Dry bulk shipping firm Courage Marine has plunged into the red in the first quarter year-on-year due to continuing poor market conditions for dry bulk rates and lower fleet utilisation. The Singapore-listed firm announced net loss of $2.27m in the period ended 31 March 2011 compared to net profit of $3.58m in the previous quarter of 2010. Revenue also plummeted 54.8% to $5.82m compared to $12.85m a year ago.
“The dry bulk shipping sector has always been very volatile and cyclical,” said Hsu Chih Chien, chairman of Courage Marine. “We will be on the lookout for affordable second-hand ships to grow our fleet in order to take advantage of the upcycle when it comes,” he said. Courage Marine expects its financial performance for 2011 to be adversely affected by the current challenging economic conditions and uncertain outlook.
“The dry bulk shipping sector has always been very volatile and cyclical,” said Hsu Chih Chien, chairman of Courage Marine. “We will be on the lookout for affordable second-hand ships to grow our fleet in order to take advantage of the upcycle when it comes,” he said. Courage Marine expects its financial performance for 2011 to be adversely affected by the current challenging economic conditions and uncertain outlook.