Courage Marine unit disposes MV Raffles for $4m

Courage Marine says unit Raffles Marine has agreed to sell vessel MV Raffles to Long Hill Capital for US$3.09 million ($3.95 million).

MV Raffles is a handysize vessel with carrying capacity of 38,000 dwt and beneficially owned by Raffles Marine. It was purchased in 2004 for US$10.7 million.

The vessel is to be delivered to Long Hill by February 5.