German tonnage provider Ernst Russ has upped its earnings forecast after the sale of shares held by its second-biggest shareholder, Hamburg Commercial Bank (HCOB).

The bank sold its 16.1% stake in the shipowner after share prices peaked in the third quarter, Ernst Russ said in its quarterly earnings report.

Ernst Russ is listed on the Frankfurt Stock Exchange and the Hanseatic Stock Exchange, where its share price rose to a peak of €4.38