Courage Marine is taking further steps to streamline its operations and cut costs as it tries to survive the prolonged downturn in the dry bulk market.

The group has already divested some of its poorer performing assets and now is restructuring by closing down some overseas operations and offices in Taiwan and Shanghai, it said in a stock market announcement.

Courage Marine has divested two subsidiaries in Panama and one in Taiwan, all involved in handling agency and other ancillary services for the group. The company will now use third party providers instead.Its operations and office in Taiwan and the representative office in Shanghai will also be closed down and Courage Marine will focus its efforts on operating out of its main base in Hong Kong.

"After the closure of the offices, the company will centralise its operations in Hong Kong. Such decision and course of action are in line with the intention of the board to restructure/streamline the operations and business of the group and would reduce the group’s operating costs and expenses to a considerable extent," Courage Marine said.