World News
Titan's Winding Up Hearing Gets Reserved Judgment
Titan Petrochemicals Group Ltd. (Titan) [HKG:1192] has said its hearing in the British Virgin Islands (BVI) on July 16, 2012 regarding a winding up petition brought against it by U.S. private equity firm Warburg Pincus, LLC, (Warburg Pincus) has resulted in a reserved judgment.
Ship & Bunker reported last week that Warburg Pincus had filed petitions against Titan and its subsidiary after Titan was unable to meet redemptions for Preferred Shares and Convertible Notes, saying it was "insolvent and should be liquidated."
Warburg Pincus has invested more than $215 million in the downstream oil services company, which provides end to end oil sourcing, transportation, storage, and wholesale distribution.
Titan said further announcements, including any further development or outcome of the hearing, would be made as and when appropriate.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 596.50 | 0.50 | 688.00 | 1.00 |
| Rotterdam | 523.00 | 2.50 | 677.00 | 1.00 |
| Houston | 550.50 | 0.00 | 676.50 | 8.00 |
| Fujairah | 582.00 | 2.50 | 758.50 | 5.50 |
| Global 20 Ports Average | 599.50 | 0.50 | 757.50 | 2.00 |
| Global 4 Ports Average | 563.00 | 1.50 | 700.00 | 4.00 |
| Global Average Bunker Price | 644.50 | 1.50 | 813.50 | 0.50 |
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