New York-based Monarch Alternative Capital let go of managing principal Roger Schmitz last week, several sources told TradeWinds.

Schmitz is a board member of three prominent public companies: Star Bulk Carriers, the largest listed bulker company; Gener8 Maritime, one of the world’s largest VLCC owners; and Oslo over-the-counter (OTC) traded Navig8 Product Tankers.

Schmitz becomes the latest in a string of shipping specialists to part ways with their private-equity employers after bets on the sector did not go as well as hoped.

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