Courage Marine narrows loss to $1.8m for 2013Courage Marine narrows loss to $1.8m for 2013

Revenue rose by a third to $24.9m and this better performance was reflected in the pre-tax numbers which showed a huge jump to $2.7m from $259,000 previously.

A better dry bulk market, especially in the second half of the year, meant that both turnover and utilisation increased. In the fourth quarter, the group's turnover increased by 81% to $9.6m due to higher utilisation compared to the previous corresponding period.

"The dry bulk market improved during the second half of 2013 in which the BDI gradually increased from the 1,000 level in July 2013 to the 2,000 level at the end of 2013," Courage said in a stock market announcement.

Courage also benefitted from the better market as the $1.7m charge it took in FY2012 on older vessels, did not pop up in this year's accounts.

Looking ahead Courage remains cautious however. "The dry bulk market improved during the second half of 2013 but fell during the beginning of 2014. The BDI, which has a close correlation to freight rates, was low at the 1,000 level. The low demand for commodities in the Greater China Region, especially during the Chinese New Year period, and oversupply of vessels led to more pressure on the freight rates of the dry bulk market. The group remains cautious on the outlook for 2014," it said.