ContainersEurope

Ernst Russ takes majority stake in twelve feeder boxships

Germany’s Ernst Russ is boosting its interest in a portfolio of twelve feeder containerships to become a majority owner.

The Hamburg-based company has decided to acquire a further 10% stake in Fernando Feeder Parent GmbH & Co. KG and increase its ownership to 55% in eleven boxships of 800 teu and one 1,800 teu vessel. The transaction is planned for the end of 2021.

The investment, which was previously accounted by applying the equity method, will be fully included in the consolidated financial statements of Ernst Russ as of the acquisition date. The company estimated that for the upcoming financial year, the vessel portfolio would generate revenues in a range of €41m ($46m) to €44m ($49.6m).

“Due to their size, these vessels can be deployed very flexibly and are therefore in great demand with well-known charterers in the feeder service. The majority of the vessels have an ice class, which enables them to be used in Baltic Sea traffic,” Ernst Russ said in a release.

Ernst Russ currently has a majority interest in 18 ships, including 15 containerships, a pair of MMPs, and one bulker.

Adis Ajdin

Adis is an experienced news reporter with a backgroud in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
Back to top button