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.
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