The board of directors of Courage Marine Group Limited informed the shareholders of the company and potential investors that the company expects group to record a greater net loss attributable to equity holders of the company for the six months ended 30 June 2015 as compared to the six months ended 30 June 2014, the Board believes that the expected loss was mainly attributable to (i) the provision of impairment loss in light of the decrease in revenue, utilization rate and market value of the vessels and scrap materials of the group's remaining vessels; (ii) the provision of impairment loss of deposits paid for the purchase of coal in Indonesia; (iii) the continuing poor dry bulk market which led to low turnover, low freight and low utilization; and (iv) the loss resulting from the disposal of MV Cape Pioneer as disclosed in the announcement of the company dated 23 June 2015.