Courage Marine

Courage Marine: To dispose of a handysize vessel with capacity of approx 36k dwt for US$3.3m (net proceeds of $3.2m) to third party co AII. Co will record a loss on disposal of approx US$1.3m. The vessel's book value was approx $4.5m as of 30 Sept 2011. Co has been selling its handymax vessels at a loss and renewing the fleet with new supermax vessels. Most recently co posted a loss of $3.4m in 3Q2011 results compared to 812k net profit in the same period a year ago.