Courage Marine Group's wholly'owned subsidiary, Panamax Leader Marine Corp, is selling a vessel ' M/V Panamax Leader ' for US$3.86mil. It expects net proceeds of US$3.76mil from the disposal. The vessel was acquired by the group in 2010 at a purchase cost of approximately US$12.88mil. According to the unaudited management accounts of Courage Marine, the unaudited NAV of M/V Panamax Leader as at June 30, 2012 was about US$6mil. It is estimated that the group will record a loss on the disposal of about US$2.23mil for the year ending Dec 31, 2012. The group said the disposal is for demolition and provides a good opportunity for the group to generate cash which is intended to be used for general working capital and for funding any future acquisition of further vessels when suitable opportunities arise. Panamax has signed an MOA with Maritime Delivery Inc to sell the Panamax vessel with carrying capacity of about 67,000 dwt. M/V Panamax Leader is to be delivered between Sept 20, 2012 and Oct 20, 2012 and Maritime has an option to cancel the MOA if delivery of M/V Panamax Leader is not within the period.

Source: The Business Times