Courage Marine Group Limited is a Bermuda registered shipping company engaged in the ownership and operation of bulk carriers, with an optimized combination of Handysize and Panamax vessels (the “Fleet”).

Through our Operation Offices in Hong Kong and Taipei , our Fleet provides marine transportation services and logistical support to our customers, carrying bulk commodities such as cement wood chips, coal, iron ore and minerals. The Company owns nine (8) dry bulk carriers, including five (5) Handysize carriers between 25,000 and 50,000 deadweight tons (“dwt”), and four (3) Panamax vessels of about 65,000 dwt. The total tonnage of these vessels is approximately 398,108 dwt. Handysize vessels have the advantage of being flexible whereas Panamax vessels provide efficiency with their larger capacity. The combination of Handysize and Panamax vessels means that we are able to cope with customers' needs in a flexible and efficient manner, thereby ensuring higher utilization of the vessels in our Fleet and optimizing return of investment on the vessels. The Fleet operates mainly in Asian waters, including China , Taiwan , and elsewhere in Asia . The Company in turn controls the time per voyage per vessel.

The streamlined manner in which we operate the Fleet enables us to provide customers with a safe and reliable service with a high degree of operational flexibility, and also improves our results through stronger revenues, reduced operating expenses and lower insurance and finance costs.

Most senior members of our management team have over 20 years of experience in various areas of the dry bulk shipping industry, including marketing and sales, market analysis, chartering, vessel operations, technical management and crewing, vessel sale and purchase, shipbuilding and repair, finance and insurance.

We see an attractive demand and supply fundamental in this industry sector and seek to continue to expand our business by leveraging our operating platform. Our areas of strength include specialized operational skills, long-standing industry relationships, increasing scale and sophistication of operation, as well as strategic concentration in the Asia Pacific region. We will continue to offer our customers competitive prices and reliable services.

Since 1994, the Chinese economy has consistently achieved an average annual real GDP growth rate of nearly 9%, driving total imports into China from US$115 billion in 1994 to US$413 billion in 2003. Even though the Chinese government implemented macroeconomic policies in the first quarter of 2004 in an attempt to cool down the overheated economy, there continued to be growth in our market share and demand for our services. We believe our substantial presence in the regional shipping market will enable us to capitalize on the continued economic growth in China and the Asia Pacific region. We also expect our market position to be enhanced by a supply constraint of the world’s fleet of Handysize and Panamax vessels, and the limited shipyard capacity available to build new vessels, at least in the near term.