Hong Kong shipowner Courage Investment Group, the former Courage Marine, says it is in expansion mode and looking at secondhand tonnage.
The group said it had yet to acquire a secondhand supramax or panamax vessel as prices for the ship types have “increased significantly since 2021”.
“However, there are signs that the secondhand dry bulk vessel market is softening and some buying opportunities have emerged,” it said.
The shipowner said it will continue with its plan of acquiring secondhand dry bulk vessels and will inform shareholders of any update on vessel acquisitions as and when appropriate.
Courage Investment currently has a fleet of three supramax bulkers: the 57,000-dwt Heroic (built 2012) and 57,000-dwt Polyworld and Zorina (both built 2011).
News of Courage Investment’s renewed appetite for tonnage comes as the company reports a first-half loss of $983,000, reversing a profit 12 months ago of $1.57m.
Revenue for the first six months of 2023 was $3.95m, down 46% year on year from the $7.26m seen in the first half of 2022.
“The decrease in revenue and profit were mainly due to the sluggish market conditions of the marine transportation industry, which are in turn due to the slowdown of China’s economy, the strong headwinds arising from high inflation and interest rate hikes in several major economies including the US, and the ongoing Russia-Ukraine war,” Courage Investment said.
The shipowner has recently shaken up its top executive team with chief executive Yuen Chee Lap re-designated as chief operating officer and Ms Lee Chun Yeung named as the new CEO.
Courage Investment said Yuen’s move was so he could devote more time to the group’s business operations, in particular, the marine transportation business.
Lee is said to have “extensive experience” in international trading of metallic minerals and commodities and has previously worked as an economist at a major commercial bank and as a senior executive in a state-owned trading group in China.
