Courage Marine does better with time charters

Better performance in its marine transport division helped Courage Marine to narrow its losses in the first half but most of the gains came mainly from one-off items in its property investments arm.

It said in a stock market announcement that revenue from the marine transportation segment plunged by almost half to $$845,000 from $1.7m previously but losses also significantly narrowed to $197,000 as Courage Marine switched to mainly time charters for its two vessels from February.

Based on current time charter contracts Courage Marine expects to see a utilisation rate of 90% for the rest of the year. It however warned that the market outlook remains challenging with a volatile BDI.

Posted 30 August 2017

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Vincent Wee

Asia Editor, Seatrade Maritime News

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