Courage Marine Group Limited (HKG:1145) announced that it has agreed to dispose a vessel, MV Raffles, for a total cash consideration of US$3.09 million (HK$24.108 million).

It is estimated that the Company will record a loss on the disposal of US$2.074 million (HK$16.177 million) for the year ending 31 December 2012.

The Company said that the disposal is for demolition and this provides a good opportunity for the Group to generate cash. The net proceeds of US$3.014 million (HK$23.51 million) will be used for general working capital and if the right opportunity arises in future, such proceeds can also be used for the acquisition of further vessels.