The Singapore-listedcompany saw revenues increase 6% to $5.3m, but costs saw a double-digitincrease of 11% to $5.4m.
The Hsu ChihChien-led shipowner said the higher costs were mainly due to higher crew feesand depreciation expenses.
Couragesaid it expects its financial performance for 2014 to be adversely affected bythe current challenging economic conditions and uncertain outlook.
However, it added that it will maintain itscost-effective structure and focus on keeping its fleet well-deployed andrunning efficiently.
Lastweek Courage confirmed that it had sold its 151,688-dwt Cape Warrior (built1995) for scrap for $8.7m.
Thecompany said it expected to book a profit of $1.5m from the disposal. The shipwas bought in 2012 for $6.6m.
Onits reasons for the disposal Courage Marine said the deal was “attractive inthe current market conditions”.
The disposal left Courage with a fleet of threeships consisting of a single capesize and two supramax bulkers.
