Courage Marine Group says it made a loss of US$3.42 million ($4.42 million) for the third quarter ended Sep 30, 2011 compared to a profit of US$812,000 a year ago.
Revenue fell by 33% from a year ago to US$5.71 million due to the poor market condition in dry bulk rates as well as low fleet utilisation given the lower demand from commodity trading.
Going forward, Courage Marine says it will continue to look for other new-builts or second hand vessels to enhance its fleet. It has recently entered into an agreement with a Chinese shipyard to purchase its new built Supermax size vessel, expected to be delievered in early January 2012.
The group expects the financial performance for the rest of 2011 and first half of 2012 to be adversely affected by the challenging economic conditions and uncertain outlook.
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