On 13 December 2010, Titan announced the sale of a 95% equity interest in the Titan Quanzhou Shipyard to Grand China Logistics Holding (Group) Company Limited ("Grand China Logistics") for RMB1,866 million (approximately HK$2,175 million). Although the Shipyard is no longer a subsidiary of Titan Petrochemicals Group, Titan will continue to manage the business operations of the Shipyard till 31 December 2012 in accordance with the original business plan.
In addition to the support of Kawasaki Kisen Kaisha Limited (K Line) which invested in the shipyard in August 2008, we are confident that the financial performance of the Shipyard, hence by, supporting continued operations and sustainable growth.
When fully completed, the ship repair yard will be one of the world's largest, with the capability to repair and convert Very Large Crude Carriers (VLCCs), large bulk carriers, ro-ro ships and even the world's largest container ships. The shipyard occupies an area of 110 hectares with a shoreline of 3,600 meters. While the focus is on ship repair, the yard also offers specialized ship building and offshore engineering services.
The ship repair facilities comprise four large dry-docks with a total docking capacity of about 1 million deadweight ton (dwt) of which No. 1 and 2 dry-docks are capable of docking 300,000 dwt vessels. The shipyard is also equipped with modern and comprehensive facilities to cater to all types of vessels. These include two slipways for new builds, total berth length of more than 3,600 meters, more than 27 long-jib cranes, three gantry cranes, six workshops for hull, mechanical-electrical, and surface preparation work.
Ship building operations began in October 2006 and the first two vessels were delivered in October 2007. Ship repair operations will commence in the first half of 2011 and the shipyard is targeted to be fully operational by 2012.
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Ship repair