Ernst Russ AG reports a very positive half-year result

Hamburg, 6 September 2021 - Ernst Russ AG has today published its business figures for the first six months of 2021.

Due to the investments made in the past and the employment concept of its fleet, which is geared towards securing revenues on a sustainable and long-term basis, the Group is benefiting from very positive trends in the international shipping markets. A change in consumer behaviour in response to the COVID-19 pandemic, congestion, especially off US ports, the closure of Asian port terminals, and not least the incident involving the 'Ever Given' in the Suez Canal have driven up charter rates.

In this very positive economic environment, the Ernst Russ Group was able to secure new charters for eight vessels in the first six months of 2021 at very attractive rates. The average charter rate for the Ernst Russ Group's fully consolidated vessels was USD 12,930/day in the first six months of 2021. This corresponds to an increase of 49.6% year-on-year. New charter agreements are still to be secured for a further four vessels in the current financial year.

This development is also reflected in the financials for the first half of 2021: An increase in revenue of 37% from EUR 28.9 million to EUR 39.6 million, alongside a reduction in personnel expenses, has led to operating earnings (EBIT) rising from EUR 1.8 million to EUR 8.6 million. EBT were also up from EUR 1.9 million to EUR 7.1 million. Cash and cash equivalents more than doubled to EUR 19.5 million compared with 31 December 2020. Ship assets were up EUR 8.3 million to EUR 128.0 million due to the acquisition of two multi-purpose vessels. The equity ratio was 51.3% (31 December 2020: 49.0%).

You can order a printed version of the Ernst Russ AG 2021 Half-Year Report in both German and English or download it from www.ernst-russ.de.

About Ernst Russ Group: Ernst Russ AG is an international shipping company and maritime investment manager based in Hamburg. Parts of the company date back to 1893.