Courage Marine Faces Delisting if It Sells Final Ship

Courage Marine Group Hong Kong-based bulk carrier owner and operator Courage Marine Group could be delisted from the Hong Kong Stock Exchange if the company sells its final vessel. Namely, the company received a letter from the Hong Kong Stock Exchange after trading hours on April 28, 2017 in which it said that upon completion of the disposal, it would consider that the company would not have a sufficient level of operations or assets of sufficient value to warrant a continued listing of the shares on the stock exchange. This would result in a trading suspension of the companys shares under Rule 6.01(3) of the Hong Kong Listing Rules if Courage Marine were to continue to proceed with the disposal of the 57,000 dwt Zorina. Following the Hong Kong Stock Exchanges decision, the company launched a discussion with the buyer as to the possible alternatives which may be available to the parties. The talks also include a possible termination of the transaction. In early February, Courage Marine informed that it reached an agreement to sell its final vessel to Universal Ship Investment Corp. for a price of USD 7.35 million, subject to certain terms and conditions. The 2011-built Supramax bulk carrier was initially expected to join its new owner by the end of May 2017.