Taiwanese owner Courage Marine may have to cancel a bulker sale to Universal Ship Investment in order to comply with stock listing regulations.
Courage Marine entered into an agreement with Universal Ship Investment to sell the 57,000 dwt supramax bulker Zorina in February for $7.35m and delivery is scheduled before May 31.
However, the company received a letter from the Stock Exchange of Hong Kong, warning that it would not have a sufficient level of operations or assets to warrant a continued listing on the stock exchange upon completion of the disposal.
Courage Marine said it has engaged in discussion with the buyer as to the possible alternatives including a termination of the transaction.
Courage Marine currently has two vessels Zorina and Heroic in its fleet.