# Ernst Russ expands charter backlog despite lower nine-month earnings - **Source:** https://pelavox.com/ernst-russ-expands-charter-backlog-despite-lower-nine-month-earnings/ - **Publisher:** pelavox. (The voice of shipping) - **Author:** Helena Pierce - **Published:** 2026-11-14T00:00:00+00:00 - **Updated:** 2026-11-14T00:00:00+00:00 - **Section:** Business / Company Results - **Type:** News - **Topics:** Charter Backlog, Chemical Tankers, Container Shipping, Ernst Russ, Farrie Russ, Fleet Diversification, Frankie Russ, Germany, Maritime Finance, Shipowning, Shipping Earnings, Tankers, Vessel Chartering German shipowner Ernst Russ AG reported a significant increase in its contracted charter backlog during the first nine months of 2026, despite a decline in operating earnings, as the company continued to diversify its fleet and secure long-term vessel employment. The Hamburg-based group recorded revenue of €118.8 million between January and September, broadly unchanged from €119.2 million in the corresponding period of 2025. Operating earnings (EBIT) declined to €47.9 million from €77.6 million, primarily due to lower gains from vessel disposals and higher costs associated with scheduled dry-dockings. Despite the decline in profitability, the average daily charter rate across the existing fleet increased by approximately 11% to $19,811, compared with $17,802 a year earlier. Fleet utilisation remained relatively stable at 97.3%, against 97.7% in the previous year. ## Charter backlog strengthens as fleet diversifies Ernst Russ reported a contracted charter backlog of $722.1 million at the end of September, representing an increase of approximately 38% from $522.2 million at the end of 2025. The average minimum remaining charter duration increased from 26.0 to 33.1 months, while the revenue-weighted remaining duration across the fleet reached 69.3 months. The figures include the company’s acquisition pipeline, which comprises newbuildings scheduled for delivery in the coming years. According to Ernst Russ, the increase in contracted revenue was primarily driven by long-term charter agreements associated with its newbuilding programme. The company said its investment strategy takes account of charter duration, counterparty creditworthiness and the orderbook of each shipping segment. The reporting period also marked the company’s entry into the product and chemical tanker market. Ernst Russ took delivery of the *Frankie Russ* in September, followed by its sister vessel, *Farrie Russ*, at the end of October. At the same time, the group continued to dispose of older containerships as part of its fleet renewal strategy. The 2008-built feeder vessel *EF Emma* was sold during the third quarter, with delivery to its buyer scheduled for the final quarter of 2026. Following the reporting period, Ernst Russ also announced the sale of the 2007-built *Mirror*, which is expected to be handed over in January 2027. “With our first two tankers, our tanker segment is now operational, while at the same time we are selectively divesting older vessels,” said Joseph Schuchmann, Co-CEO and Chief Commercial Officer of Ernst Russ AG. The company said geopolitical tensions continued to affect shipping markets during the third quarter. Alternative shipping routes, port congestion and typhoons in China constrained vessel capacity, supporting elevated charter rates, particularly in the container segment. ## Financial outlook raised for 2026 Ernst Russ reported consolidated net income after non-controlling interests of €34.2 million for the first nine months, compared with €54.6 million in the previous year. Operating cash flow reached €56.2 million, while liquidity increased to €134.7 million at the end of September from €114.3 million at the end of 2025. The group’s equity ratio stood at 70.8%, compared with 79.1% at the previous year-end. On 9 November, Ernst Russ raised its full-year financial forecast for the second time in 2026, following an earlier adjustment in September. The company now expects annual revenue of between €159 million and €164 million, compared with its previous forecast of €150 million to €160 million. Expected EBIT was increased to a range of €63 million to €70 million, from €55 million to €65 million previously. The September adjustment reflected the sale of *EF Emma*, while the latest revision was attributed to the stronger US dollar, which the company expects to maintain its current influence during the remainder of the year. The updated outlook is also supported by charter agreements that have largely already been concluded and anticipated technical fleet availability of approximately 97%. Christopher Eilers, Co-CEO and Chief Financial Officer of Ernst Russ AG, said the increase in charter backlog provides greater visibility over future revenue. “Since the beginning of the year, our charter backlog has grown significantly, driven primarily by the long-term charters of our newbuildings,” said Eilers. The nine-month results reflect the company’s continued transition towards a younger and more diversified fleet, with stronger contracted charter income providing longer-term revenue visibility despite lower reported earnings during the period. --- Cite as: "Ernst Russ expands charter backlog despite lower nine-month earnings", pelavox., 14 November 2026, https://pelavox.com/ernst-russ-expands-charter-backlog-despite-lower-nine-month-earnings/