Courage Marine sinks deeper into the redCourage Marine sinks deeper into the red

Net loss for the first quarter widened to $2.38m from the loss of $1.01m in the same period of last year, due mainly to lower turnover with lower freight rate.

Revenue during the quarter plummeted by 77% year-on-year to $1.23m, reflecting the poor dry bulk market and low charter rates. The BDI remained low at the 500 level during most of the first quarter, Courage Marine recalled.

“The dry bulk market remains bad during the recent months. Low demand of 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 in the dry bulk market,” Courage Marine said.

It added that the financial performance of the group for 2015 will continue to be “adversely affected by the current challenging economic conditions.”

The company’s fleet utilisation is also expected to remain low for the rest of the year. “Due to the poor operating environment, the group is exploring various options for reducing costs, including operating costs,” it said.