Dry bulk firm Courage Marine is cashing in $3.09m from an agreement to sell a 38,000 dwt handysize vessel to Long Hill Capital for demolition.
Under the agreement, the vessel Raffles is to be delivered between 19 January to 5 February to Long Hill and Courage Marine expects the delivery to take place on 20 January.
Raffles was acquired by Courage Marine in 2004 at purchase cost of $10.7m.
“The disposal is for demolition and this provides a good opportunity for the group to generate cash which is intended to be used for general working capital and for funding any future acquisition of further vessels when suitable opportunities arise,” Courage Marine said.