German company Ernst Russ, in line with the strategic changes to its fleet, has purchased a new shipment of tankers. This company, listed on the Frankfurt Stock Exchange, has engaged in buying and selling various ships with the aim of reducing risks associated with its aging fleet and increasing diversity in its operations.
Details of the tanker purchase
Ernst Russ continues to expand its fleet of tankers and multipurpose vessels by confirming the sale of its old container ship named "Mirror," built in 2007. This ship, with a capacity of 803 TEU (twenty-foot equivalent units), is set to be sold in January 2027. Although details about the buyer or the sale price have not been disclosed, this move indicates a shift in the company's focus towards tankers and multipurpose vessels.
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Previous activities and future plans
This sale follows the sale of the ships EF Emira and EF Emma earlier this year and signifies major changes in the fleet strategy of this Hamburg-based company. In September 2023, Ernst Russ purchased two new tankers with a capacity of 18,500 DWT from a shipyard in Wuhan, China. These two vessels have been leased to Cargill for a minimum of three years, contributing approximately $38.3 million to the company's contract revenue.
These activities, alongside the initial purchase of four tankers in April, have helped Ernst Russ achieve around $164 million in contract revenue from ship leasing. The company has also expanded its fleet of modern multipurpose vessels, leasing two heavy-lift ships to dship Carriers for seven years.
Overall, Ernst Russ continues to diversify and reduce its reliance on its aging container fleet by persistently acquiring tankers and multipurpose vessels. These developments could have positive impacts on the company's overall strategy and its position in the global shipping market.
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