Asian bulker owner Courage Marine has confirmed it has completed a 'major transaction' by getting approval of owners of 63% of its shares rather than by holding a general meeting.

The transaction has the appearance of a corporate takeover but the objective is to acquire ownership of a 57,000-dwt newbuilding under construction at China’s Zhejiang Zengzhou Ship Building.

The vessel which is for delivery in January 2012 is costing Heroic Marine, a wholly owned Courage subsidiary $26.2m

Hong