DGAP-News: Ernst Russ AG: Sale of MS DANCE

Hamburg, 18/01/2022 - As announced, Ernst Russ AG expanded its fleet of fully consolidated vessels by twelve container vessels at the turn of the year. The completion of this transaction was followed today by the successful sale and handover of the 801 TEU container vessel MS DANCE.

On 31 December 2021, Ernst Russ AG acquired a further 10% of the shares in a fleet holding company thereby gaining a majority stake in twelve feeder container vessels. The acquisition of the majority shareholding in eleven vessels with a capacity of around 800 TEU and one vessel with a capacity of around 1,800 TEU has increased the company's own fleet of fully consolidated vessels to 30.

After the completion of this fleet expansion, Ernst Russ AG successfully sold the container feeder MS DANCE and handed the vessel over to its new owners today. The vessel with a capacity of 801 TEU was built in 2006 by Peters Schiffbau GmbH in Wewelsfleth in the north of Germany. The docking for class renewal took place recently. Despite the operational challenges imposed by the coronavirus pandemic, the handover went smoothly. The parties involved have agreed not to disclose the purchase price or any other details of the sale of MS DANCE.

"We assume that the charter rates of our fleet will remain at a high level in the coming months. We still see an ongoing and particular strong demand for the small feeder vessels", says Ernst Russ AG CEO, Robert Gärtner. "It remains our goal to continue to expand our fleet and to secure stable and sustainable added value and earnings for our shareholders and investors. To this end, we are exploiting the opportunities that the market offers us in a flexible manner," says Robert Gärtner.

About the Ernst Russ Group: Ernst Russ AG is an internationally operating ship owner and maritime investment manager based in Hamburg. Parts of the company date back to 1893. The Group currently manages a fleet of 29 fully consolidated vessels. The focus here is on container vessels with a capacity of between 700 and 6,600 TEU. Ernst Russ AG expands its fleet on an ongoing basis thus ensuring stable and sustainable added value for its shareholders.

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