Dry CargoGreater China

Courage Marine may cancel bulker sale to keep HK listing

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.

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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