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Grand China Logistics gives up interest in Titan's shipyard

Troubled Titan Petrochemicals said in a stock market announcement it has received notice from Grand China Logistics that it has recently entered into an agreement to transfer all interests, rights and obligations in its deal to buy over Titan's 95% interest in Titan Quanzhou Shipyard to Guangdong Zhenrong Energy (GZE), finally relinquishing any claim on the yard and possibly strengthening the latter's position in taking over Titan.

Vincent Wee, Hong Kong and South East Asia Correspondent

June 11, 2013

1 Min Read
Kalyakan - stock.adobe.com

"The company will seek further clarification from Grand China Logistics and GZE in respect to the transfer and, whenever necessary, will seek legal and financial advice to ensure the group's position is properly safe-guarded," Titan added.

About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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