Germany’s Ernst Russ Group has made its biggest container ship purchase to date.
The Frankfurt and Hamburg-listed company has acquired the 13,371-teu Rome Express (built 2010) from the fleet of Denmark’s Navigare Capital Partners.
The vessel is one of two neo-panamaxes that Navigare Capital acquired as part of a sale-and-leaseback deal in 2019 from the Dohle Group, which is the largest shareholder of Ernst Russ with a 38.2% stake.
The scrubber-equipped Rome Express, which was taken over today, is estimated to be worth $94m, according to VesselsValue.
It is on charter with German liner giant Hapag-Lloyd until the beginning of 2026, operating on a service from Asia to North Europe.
It is by the largest vessel in the fleet of Ernst Russ, which is mainly focused on the feeder container segment.
“With this investment, Ernst Russ AG is again extending its vessel portfolio in terms of number and size class,” the company said, adding that the purchase will strengthen its “position as an investor in sustainable and future-oriented shipping projects”.
Rejuvenation
Ernst Russ operates a fleet of around 31 vessels, most of which are smaller container ships with a capacity of between 700 teu and 6,600 teu.
It has looked to rejuvenate its ageing feedership fleet after reporting a threefold increase in profits in 2022.
Ernst Russ recently sold an older vessel, the 2,450-teu Ella (built 2003), which was handed over to its new owner, MSC Mediterranean Shipping Company, yesterday.
That sale followed the purchase by Ernst Russ of two more modern ships this year.
The 2,194-teu Frida Russ (built 2017) was bought in May and the 1,025-teu Bakkafoss (built 2009) was purchased in March in partnership with Eimskip of Iceland.
With the sale of the Rome Express, Navigare Capital continues to cash out on its investment in the large container sector.
The Danish investment fund has already sold two neo-panamax boxships this year.
The 9,034-teu UASC Zamzam (built 2014) and 10,000-teu RDO Ace (ex-Navigare Collector, built 2018) were sold to German shipowner D Oltmann Reederei.
Navigare remains an investor in the smaller container ship segment.
Last year, it hooked up with Schoeller Group subsidiary Cyprus Green World to invest in six 2,700-teu vessels under construction at CSSC Guangzhou Huangpu Wenchong Shipbuilding in China for delivery this year and next.
