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Courage Marine warns of ‘greater loss’ in 2014

Courage Marine warns of ‘greater loss’ in 2014
Dry bulk shipowner Courage Marine has warned investors of a wider net loss for its financial year 2014 due mainly to low freight and utilisation rates.

The shipowner had suffered a loss of $1.78m in 2013, narrowing from a bigger loss of $10.68m back in 2012.

Courage Marine stated on Monday that the company “expects to record a greater net loss attributable to equity holders of the company for the financial year ended 31 December 2014 as compared to financial year ended 31 December 2013.”

In the nine-month period ended 30 September 2014, Courage Marine posted a loss of $4.17m, widening from the deficit of $2.18m a year ago.

The company blamed last year’s anticipated loss on “low turnover, low freight and low utilisation rate, and the continuing challenging operating environment for cargo shipment.”

Courage Marine is scheduled to announce its 2014 results by 27 February.