Senior staff of struggling Chinese coastal dry bulk shipping outfit Zhongchang Marine have resigned as the company continues to work through its debts.
The company said in several filings to the Shanghai Stock Exchange that chairman Chen Shengjie, director Hu Yong, and supervisor Wang Jian have resigned. Chen cited personal reasons; Wang and Hu cited changes in their job duties.
The company, based in Zhoushan, specialises in shipping coal in Chinese domestic waters. However, it has been hit by the weak dry bulk market and a decline in Chinese coal demand.
Trading of Zhongchang Marine’s shares has been suspended since 18 August as the company executes a major restructuring of its assets.
In the first half of 2015, Zhongchang Marine reported a loss of CNY35.94 million (USD5.65 million). In 2014, the company made a loss of CNY330 million, widening from the loss of CNY81.25 million in 2013.