Preparing for a rebound in maritime market

Ernst Russ (ERAG) continued its efforts related to the shift in strategy, with the key drivers of the new group post acquisition being ship management (revenues more than doubled y-o-y in H117) and asset management (sales up 35.2% y-o-y). Management maintained its guidance for 2017 operating earnings at least in line with FY16 (€3.3m), amid some recovery in the container ships and bulker markets. ERG’s market cap/AUM ratio remains below the peer average, suggesting investor caution partly related to ongoing volatility in shipping markets.