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Plunge can't hold from investment

Plunge can't hold from investment
Courage Marine is looking to buy secondhand dry bulk tonnage despite over 90% plunge in fourth quarter profits.

Courage Marine is looking to buy secondhand dry bulk tonnage despite over 90% plunge in fourth quarter profits.

Courage Marine is looking to buy secondhand dry bulk tonnage despite over 90% plunge in fourth quarter profits.

Singapore-listed dry bulk shipowner Courage Marine reported a forth quarter net profit of $1.55m, a 92% drop on the same period in 2007. Revenues also plummeted by 76% to $7.46m for the fourth quarter of 2008 as dry bulk freight rates hit an all time low.

Courage owns and operates eight elderly panamax and handy bulkers.

With a net cash position of $42.8m the company believes it is well placed to invest in further secondhand tonnage.

?We believe Courage is in a strong position to ride out this global crisis given our strong balance sheet and prudent expansion policy,? said Courage chairman Hsu Chi-Chien.

The company said that it was on the lookout to acquire younger vessels to renew its fleet.

In the latter part of last year Courage sold its two oldest vessels, a 31-year old handysize Ally II and a 28-year old panamax, Panamax Mars.

It also acquired two vessel of over 20-years in age, picking up the 1982-built handymax Marigold in October last year and the 1984-built panamax Tonga in November.

www.TurkishMaritime.com.tr

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