courage_ship2Courage Marine boosted its July-September revenue 46% year-on-year to 5.1 million usd on a higher vessel utilization rate.
Photo: Courage Marine
COURAGE MARINE adds Panamax vessel

Courage Marine Group Ltd (HK: 1145; SGX: E91) has acquired MV Hsin Ho, a Panamax-class vessel with a carrying capacity of approximately 72,000 dwt, for a total cash consideration of 8.6 million usd.

40% of the purchase price will be settled by internal resources and 60% will be funded via bank loans, with vessel delivery expected on or before January 16, 2014.

Courage Marine’s fleet currently consists of two Capesize and two Supermax dry bulk carriers, with total tonnage of approximately 417,376 dwt, deployed mainly in Asia.

Courage Marine has been endeavoring to renew its fleet by acquiring newer vessels in place of older ones.

The company previously completed a series of disposals of old vessels and the proceeds of the sales were intended to help acquire vessels when the right opportunity arises.

courage12_23Courage Marine's Hong Kong shares are recently trading at 0.48 hkd with a 52-wk range of 0.25 - 4.10.Courage Marine boosted its July-September revenue 46% year-on-year to 5.1 million usd on a higher vessel utilization rate.

However, due to a 58% surge in the cost of sales and higher bunker and port charges, the third quarter bottom line swung to a net loss of 0.6 million usd compared to a net profit of 0.5 million usd recorded in the third quarter of 2012.
 



SHENZHEN INVESTMENT inks subway JV

Shenzhen Investment Ltd (HK: 604) has established a joint venture company with Shenzhen Metro Co Ltd (SZMC) to participate in the development of a parcel of land situated at the northeast corner of Metro Line No. 5 (Huangzhong Line) Tanglang transport hub, Nanshan, Shenzhen.

szinv12_23SZ Investment recently 2.86 hkdShenzhen Investment signed a contract with SZMC to acquire a 50% stake in the subway property for 1.21 billion yuan.

The project has a land area of 43,584 sq m and GFA of 261,510 sq m.

It is expected to be developed into a complex project with residential and serviced apartments of 132,000 sq m, office space of 50,000 sq m, commercial space of 48,000 sq m and a 30,000 sq m hotel.

Shenzhen Investment is principally engaged in property development, investment and management services, transportation services, infrastructure investment and information technology.



See also:

COURAGE MARINE Shareholding Changes
 

You may also be interested in:


You have no rights to post comments

Counter NameLastChange
AEM Holdings2.740-0.040
Avi-Tech Electronics0.2650.010
Best World1.780-0.030
Broadway Ind0.0870.003
China Sunsine0.380-0.010
ComfortDelGro1.4100.020
Delfi Limited1.040-0.010
Food Empire1.410-0.040
Fortress Minerals0.250-0.010
Geo Energy Res0.410-0.005
GSS Energy0.029-
Hong Leong Finance2.5600.020
Hongkong Land (USD)3.3300.070
InnoTek0.425-
ISDN Holdings0.345-
ISOTeam0.034-0.002
IX Biopharma0.039-0.004
Jiutian Chemical0.026-
KSH Holdings0.2450.005
Leader Env0.053-
Medtecs Intl0.139-0.002
Nordic Group0.350-
Oxley Holdings0.092-0.001
REX International0.123-0.004
Riverstone0.750-0.005
Sinostar PEC0.140-
Southern Alliance Mining0.585-
Straco Corp.0.515-
Sunpower Group0.210-
The Trendlines0.085-0.001
Totm Technologies0.025-0.002
Uni-Asia Group0.875-0.025
Wilmar Intl3.2600.020
Yangzijiang Shipbldg1.670-0.020
 

We have 343 guests and no members online

rss_2 NextInsight - Latest News