China: Courage Marine Acquires Second Newly-built Vessel

Courage Marine Group Limited, an established dry-bulk shipping company that transports raw materials for Asia’s growing needs, has through its wholly-owned subsidiary Zorina Navigation Corp., entered into a memorandum of agreement with Zhejiang Zengzhou Ship Building Co., Ltd for the acquisition of a vessel (“Zorina Vessel”) for a total cash consideration of US$26.6 million. The delivery of the vessel will take place in December 2011.

The Zorina Vessel is a newly-built vessel with a carrying capacity of approximately 57,000 dwt. This is the second newly-built Supramax-sized vessel acquired by the Group within a month. The first vessel was acquired by Heroic Marine Corp. from the Vendor at the same price of US$26.6 million.

This strategic move is a new element to the Group’s business. Earlier, the Group had disposed of two Handymax-sized vessels, MV Heroic and MV Zorina in August and October respectively.

In a separate announcement, the Group announced the disposal of MV Bravery, a Handysize vessel with a carrying capacity of approximately 36,000 dwt for a total consideration of US$3,333,676.50. This will generate cash for general working capital and for funding any future acquisitions of vessel when the opportunity arises. The delivery of the vessel to the purchaser is expected to take place during November 2011.

“The acquisition of these two new Supermax-sized vessels demonstrates the Group’s

commitment to innovate and explore new markets and stay cost-competitive.” sad Mr. Hsu Chih Chien, Chairman.

[mappress]
World Maritime News Staff, November 23, 2011