Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Embattled Zhongchang Marine top executives resign

Embattled Zhongchang Marine top executives resign
China’s dry bulk shipowner Zhongchang Marine has seen the departures of three top executives including its chairman, as the company struggles with losses.

Zhongchang Marine, whose shares are currently suspended from trading on the Shanghai Stock Exchange, announced that its chairman Chen Shengjie has resigned due to “personal reasons.”

At the same time, company supervisor Wang Jian and director Hu Yong have also handed in their resignations.

Zhoushan-based Zhongchang Marine has been trying to cope with losses due to the weak dry bulk shipping market, and is in the process of a major assets restructuring.

In the first half of this year, Zhongchang Marine reported a deficit of RMB35.94m ($5.65m). In 2014, the company made a loss of RMB330m, widening from the loss of RMB81.25m in 2013.