Taiwanese shipping veteran Hsu Chih-chien has sold his shares in Singapore-listed Courage Marine, ending his association with the company he founded.
Courage Marine, founded in 2001 at the start of the last shipping boom has been struggling in the last two years, posting losses from 2013-2014.
Hsu and the company’s co-founder Wu Chao-Huan sold their stakes, totalling more than 27%, to Brilliant Epic Asia, a British Virgin Islands-registered firm controlled by Paul.
The stake, comprising just 29,090,022 shares worth USD0.18 each, were sold through Sea-Sea Marine Company Limited, Pilot Assets Limited, and China Lion International Limited, all BVI-registered entities controlled by Hsu and Wu.
At the stated sale price, the transaction would have netted a total of USD5,236,203.96 for Hsu and Wu.
Hsu, who is from a prominent Taiwanese shipping family, owns several other companies in his country including Eddie Steamship.
At the time Courage Marine began business, it had 10 ships with tonnage of more than 500 million dwt in 2009 and 2010.
But as the freight market weakened, the company downsized its fleet, leaving it with just two Capesizes and two Supramaxes. Courage Marine posted a USD9.72 million loss for 2014, a worse result than the USD1.7 million loss for 2013.