World News
Titan Makes Progress on Strike Out Petition
Titan Petrochemicals Group Ltd. [HKG:1192] (Titan) this week said progress has been made on its application to strike out a winding up petition brought against it by Warburg Pincus entity Saturn Petrochemical Holdings Ltd (SPHL).
SPHL's petition was originally brought against Titan on July 5, 2012, and has been adjourned six times so far.
In the latest developments, Titan said that on May 10, 2013 the Bermuda Court handed down its ruling saying it would exercise its discretion to strike out the petition.
However the actual striking out would be adjourned to a date as yet to be decided in the week commencing July 22, 2013 in order for the court to hear an application by KTL Camden Inc. (KTL Camden) to be substituted as the petitioner.
The original application by Titan to strike out the petition was made on the grounds that SPHL itself is not a creditor or contributory of Titan.
However KTL Camden claims that Titian subsidiary Titan Storage Limited failed to pay it certain hiring charges pursuant to a Bareboat Charter Party Contract, and is owed some $6.8 million plus interest.
Titan said it intends to file evidence in opposition to the claim prior to the July hearing.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 509.00 | 4.50 | 623.00 | 3.00 |
| Rotterdam | 463.00 | 7.00 | 623.50 | 2.00 |
| Houston | 471.50 | 4.50 | 627.50 | 3.50 |
| Fujairah | 501.00 | 4.50 | 714.00 | 1.00 |
| Global 20 Ports Average | 529.00 | 2.50 | 714.50 | 2.50 |
| Global 4 Ports Average | 486.00 | 3.00 | 647.00 | 2.50 |
| Global Average Bunker Price | 572.50 | 2.00 | 753.00 | 2.00 |
Popular Now More
-
Apr 28Failing to keep track of energy density variations could be costing shipping companies as much as $25/mt in fuel bills, Shipergy CEO Daniel Rose tells Ship & Bunker. -
Apr 28Gross profit from the marine segment was $35.7 million in Q1 2025, down from $48.4 million a year earlier. -
Apr 23Initial Ship & Bunker analysis shows ships would need to use between 17.6% and 23.3% biofuel in B100 terms to avoid penalty charges in 2028.