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HomeMaritime NewsRegionsAsiaCharges, disposals put Courage Marine in the red

Charges, disposals put Courage Marine in the red

Charges, disposals put Courage Marine in the red
Hong Kong: Courage Marine continued to bleed in the first half, posting a loss of $9.88m, up slightly from $9.87m previously as almost $7m of losses on vessel disposals and impairment charges took their toll on the bottom line.

Revenue also dipped to $9.96m from $10.11m in the previous corresponding period.

During the first half, the group disposed of Raffles, Valour, Cape Warrior and Courage with an aggregate carrying amount of $24.9m resulting in an extraordinary loss on disposal of $3.4m. An impairment charge of $3.5m was also brought on the books to recognise decrease in revenue, utilisation rate and market value of the vessels and scrap materials of the group's vessels of the group. 

Excluding these charges, Courage's gross losses actually came up to $1.4m. Costs decreased by a third from $17.2m in the previous corresponding period to $11.3m in H1 2012, mainly due to lower fixed costs, including insurance, crew fees and depreciation arising from the disposal of aged vessels.

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