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Courage Marine scraps capesize at $1.5m loss

Courage Marine scraps capesize at $1.5m loss
Courage Marine is continuing to bite the bullet, taking an approximately $1.5m loss on the disposal of the 150,000 dwt Panama-flagged Capesize bulker Cape Pioneer for $6.4m for scrap.

The vessel was acquired by the group in February 2013 for $7.5m and was being carried on its books at about $7.7m. According to Courage Marine, the vessel made revenue of about $2.7m last year but since its purchase has been making a loss of about $231,000 in 2013 and $1.6m last year.

"The directors consider the consideration to be attractive in the current market conditions," Courage said in a stock market announcement, adding that it would help the group generate cash which could be used for general working capital and for funding any future acquisition of further vessels when suitable opportunities arise.