Taiwan's Courage Marine has announced that subsidiary, Sea Pioneer Marine, has enter into an agreement with US-based Providence Shipping to sell its Capesize bulk carrier Cape Pioneer (149,396dwt, built 1994).

The price for the sale is US$6.4m, and the vessel is scheduled for delivery by June 30.

Funds from the disposal of the vessel will be used for general working capital and for funding the possible acquisition vessels, the company said in a filing to the Hong Kong Stock Exchange.