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Courage Marine scraps panamax for $2.5m

Courage Marine is continuing its programme of disposals, selling the 72,000-dwt panamax bulker MV Courage for scrap for $2,5m, it said in a stock market announcement.

Vincent Wee, Hong Kong and South East Asia Correspondent

December 18, 2015

1 Min Read
Kalyakan - stock.adobe.com

The vessel was acquired by the group in January 2014 for $8.6m and currently has a carrying value of $6.2m. The group is expected to make a loss of $3.9m on the sale, after deducting net proceeds of $2.4m from the carrying value. Transaction expenses came up to $108,703,

However during the course of 2014, when the vessel was acquired at the beginning of the year, MV Courage only brought in revenue of $3.6m and made a net loss of $952,000.   

"The directors consider that the consideration to be attractive in the current market conditions," Courage Marine said, adding that "the disposal is for demolition and this provides a good opportunity for the group to generate cash which is intended to be used as general working capital of the group and/or for funding of attractive business/investment opportunities which may arise in future".

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dry bulk shipping

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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