Shares of Singapore’s Courage Marine (CRMG.SI) fell as much as 5.4% after the dry bulk shipping firm said it expects to report a loss for the first quarter ended March 31, 2011, compared with a profit a year earlier. At 9:01 a.m., Courage Marine shares were trading at $0.175 on a volume of 85,000 shares.
The firm said it was hurt by low fleet utilisation and freight rates, adding that the Japanese disasters had temporarily halted the shipment of cargo to and from Japan, resulting in an over-supply of vessels in Asia.
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