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Titan warns of substantial losses

Titan warns of substantial losses

Hong Kong: Titan Petrochemicals has warned it will report substantial losses for 2009 due to the drop in shipbuilding activity and low demand for its single-hulled tanker fleet. In the first half of the year the Titan lost HK$53.4m ($6.8m) and the company warned its operating performance for the second half of 2009 would reflect a further deterioration in its business. For the first nine months of the year Titan's losses widened to HK$305m. "The deterioration of operating performance is primarily due to the weak market conditions in the shipbuilding business, as evidenced by the lack of newbuilding orders and a significant increase in the supply of double hull tankers which negatively impacted the demand for our single hull fleet," the company said. For its shipyard in Quanzhou the company is now targeting shiprepair for bulkers and tankers. [10/02/10]

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