Dry bulk shipping company Courage Marine has seen a major change of shareholdings with substantial shareholders and chairman and managing director Hsu Chih-Chien and Wu Chao-Huan respectively agreeing to sell their substantial stakes in the company to an outside investor, Paul Suen Cho Hung.

The divestment, made through the sale of the parties' holdings in Sea-Sea Marine and China Lion respectively to Brilliant Epic Asia, all but puts an end to their involvement in the beleaguered dry bulk player. Brilliant Epic Asia is a BVI-company wholly-owned by Suen. No transaction price was disclosed.

Courage Marine said in a stock market announcement that "pursuant to the agreement", Hsu will resign as chairman and non-executive director, Wu will resign as managing director and executive director and an independent non-executive director with a minority shareholding (0.004%) Chu Wen Yuan will also resign his position to make way for three new directors to be appointed by Suen.

Hsu and Wu were co-founders of Courage Marine in 2001. The group had a fleet of 10 ships with tonnage of over half a billion deadweight tonnes at its peak in 2009 and 2010.

It has however fallen victim to the prolonged slump in the dry bulk market and after recent divestments is left with just two relatively modern capesizes and two supramaxes. The group has been making losses and has had to impair the cost of vessels due to the weak market.

The new investor has a background as a distressed assets investor but little experience in shipping.