Courage acquires supramax bulker

Courage acquires supramax bulker

Hong Kong-listed Courage Investment, formerly known as Courage Marine, has entered into a memorandum of agreement to acquire a 2011-built supramax bulker Grand Pioneer from Bergen Yangzhou Supramax Carriers.

The purchase price for the 57,000 dwt vessel is $10.88m, lower than $14.1m fair market value provided by MSI. Courage Investment expects to take delivery of the vessel before end of the year increasing its fleet to three supramax bulkers.

Bergen Yangzhou Supramax Carriers is a shipowning unit established by China’s defunct shipyard Yangzhou Guoyu Shipbuilding and Norway’s Bergen Capital. Upon completion of the latest deal, Bergen Yangzhou will have completed the sale of its entire fleet.

“The acquisition is in line with the corporate development strategy of the group to expand the scale of its marine transportation services business,” Courage Investment said in a release.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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