Shalabh Mittal has quit as chief executive and managing director of bulker operator Mercator Lines (Singapore). A brief statement on Indian parent company Mercator Ltd’s website acknowledges that he has left the company but does not give a reason for his sudden departure. It noted that he has also ceased to be a non-independent, non-executive director. Mittal, who has held the dual roles at Mercator Lines (Singapore) since 2005, is the eldest son of Mercator Ltd founder and executive chairman HK Mittal. Mercator Lines has had a tough year, with lenders forcing it to sell assets including a trio of Panamax bulkers, the 69,186-dwt Kesari Prem (built 1997), the 74,405-dwt Gauri Prem (built 2007) and the 73,461-dwt Sri Prem Aparna (built 2001) earlier this month. These ships are expected to be handed over to their news owners next month, which will reduce the Mercator fleet to 11 bulk carriers.
