Courage Marine continues with its fleet renewal programme with a $8.6m purchase of the 72,000 dwt panamax bulker Hsin Ho from Ta-Ho Maritime Corporation.

The 1997 Japanese-built vessel replaces some of the older tonnage Courage had gotten rid off earlier in the year. Delivery is expected on or before Jan 16, 2014 in Dalian. The vessel went through substantial refitting and refurbishment work at its routine drydocking at Chinese yard CIC Boluomiao Shipyard last year involving steel plate renewal, cargo hold re-coating and hatch cover repairs and has been surveyed and classed by ABS.

"The company has been endeavouring to renew its fleet by acquiring newer vessels in place of the older vessels. The company has previously completed a series of disposal of old vessels and the proceeds of such sales are intended for acquiring further vessels when the right opportunity arises in future," Courage said in a stock market announcement.

"The company considers that the right opportunity has arisen and the current market situation is suitable for it to further acquire a younger vessel to strengthen its fleet," it added. The purchase will be 40% funded with internal resources and the remainder will come from bank borrowings, Courage said.