Courage Marine hit by poor market, H1 loss widens to $1.9m

This resulted in first half losses widening to $1.9m from $1.6m previously.

Courage blamed intense pressure in the dry bulk market for its losses where the Baltic Dry Index remains below the 1,000 level. Voyage charter revenue in all segments fell. The capesize segment was the worst hit, with revenue plunging from $4.2m in the first half of last year to $2.0m in the current period. Supramaxes slid slightly from $6.0m to $5.5m.

Looking ahead the company said: "Low demand of commodities in the Greater China Region, and over-supply of vessels led to more pressure on the freight rates of the dry bulk market. The group remains cautious on the outlook for 2014 and the first half of 2015."

Courage also expects its financial performance for 2014 to be "adversely affected by the current challenging economic conditions and uncertain outlook".

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