Embattled Zhongchang Marine top executives resign

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.