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Courage Marine flips cape for a profit

Courage Marine flips cape for a profit
Courage Marine is making a tidy $1.5m off a quick two-year turnaround job on an ageing capesize bulker, after agreeing to scrap the 151,688 dwt 1995-built Cape Warrior for $8.7m.

The proceeds will be used for general working capital and acquisitions if the right opportunity arises, the group said in a stock market announcement.

Giving its rationale for the move Courage said: "The directors consider the consideration to be attractive in the current market condition."

"The disposal is for demolition and this provides a good opportunity for the group to generate cash which is intended to be used for general working capital and for funding any future acquisition of further vessels when suitable opportunities arise," it added.

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