Courage Marine Keeps Final Vessel
Image Courtesy: Courage Marine GroupHong Kong-based owner and operator Courage Marine Group will not dispose of its final vessel as it could not reach any further agreements on the proposed sale of the bulker MV Zorina.
Under the Memorandum of Agreement (MOA), entered into in early February 2017 with Panama’s Universal Ship Investment, the completion of the transaction was subject to satisfaction of condition precedent which is to be fulfilled within 90 days after payment of the deposit.
As the latest time for satisfaction of such condition precedent has passed, the MOA has lapsed in accordance with its terms, Courage Marine said.
None of the parties to the MOA will have any claim against the other for costs, damages, compensation or otherwise.
The latest development in the transaction comes a month after the Hong Kong Stock Exchange informed Courage Marine that it could be delisted if the company sells its final vessel.
In a letter submitted to the company after trading hours on April 28, 2017, the Hong Kong Stock Exchange 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.”
Following the Hong Kong Stock Exchange’s decision, the company launched a discussion with the buyer of the 57,000 dwt Supramax as to the possible alternatives which may be available to the parties. The talks included a possible termination of the transaction.
The 2011-built vessel was supposed to be sold for a price of USD 7.35 million, subject to certain terms and conditions. It was initially expected to join its new owner by the end of May 2017.
