The bulk carrier is to be sent for scrip between 5-30 May, Courage Marine said in a statement on Thursday.
The company said the vessel disposal 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.”
The Panama-flagged Cape Warrior was acquired by Courage Marine in 2010 at a purchase cost of $9.68m.
The company expects to record a loss on the disposal of approximately $856,495.50 for the year ending 31 December 2012.
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