Hamburg-based Ernst Russ has teamed up with Eimskip of Iceland to acquire a secondhand container feeder vessel.
The two companies have purchased an unnamed 1,025-teu vessel built in 2009. It is chartered to Eimskip for a period of three years.
The vessel, to be called Bakkafoss, is scheduled for delivery in the next quarter.
“With this investment, the partners enlarge their successfully operated ship portfolio,” Ernst Russ said.
The deal extends a long-running partnership that the two companies have through ElbFeeder, a joint venture that has bought and sold vessels in recent years.
Eimskip has a 48% holding in ElbFeeder, with Ernst Russ controlling the rest.
The joint venture was listed in late 2021 with a fleet of six containerships: four handysizes, a feedership and a panamax, all built between 2006 and 2010.
Ernst Russ has been looking to acquire younger tonnage after trebling profits in the first nine months of 2022.
The Frankfurt and Hamburg-listed company is 38.2% controlled by the Dohle Group and is a majority owner of 29 vessels.
Most of the fleet is smaller container ships with a capacity of between 700 teu and 6,600 teu.
Eimskip is benefiting from high freight rates for its container and reefer liner services between Europe and North America.
It reported net earnings of €21.8m ($23.3m) in the fourth quarter of 2022, up from €13.7m a year earlier.
