Twelve months ago the Singapore and Hong Kong-listed shipowner squeezed out a profit of just over $400,000.
Revenue for the 2014 fourth quarter fell by 58% to $4m, but costs declined by 33% year-on-year to $4.9m, figures from the company show.
The company also suffered from an impairment loss of $2.9m related to the lower value of its four-strong bulker fleet.
Courage Marine’s fourth quarter loss takes its losses for the full year to $9.7m
