Courage Marine disposes of bulker

Taipei: Courage Marine Group has announced that the company’s wholly-owned subsidiary Cape Ore has signed an agreement with Providence Shipping for the sale of a 151,688dwt vessel, MV Cape Warrior for $8.69m.

Providence Shipping is a company incorporated in Panama and is principally engaged in the business of scrapping. The vessel will be delivered to Providence Shipping before May 15.

Courage Marine considers that the consideration for the vessel attractive in the current market conditions and the disposal provides a good opportunity for the group to generate cash which is intended to be used for general working capital and for funding any future acquisition of vessels when suitable opportunities arise. [08/05/14]

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