The Singapore-listed firm posted full year net loss of $29.6m as against a net profit of $9m in 2010. Revenue in 2011 plunged 53% to $21.7m compared to $46.5m a year ago.
“The decrease in revenue was mainly due to the political instability in the Middle East leading to concerns about global oil supply and substantial increase in bunker price, being one of the major variable costs, which discouraged the group from taking orders with lower freight rates,” Courage Marine said.
“The oversupply of vessels within the Asian region led to the decrease in the demand for the group's chartering services since March. The above led to a decrease in the overall utilisation
rate of the group's vessels.”
Courage Marine took delivery of two new supermax vessels, Zorina and Heroic, on December 2011 and February 2012, and disposed an aged handysize vessel, Raffles. The company's fleet tonnage currently stands at 460,000 dwt.
Looking ahead, the group expects the financial performance for 2012 to be “adversely affected by the continuing challenging economic conditions and uncertain outlook. However, the group will maintain its cost-effective structure and focus on keeping its fleet well deployed and running efficiently.”
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