Germany’s Ernst Russ Group has reached an agreement to acquire one of the container vessels owned by ElbFeeder, its 52/48 joint venture with Icelandic liner Eimskip.
The 11-year-old vessel is being sold for further trading to an affiliate of Ernst Russ and it is currently employed to a third-party liner for a term of up to three and a half years.
The transfer of ownership is expected to be concluded in September and should generate €3m ($3.53m) net earnings for Eimskip in Q3 2021.
ElbFeeder currently has two 2010-built sister ships, EF Eldra and Tilly Russ (pictured). The joint venture will own six boxships after the transaction.