Dry CargoGreater China

Courage Investment proposes capital reorganisation, eyes bulker acquisitions

Hong Kong-listed Taiwanese owner Courage Investment has proposed a capital reorganisation by way of capital reduction, share premium account reduction and share subdivision.

Upon the capital reorganisation becoming effective, the company proposes to raise about $9.15m through the open offer of 548.8m shares.

The company believes that the proceeds can provide immediate liquidity to the company, allowing it to promptly secure suitable vessel acquisition opportunities.

According to Courage, it has been seeking investment opportunities to increase the carrying capacity of its dry bulk fleet through the acquisition of additional vessels. It is now identifying the opportunities to acquire a secondhand 57,000 dwt supramax dry bulk carrier.

Currently Courage Investment owns a fleet of three supramax vessels with total capacity of approximately 171,000 dwt. It reported a profit of $1.11m for its marine transportation operations for the first half of this year, though the group recorded an overall loss of $1.3m.

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.
Back to top button