Courage Marine Group Executive Director resigns

Chen Shin-Yung's inability to attend board meetings led to his resignation.

Courage Marine Group announced the resignation of Chen Shin-Yung as Executive Director. Mr Chen serves as the Group's Director of Technical, Repair and Maintenance and is in charge of all repairs and maintenance of the Group's vessels. As Mr Chen¡¯s role often requires him to be working on board the Group's vessels for extended periods of time, this has on past occasions led to some constraints on his ability to attend board of directors' and shareholders'  meetings of the Company. Mr Chen continues to serve as Director of Technical, Repair and Mantainance following his resignation as Executive Director.

Apart from the foregoing reasons from his resignation, prior to Mr Chen's resignation as executive director, there were some differences of opinion between him and senior management (and the board of directors) over the strategic business direction to be taken by the Group in view of the challenging conditions faced by the Group, for which no consensus was reached, according to a Courage Marine Group report.

Mr. Chen, 67, was appointed to the post last April 13, 2005.