Saturday, February 19, 2011

Courage Marine Earns US$9 million Net Profit in FY2010

Courage Marine Group Limited, a dry-bulk shipping company that

transports raw materials for Asia’s growing energy needs, recorded

a net profit of US$9 million (S$11.5 million) in the twelve months

ending 31 December 2010 (FY2010), from only US$75,000 in the

previous year.

The group’s turnover last year increased 67 per cent to US$46.5

million compared with US$27.9 million in FY2009.
“The weak market conditions have led to losses in many dry bulk

shipping companies. Fortunately, the group remains profitable, led

by the management’s years of experience. We effectively utilise the

strategy of using pre-owned vessels and minimal operating costs to

achieve over five consecutive years of profitability,” said Mr Hsu

Chih Chien, Chairman of Courage Marine.

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