Dry CargoGreater China
Top management quits Ningbo Marine
Chinese dry bulk shipping company Ningbo Marine has announced that Chen Dongming, president of the company and Fang Peng, vice president of the company, have both resigned from all their roles in the company.
Ningbo Marine aborted a restructuring at the end of September as China Securities Regulatory Commission rejected its restructuring plan and claimed the plan didn’t meet the requirement of the latest back-door listing rules.
Ningbo Marine reported revenues of RMB493m ($74m) and a net profit of RMB6.37m ($955,010) for the first half of 2016, down 7.71% and up 44.94% year-on-year respectively.