Courage warns of heavier losses

Dry bulk shipping firm Courage Marine has warned investors of an anticipated greater net loss in the first half of its 2012 financial year, Seatrade Asia online reports.

Courage Marine believes that the expected loss was mainly due to “cumulative losses on disposal of vessels arising from the disposal of four of the group's older vessels (...) and the continuing challenging operating environment for cargo shipment, necessitating provisions for impairment losses of the group's remaining vessels.”

The company has three ships left in its fleet after it scrapped the 66,741 dwt Courage for $4.34m last month.