Ernst Russ Reports Revenues of EUR 118.8 million and EBIT of EUR 47.9 million in the first nine months of 2026
Just a few months after Ernst Russ entered the tanker segment, the first product/chemical tankers in its fleet are now in operation. In September, the Hamburg-based shipowner took over MT “Frankie Russ”, followed by her sister vessel MT “Farrie Russ” at the end of October. The charter backlog has increased by around 38% since the ...
In the first nine months of 2026, Ernst Russ reported revenues of EUR 118.8 million and EBIT of EUR 47.9 million. The Hamburg-based shipowner expanded its fleet by taking over two tanker vessels, the MT "Frankie Russ" and MT "Farrie Russ", in September and October respectively. The charter backlog increased by around 38% since the beginning of the year.
Ernst Russ AG adjusted its forecast for the year 2026, raising it once again after the reporting date. The company continued to rejuvenate its portfolio, selling older vessels like the MV "EF Emma" and MV "Mirror". Geopolitical tensions shaped shipping markets, with most shipowners avoiding the Strait of Hormuz. Industry analysts expect a gradual normalization once the situation eases and newbuildings enter service.
Ernst Russ AG aligned its investments with the orderbook of each segment, considering charter duration and the charterer's creditworthiness. The fleet proved robust, with the average charter rate rising by 11% to USD 19,811 per day. Charter backlog increased to USD 722.1 million, and the average minimum remaining duration of the charter contracts extended to 33.1 months.
Revenues were broadly in line with the previous year, with higher charter rates offsetting the weaker US dollar and a smaller fleet. EBIT decreased due to lower gains from vessel sales and higher dry-docking costs. Net income after minority interests was EUR 34.2 million. Ernst Russ AG raised its forecast for the 2026 financial year, expecting revenues of EUR 159 to 164 million and EBIT of EUR 63 to 70 million. The company attributed the increase to stronger US dollar and concluded charter contracts.
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