The Singapore-listed company said Thursday that it had offloaded the 151,688-dwt Cape Warrior (built 1995) for $8.7m.
The Hsu Chih Chien-led shipowner expects to book a profit of $1.5m from the disposal. The ship was bought in 2012 for $6.6m.
On its reasons for the disposal Courage Marine said the deal was “attractive in the current market conditions”.
“This provides a good opportunity to generate cash which is intended for general working capital and for funding any future acquisitions when suitable opportunities arise.”
The disposal leaves Courage Marine with a fleet of three ships consisting of a single capesize and two supramax bulkers.
Clarksons data suggests that some 14 capes and bulkers in excess of 80,000-dwt have been scrapped since the start of 2014.
While the total was nearly two-times higher at this point in time 12 months ago some expect to see the pace of demolition deals accelerate in the coming weeks and months.
Last week Greece’s Lion Shipbrokers argued that the rally in the recycling market, coupled with the lack of lucrative chartering deals, had made scrapping an increasingly attractive option.
However, some believe operators of elderly capesizes are willing to hold out a little longer based on predictions that rates will rally in the second half of 2014.
