SEA BRILLIANCE

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Chinese Zhenrong Energy looks to bail out Titan

Zhuhai Zhenrong Energy, one of China’s top five oil traders, is in talks with Titan Petrochemicals to invest in shares of the financially troubled company, SinoShipNews reports. Zhuhai Zhenrong Energy would pay RMB150m to RMB 200m to subscribe for new shares representing not less than 51 percent of the enlarged share capital of Titan, according to a Titan filing to the Hong Kong stock exchange. Zhenrong would also pay RMB 1.13bn to purchase Warburg Pincus' interest in Titan, and use RMB320m to rent Titan’s oil facilities in Guangzhou, Fujian and Quanzhou. Shareholder Warburg Pincus has filed a lawsuit recently to liquidate Titan.[18/07/12] http://sinoshipnews.com/news_content.php?fid=3w3c183

Ship seized off Pengerang

The Malaysian Maritime Enforcement Agency (MMEA) seized the "Titan Loyalty" which was illegally anchored in the waters off Pengerang, Kota Tinggi, on July 11, 2012. The ship was seized at 11.43 a.m., 2.6 nautical miles south of Tanjung Stapa. It had also failed to pay its light dues. The ship was carrying a crew of nine Indonesians when it weas detained. All of them, including the chief engineer and assistant captain, were brought to the agency’s office for further investigation. The case was investigated under the Merchant Shipping Ordinance 1952 and Federation Light Dues Act 1953.