Courage Marine: To acquire vessel for US$26.6m. The vessel is a supermax newbuild with carrying capacity of approx 57k dwt. Vessel will be registered in Panama and operated by co upon its delivery. 70% of the consideration is to be funded by bank borrowings. No third party valuation has been performed and there has been no recent published sales but Directors are of view that transaction is fair and reasonable. The seller Zhejiang Zengzhou Ship Building is to the best of knowledge an independent party.
Co has posted losses in previous two quarters and has guided for financial performance to be adversely affected for the rest of 2011.
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