segment: four product/chemical tanker newbuildings with scheduled delivery between the fourth quarter of 2026 and the second quarter of 2027 will be added to the Ernst Russ fleet – for all of these, fixed charter contracts with a term of at least five years are already in place from the date of delivery.
At the end of May 2026, the sale of the 2008-built 1,710 TEU container vessel MV EF Emira marked a further step in the consistent rejuvenation and development of the vessel portfolio.
In the first quarter, revenues of EUR 37.8 million and an EBIT of EUR 13.2 million were achieved. The decline compared to the prior year is primarily attributable to the absence of a vessel disposal gain recorded in the first quarter of 2025 as well as the negative currency effect of a weaker US dollar.
Adjusted for vessel sale proceeds, the EBITDA margin improved to 54.3% (prior year: 51.2%), reflecting the consistent optimization of the portfolio. The fleet also developed positively on an operational level: the average daily charter rate increased by USD 2,663 to USD 19,546 and fleet utilization remained at a high level.
The charter backlog increased from EUR 448.6 million at year-end 2025 to EUR 620.9 million and the average remaining charter duration rose from 26.0 to 34.3 months – driven predominantly by the long-term charter contracts of the newly acquired tonnage. Operating cashflow of EUR 17.4 million was largely stable compared to the prior year; the liquidity position further strengthened to EUR 120.2 million as of March 31, 2026.
The full-year 2026 EBIT guidance was raised against the backdrop of the strategy-compliant disposal of MV EF Emira and now stands in a range of between EUR 45 and 55 million (previously: between EUR 34 and EUR 44 million). The expected revenues remain unchanged in a range between EUR 145 and 160 million.
"The first quarter results and the positive share price performance show us that Ernst Russ‘s relevance for the capital market is growing continuously and the new strategic roadmap is being clearly recognized", says Co-CEO and CFO Dr Christopher Eilers.
"With the acquisition of two multipurpose vessels and the entry into the tanker segment, we have taken two strategically significant steps in a short space of time. In doing so, we are creating the foundation for precisely the stable cashflows that our investors are seeking," adds Joseph Schuchmann, Co-CEO and Chief Commercial Officer of Ernst Russ AG.
