ERAG.DE Ernst Russ

Container · Container

Ernst Russ' 27-vessel container fleet has no forward estimate this quarter. The fleet is chartered out at fixed rates, so there is no spot market to price the open days against.

Last paid · 2026Q2

€0.25

$19,716/d earned

TTM €0.25

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

Class	Company earned	Booked 2026Q3	Market now	8 weeks
Vessels · 27	$19,7162026Q2 · fleet avg	—none printed	—no open $/day series

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.

Your rates every day is at your rate

This company files vessel-days but no rate per class, so every class starts at the last reported fleet rate of $19,716/d.

Vessels 2,484 open days

$/d

2026Q3 P&L and cash

Model

Your scenario

Δ

Vessel-days, days modelled

Ships on the fleet list × the quarter's calendar days for vessels: no off-hire or drydock days are deducted there.

2,484

2,484

By class

Class	Days	Model $/day	Yours $/day
Vessels	2,484	19,716	19,716

Fleet TCE, $/day

19,716

19,716

Revenue (TCE basis), $m modelled

Vessel-days × fleet TCE.

49.0

49.0

Vessel opex, $m

Not on file for any quarter (not extracted, or not disclosed).

—

G&A, $m

Not on file for any quarter (not extracted, or not disclosed).

—

EBITDA, $m

Needs vessel opex and G&A on a per-day basis; missing cash-cost component(s): gna_m, interest_expense_usd_m, mandatory_amortization_usd_m, opex_m.

—

—

Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

—

Interest expense, $m

Not on file for any quarter (not extracted, or not disclosed).

—

Scheduled debt amortisation, $m

Not on file for any quarter (not extracted, or not disclosed).

—

Drydock cost, $m

No separate drydock cash line on file.

—

—

Cash break-even, $/day

No cash break-even: missing cash-cost component(s): gna_m, interest_expense_usd_m, mandatory_amortization_usd_m, opex_m.

—

—

Cushion vs fleet TCE, $/day

—

—

Free cash flow to equity, $m

No cash break-even: missing cash-cost component(s): gna_m, interest_expense_usd_m, mandatory_amortization_usd_m, opex_m.

—

—

Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

—

Dividend policy

No stated payout policy on file.

Output	Model	Your scenario	Δ
Estimated DPS, €/share	—
vs last declared (€0.25, 2026Q2)	—

No dividend is modelled for 2026Q3: its cash costs are on file except G&A, interest, scheduled debt amortisation, vessel opex, so no cash break-even can be built yet.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Dividend per share declared · model

Why no forward dividend next step: cost stack / debt service

This page prices a fleet, takes off its cash costs and debt service, and measures what is left against the payout. The step it cannot take today: its cash costs are on file except G&A, interest, scheduled debt amortisation, vessel opex, so no cash break-even can be built yet. A filing that separates opex, g&a and debt service unblocks it.

What is on file:

27-vessel fleet —
realized fleet TCE of $19,716/day in 2026Q2
1 declared distributions on file, latest €0.25

Every company's position on the modelling chain, and what each page can and cannot answer yet: coverage.

Market context — rates, the dividend, and the price

Rates and dividend — realized rate and declared

Realized fleet TCEDeclared DPS

$0k

$10k

$20k

2025Q4

2026Q1

2026Q2

Declared DPS, EUR/share — solid: declared

EUR0.25

EUR0.25

Bars are the fleet TCE this issuer reported.

The line is the declared dividend per share. Model estimate — not issuer guidance.

Next-quarter fleet TCE: — (container: charter-out fleet earns fixed TC per the fleet list (owner 2026-09-05) — no lane spot proxy, estimate stays dark without issuer fixed-coverage guidance)

How we got the number

Dividend history & forecast accuracy

Period	DPS	Kind	Ex-date	Pay date	Source
2026-Q2	EUR 0.25/share	regular	—	—	— read by hand from the filing · high

Financials & fleet

Latest quarter 2026Q2

Fleet

27

Realized TCE

$19,716/d 2026Q2

Declared DPS

€0.25 2026Q2

TTM DPS

$0.25

Coverage

—

Revenue

$47.4M

Opex

—

Net income

$10.8M

27× vessels current

Fleet model — 2026Q3

Fleet model estimate — not issuer guidance.

Class	Ships	TC	Spot	% Fixed	Guided $/d	Spot $/d	Blended $/d	Vessel-days	Rev $M
Container	0	—	—	—	—	—	—	—	—
Vessels	27	—	—	—	—	—	—	2,484	—
Total	27						—	2,484	—

Bear uses booked coverage only; Base prices open vessels at the company's own last realized fleet rate — no market index covers this fleet, so there is no peak-index Bull case.

Expected DPS suppressed: debt service unknown — earnings bridge carries no interest expense and mandatory amortization; the model refuses to assume it is zero.

Expected DPS suppressed: no verbatim payout policy located in the corpus.

Current quarter — 2026Q4

20/92 days elapsed (22%) · Est. revenue to date $10.7M of $49.0M projected

Class	Ships	TC	Spot	% Fixed	Guided $/d	Current $/d	vs guided	Blended $/d	Rev $M
Container	0	—	—	—	—	—	—	—	—
Vessels	27	—	—	—	—	—	—	—	—
Total	27							—	—

Profit statement highlights

Line	2026Q2	2026Q1	YoY Δ
Revenue	$47.4M	$44.2M	—
Opex	—	—	—
Net income	$10.8M	$12.9M	—

reconciliation: reported figure missing (2026Q2) earnings bridge incomplete — treat income-derived figures as provisional

Full P&L grid — 3 quarters

Line item	2026Q2	2026Q1	2025Q4
Revenue $M	47.4	44.2	—
Voyage expenses $M	—	—	—
Vessel opex $M	—	—	—
G&A $M	—	—	—
Depreciation $M	—	—	—
Interest expense, gross $M	—	—	—
Net income $M	10.8	12.9	—
Declared DPS	EUR 0.25	—	EUR 0.25

Realized fleet TCE

Benchmark comparison will appear once issuer-printed benchmark data is available.

Guidance & sources