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Courage Marine scraps panamax for $2.5m

Courage Marine scraps panamax for $2.5m
Courage Marine is continuing its programme of disposals, selling the 72,000-dwt panamax bulker MV Courage for scrap for $2,5m, it said in a stock market announcement.

The vessel was acquired by the group in January 2014 for $8.6m and currently has a carrying value of $6.2m. The group is expected to make a loss of $3.9m on the sale, after deducting net proceeds of $2.4m from the carrying value. Transaction expenses came up to $108,703,

However during the course of 2014, when the vessel was acquired at the beginning of the year, MV Courage only brought in revenue of $3.6m and made a net loss of $952,000.   

"The directors consider that the consideration to be attractive in the current market conditions," Courage Marine said, adding that "the disposal is for demolition and this provides a good opportunity for the group to generate cash which is intended to be used as general working capital of the group and/or for funding of attractive business/investment opportunities which may arise in future".