Ernst Russ acquires JV partners’ shares in six feeder containerships | Container news

Hamburg-based Ernst Russ Group is taking another important step in reducing non-strategic minority interests by acquiring its joint venture partners’ shares in six feeder container vessels.

This step aims to streamline and optimize the ER group’s structure.

The deal involves five container vessels of 800 to 900 teu and one of 1,800 teu. Specifically, the vessels involved are the MV Faith (917 teu), MV Ido (803 teu), MV Mirror (803 teu), MV Trouper (868 teu), MV Visitor (862 teu) and the MV ESL Winner (1,841 teu).

“Attractive share purchase prices were agreed for the ER Group,” the company said in its release.

According to Ernst Russ Group, approximately one quarter of the transaction volume will be funded through existing liquidity, while the remaining amount will be provided through a seller’s credit structure.

“We continue to transform our portfolio to reduce complexity within the ER Group while keeping our discipline under what circumstances we are buyers or sellers of assets,” explained Joseph Schuchmann, Co-CEO and chief commercial officer of Ernst Russ AG. “This measure will increase our attractiveness to the capital markets, which is in line with our stated long-term strategy to strengthen our position as a listed shipping company in Germany,” added Co-CEO and chief financial officer Dr Christopher Eilers.

Ernst Russ AG is a publicly listed, internationally operating ship-owner based in Hamburg. Parts of the company’s history date back to 1893.

The group currently manages a fleet of 26 vessels, partly operated with strategic partners, and has two additional vessels on order.

The focus is on container vessels ranging from 700 to 4,200 teu, complemented by a larger 13,400 teu container vessel, a handysize bulker, and a multipurpose vessel.