Shalabh Mittal has resigned as CEO and managing director of the soon-to-be defunct bulker firm, Mercator Lines (Singapore).
His father, Harish, quit two days prior as the chairman of the Singapore-listed subsidiary of one of India’s largest shipping lines was placed under judicial management.
“The Bulk Carriers business has been the worst affected by the downturn in the shipping cycle, with the Baltic Dry Freight having collapsed from a level of 11,793 in 2008 to 373 on January 15, 2016 and not showing any signs of early revival in future,” the company said in a statement on Monday.
