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Courage Marine widens full-year loss to $9.7mCourage 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.

Vincent Wee, Hong Kong and South East Asia Correspondent

March 2, 2015

1 Min Read
Kalyakan - stock.adobe.com

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.

 

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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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