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Courage Marine widens full-year loss to $9.7m

Courage Marine widens full-year loss to $9.7m
Courage Marine widened its net loss in 2014 to $9.7m from $1.8m the year before due to lower turnover, lower utilisation rate and impairment losses taken on the group's vessels.

Much of the damage was done in the fourth quarter with a net loss of $5.6m in the quarter from a net profit of $401,000 in the previous corresponding quarter.

Impairment charges of $2.9m were taken after the group reviewed its fleet and determined that that a number of assets were impaired, due to a decrease in utilisation rate and corresponding fall in revenue. Combined with already low revenue this further impacted on gains.

Courage Marine said in a stock market announcement that turnover decreased by 58% from $9.6 m in the previous corresponding period to $4m in the fourth quarter of this year, reflecting the low demand for the dry bulk market where the Baltic Dry Index remained low and was below the 1,000 point level during the quarter. For the full year, the group's turnover decreased by 34% from $25m last year to $16.5m in 2014.