Courage Marine

Courage Marine: Sells a vessel MV Zorina for US$5.2m. MV Zorina is a handymax vessel with capacity of approx 48k dwt. It was acquired by co in 2008 at purchase cost of approx US$16m with current NAV of US$8.3m. Co expects to record a loss of approx US$3.3m on disposal.

The willingness to sell the vessel at a loss might have been influenced by recent poor results where it posted a 2nd consecutive qtrly loss as of 30 June 2011. Both the Japanese disaster and over-supply of vessels have contributed to low freight rates affecting co’s profitability and increases in bunker prices also affected co’s ability to accept these orders.