Hong Kong bulker owner Courage Marine has blamed the tsunami in Japan for its poor second quarter results.
Group turnover fell 74% from $16.3m in the second quarter of 2010 to $4.3 in 2011. This forced the company into a loss of $4.8m in the second quarter compared with a profit of $5.5m for second quarter of 2010.
"This reflected the poor market condition in dry bulk rates, as well as the low fleet utilisation given the lower demand from the commodity trading.”
