COURAGE MARINE GROUP LTD.

The funnel follows a photograph of Raffles dated 1 January 2008. Its orange may have become darker, or the website logo may have been brought closer to the actual colour. A close-up in the 2009 annual report also suggests red or an orange-red air/sea-rescue shade. The flag is based only on the flag-like website logo and may not exist; none is displayed in the annual report.