Courage Marine said the anticipated reduced loss for 2016 over 2015 was attributed to a decrease in impairment losses recognised on vessels and deposits paid for a coal purchase contract, absence of around $5.34m loss resulting from the disposal of two bulkers in 2015, and reduced operating loss incurred by the vessel chartering business due to less vessels being operated.
“The board wishes to inform the shareholders and potential investors that the group is expected to record a decrease in loss attributable to owners of the company for FY2016 by approximately 50% as compared to the loss recorded for FY2015,” Courage Marine stated.
In 2015, the shipowner posted a net loss of $36.84m.
Meanwhile, Courage Marine sold its vessel, the 2011-built, 57,000-dwt Zorina, to Universal Ship Investment Corp at a price of $7.35m. Courage Marine is expected to record a loss on disposal of approximately $114,000, while the net proceeds will be used to repay bank loan secured by the vessel.
“The vessel had been incurring operating losses for the last three financial years ended 31 December 2016, and the board believes that the proposed disposal offers a good opportunity to release the group from incurring further cash outflow to maintain the operation of the vessel,” Courage Marine stated.
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