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Courage Marine scraps capesize at $1.5m lossCourage Marine scraps capesize at $1.5m loss

Courage Marine is continuing to bite the bullet, taking an approximately $1.5m loss on the disposal of the 150,000 dwt Panama-flagged Capesize bulker Cape Pioneer for $6.4m for scrap.

Vincent Wee, Hong Kong and South East Asia Correspondent

June 24, 2015

1 Min Read
Kalyakan - stock.adobe.com

The vessel was acquired by the group in February 2013 for $7.5m and was being carried on its books at about $7.7m. According to Courage Marine, the vessel made revenue of about $2.7m last year but since its purchase has been making a loss of about $231,000 in 2013 and $1.6m last year.

"The directors consider the consideration to be attractive in the current market conditions," Courage said in a stock market announcement, adding that it would help the group generate cash which could be used for general working capital and for funding any future acquisition of further vessels when suitable opportunities arise.

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About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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