Titan Petrochemicals moves into shipbuilding
The company buys Fujian-based Titan Quanzhou Shipyard for $170 million from its controlling shareholder.
Titan Petrochemicals Group has completed the acquisition of a shipyard from its controlling shareholder as it continues its quest to reduce exposure to the volatile oil shipment business and become an integrated oil logistics provider.
The transaction, which was first flagged in late March, was priced at a significant valuation discount to other Chinese shipyards based on the current order book and expected future earnings, which suggests the injection should be very favourable to Titan.
Part of the shipyard project...
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