German shipowner Ernst Russ has boosted earnings and utilisation despite suffering off-hire from two casualties in the first half of 2024.
The container ship specialist logged net profit of €37.8m ($42.1m), up from €29.8m a year ago, partly due to the sale of a vessel and a lower number of scheduled dockings.
Fleet utilisation rose to 97% from 94% the year before.
But the group also revealed two hitherto unreported accidents.
One ship was out of service for 32 days after a collision with another vessel.
The loss of charter income due to off-hire was $1.2m. Repair costs were fully insured.
Another ship grounded off West Africa, Ernst Russ said.
The unnamed vessel was towed to Turkey for repairs and is expected to be out of service for 186 days in 2024.
And Ernst Russ said salvage and repair costs were covered “for the most part” by an insurance pay-out of $10m.
The company has been contacted for further details.
Revenue decreased by €8.8m to €87.6m in the first half due to the decline in charter rates.
The average daily rate amounted to $17,500 per day, down from $19,920 in 2023.
For 2024, the group is forecasting revenue of between €155m and €175m.
Operating profit is expected to be between €47m and €67m, against the “backdrop of the continued positive business performance and the largely secure employment situation of the fleet.”
Ernst Russ manages a fleet of 29 vessels, including container ships of between 700 teu and 13,400 teu, a handysize bulker and a multipurpose.
It said it is constantly looking to expand, and has not ruled out buying tankers.
