World News
Titan Again Delays Release of Financial Results
Titan Petrochemicals Group Limited (Titan) says it will once again delay the release of financial results, with its annual results for 2013 now expected to be released by June 30, 2014.
Titan, which has been attempting to restructure since 2012, also said its contracts with independent non-executive directors John William Crawford and Abraham Shek Lai Him have expired, and both have declined to seek their renewal.
"Mr. Crawford and Mr. Shek have both confirmed that they do not have any disagreements with the board and there are no other matters related to the expiry of their contract that need to be brought to the attention of the shareholders of the company," Titan said.
The company must now identify candidates to fill the vacancies within three months.
Titan had previously announced a delay in publication of results for the first half of 2013, saying their release would occur by March 1, 2014, but it now says it will seek to release them by March 31.
After the H1 results are completed, it will take at least three months for them to be audited, which will push the release of the full-year numbers to late June.
Following a previous delay in the release of financial reports, Titan published its financial results for 2012 earlier this month, detailing its "extreme deteriorating financial position" at that time.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 7.00 | 617.00 | 6.00 |
| Rotterdam | 455.00 | 8.00 | 619.50 | 4.00 |
| Houston | 467.00 | 4.50 | 625.00 | 2.50 |
| Fujairah | 495.00 | 6.00 | 712.50 | 1.50 |
| Global 20 Ports Average | 524.50 | 4.50 | 710.50 | 4.00 |
| Global 4 Ports Average | 479.50 | 6.50 | 643.50 | 3.50 |
| Global Average Bunker Price | 570.50 | 2.00 | 747.50 | 5.50 |
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