Dry bulk shipping firm Courage Marine slumped into the red in the third quarter due to low fleet utilisation, Seatrade Asia online reports. Courage Marine recorded a net loss of $3.4m in the third-quarter as against a net profit of $812,000 in the corresponding period of last year.
The company's revenue decreased to $5.7m during the quarter compared to $8.5m a year ago.
“The low fleet utilisation was the result of low demand in the Asian area and general slowdown of the global economy,” Courage Marine said.
In a strategic move away from the traditional dry bulk shipping, the company disposed of two handymaxes in August and October respectively. On the other hand, it acquired a newly built supramax due to be delivered in early 2012.
The company's revenue decreased to $5.7m during the quarter compared to $8.5m a year ago.
“The low fleet utilisation was the result of low demand in the Asian area and general slowdown of the global economy,” Courage Marine said.
In a strategic move away from the traditional dry bulk shipping, the company disposed of two handymaxes in August and October respectively. On the other hand, it acquired a newly built supramax due to be delivered in early 2012.