Hamburg-based shipowner Ernst Russ raised its 2026 profit forecast on November 9, citing a stronger US dollar, while results published on November 12 showed lower nine-month earnings and a growing charter backlog.
Full-year earnings before interest and tax (EBIT) are now forecast at €63–70 million ($70.6–78.4 million), up from €55–65 million. Revenue guidance rose to €159–164 million from €150–160 million. September’s EBIT increase had been driven by the sale of EF Emma.
Nine-month revenue was €118.8 million, against €119.2 million a year earlier. EBIT fell to €47.9 million from €77.6 million, principally because of lower vessel-sale gains and higher dry-docking costs, the company said.
The average daily charter rate rose to $19,811 from $17,802, making up for the weaker dollar in the first half and the smaller average fleet.
Charter backlog reached $722.1 million at September 30, up from $522.2 million at the end of 2025. The average minimum remaining term on charter contracts rose to 33.1 months from 26 months. Both measures include vessels awaiting delivery.
The pipeline comprises four 18,500DWT tankers listed for 2027 and two 2,280TEU container newbuildings listed for 2028, with minimum charter expiries in 2032 and 2038 respectively.
The first product/chemical tankers, Frankie Russ and Farrie Russ, are operational. The two operational tankers have minimum three-year fixed charters with Cargill, while the four pipeline tankers have five-year fixed charters, spreading renewals across different years.
Ernst Russ also sold Mirror for handover in January 2027. The company said the disposal will have no effect on 2026 earnings.
