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
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.