It posted a loss of $2.3m compared to $0.6m in the corresponding period.

Revenue dropped by almost half as it stood at $2.6m versus $5.1m twelve months earlier.

Courage saw a decrease of almost $2m in cash and cash equivalents, which were $10.4m at the end of the period.

The company said it is well placed to operate at higher efficiency with the current fleet of four bulkers, should the market recover.