Dry bulk shipowner Courage Marine has entered into a non-binding memorandum of understanding to acquire BDG Entertainment as part of a business diversification move.

Amid the sluggish conditions in the global dry bulk shipping sector, Courage Marine is attempting to acquire BDG Entertainment, which is principally engaged in the business of artist management and artist training centre management in South Korea.

“As mentioned in the interim results announcement of the company for the six months ended 30 June 2016, the group will continue to explore other investment opportunities which can contribute a new source of income to the group,” Courage Marine said.

“The group will also step up its effort in improving the financial performance of the group’s existing business and will continue to look for attractive investment/business opportunities that can broaden the group’s income base and bring substantial value to shareholders of the company,” it added.

In the first half of 2016, Courage Marine posted a loss of $3.3m, narrowing from the wider deficit of $17.1m in the year-ago period.

Source: seatrade-maritime.com