World News
Creditor Again Offers Titan Loan
Titan Petrochemicals Group Ltd. (Titan) reports that its major creditor, Guangdong Zhenrong Energy Co. Ltd. (GZE) has agreed to provide it will an unsecured loan of up to HK$62.2 million ($8.0 million) to help meet costs related to its debt restructuring efforts.
Titan said the funds cannot be used to repay the existing debt that it is working in the Supreme Court of Bermuda to restructure.
On February 28, the court adjourned a winding-up petition against Titan by KTL Camden Inc. to March 7, indicating that if GZE did not offer an unsecured loan, the company would be wound up.
Titan reported earlier this week that GZE was calling for immediate repayment of a RMB42.6 million ($7.0 million) loan and asking a Titan subsidiary to "prepare for punctual repayment" of another RMB35.5 million ($5.8 million) debt that comes due in April.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 655.50 | 2.00 | 808.50 | 4.50 |
| Rotterdam | 619.00 | 0.00 | 789.00 | 8.00 |
| Houston | 628.50 | 7.50 | 812.50 | 1.50 |
| Fujairah | 653.50 | 4.50 | 900.00 | 2.50 |
| Global 20 Ports Average | 672.00 | 0.50 | 885.00 | 7.00 |
| Global 4 Ports Average | 639.00 | 2.50 | 827.50 | 2.00 |
| Global Average Bunker Price | 727.50 | 1.50 | 933.50 | 5.00 |
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