Following the announcement that Mercator plans to exit the dry bulk sector, its Singapore-listed subsidiary Mercator Lines (Singapore) (MLS) has been placed under judicial management.

Creditor HSH Nordbank had applied to the Singapore courts have the struggling dry bulk shipowner placed under judicial management last year. Hearings were initially postponed while MLS sought to restructure. Yit Chee Wah has been appointed as the judicial manager of the company.

“The judicial manager intends to evaluate all of the available options in order to preserve the value of the company’s assets for the benefit of its creditors,” MLS said in a statement to the Singapore Exchange.

Meanwhile Harish Kumar Mittal has resigned as chairman and a director of the company.