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Courage Marine warns of H1 loss

Courage Marine warns of H1 loss
Dry bulk player Courage Marine once again gave a profit warning for the first half of 2015, saying in a stock market announcement that "the Group is expected to record a greater net loss attributable to equity holders of the Company for the six months ended 30 June 2015 as compared to the six months ended 30 June 2014".

Courage attributed the expected loss mainly to provisions for a number of items. These include impairment loss due to the decrease in revenue, utilization rate and market value of the vessels and scrap materials of the Group’s remaining vessels as well as impairment loss for deposits paid for the purchase of coal in Indonesia.

The group also blamed the continuing poor dry bulk market which has led to low turnover, low freight and low utilization. In addition, the hit taken from the disposal of the MV Cape Pioneer which Courage announced in June will also factor into the weak results.

"The Company is still in the process of finalising the financial statements of the Group for the six months ended 30 June 2015," Courage said and warned that the initial estimate is only a preliminary assessment made by the Board based on currently available information.