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Courage Investment Group Limited has decided to buy Grand Pioneer, a 57,000 dwt dry bulk carrier.

As informed, the Supramax vessel will be bought by Peak Prospect Global Limited, a subsidiary of Courage Investment Group Limited, from Bergen Yangzhou Supramax Carriers.

Built in China in 2011, Grand Pioneer flies the flag of the Marshall Islands.

Courage Investment intends to increase the carrying capacity of its dry bulk fleet through the acquisition of the vessel. The move is in line with the group’s corporate development strategy to expand the scale of its marine transportation services business.

On November 16, 2018, Bergen Yangzhou and Polyworld Marine Corp. entered into a memorandum of agreement (MOA) pursuant to which Bergen Yangzhou agreed to sell and Polyworld Marine to purchase the vessel, with the intention of transferring Grand Pioneer to Courage Investment through the sale of Polyworld Marine to the group.

Peak Prospect Global Limited, a subsidiary of Courage Investment, also inked an agreement with Suen Cho Hung, Paul, a shareholder of Courage Investment, to buy the sale shares constituting the entire issued share capital of Polyworld Marine and the sale loan for a maximum aggregate consideration of USD 11 million from Suen Cho Hung, Paul.

The completion of the acquisition is subject to relevant terms and conditions set out in the agreement.