Mr. Tsoi Tin Chun, the Chairman of “Titan Oil Pte Ltd”, is a native of Shishi City, Fujian Province, China, and is currently residing in Singapore. In 1982, Mr. Tsoi incorporated “Shishi Bunkering Co., Ltd” and “Shishi Shipping Co., Ltd”, he integrated marine fuel oil trading and transportation into his business model. Mr. Tsoi expanded his business quickly and from time to time acquired six coastal oil tankers in the 1980s, which strongly increased his companies’ trading capability and shipping capacity. In the next decade from 1982, as the bunkering business in the Fujian Province developed further, in order to meet business requirement, Mr. Tsoi expanded his business to other major ports in the Guangdong Province, Shanghai and Dalian, Liaoning Province. Mr. Tsoi witnessed the historical change of China from an oil exporting country to an oil importing country. In 1992, Mr. Tsoi incorporated “International Petrochemical Trading (Hong Kong) Company Limited” in Hong Kong, which marked his first move to grow beyond China. In 1996, Mr. Tsoi incorporated “Titan Oil Pte Ltd” (“TOPL”) in Singapore, marking his business expansion beyond the Greater China Region. In 1999, Mr. Tsoi invested and initiated in the Shanghai Yangshan Oil Storage Terminal project.
Since its inception, TOPL’s business performance has been greatly recognized by the Singapore government authorities. In 1998, TOPL was awarded the “Approved Oil Trader” status by International Enterprise Singapore, the status allowed TOPL to enjoy lower taxation rate compare to typical trading companies’ 17% income tax rate. Over the years, TOPL was awarded by Singapore’s governmental authorities with the Singapore 1000, Singapore Industrial 100 Ranking, it ranked no.16 on the Singapore’s top 100 overall performance companies and SME top 50 fastest growing company, having been also invited to join as a member of Singapore Business Federation.
In 1997, Mr. Tsoi incorporated “Titan Ocean Pte Ltd” in Singapore, gradually sharping up his international oil trading, transportatopn and distribution integrating business model. In 2000, TOPL set up two floating oil storages in Malaysia, the only two approved bonded offshore storages by the Malaysian government at that point of time. In 2002, TOPL acquired Hong Kong Stock Exchange mainboard listed company “Gemzboh Holding Limited”, which was later renamed to “Titan Petrochemicals Group Limited” (“TPGL”), carrying the stock code of “1192.HK”. TPGL grew tremendously and expanded to ten units of floating storages by 2008, having a total offshore storage capacity of 2.7 million metric tons. In order to grow its shipping business, TPGL continuously expanded its tanker fleet, at its peak, the group owns over 33 oil tankers, among which 13 of these are Very Large Crude Oil Carriers (VLCC), with a total shipping capacity of 3.37 million metric tons, being the second largest oil tanker company in the Asia Pacific Region, with an oil trading volume of over 7.6 million metric tons per annum.
TPGL invested in the construction of four major oil storage terminals in China, the Shanghai Yangshan Terminal in 1999, the Fujian Quangang Port in 2002, the Guangdong Nansha Terminal in 2204 and the Shandong Yantai Terminal in 2007, making it one of the largest independent storage operator in China. The storage terminals are capable of storing crude oils, product oils, fuel oils and petrochemicals, the total volume upon completion of these storages is 8.5 million cubic meters, with currently over 2.7 million cubic meters is in service. The Guangdong Nanshan and Fujian Quangang terminals are both equipped with berthing capacity of 100,000 deadweight tons, with the Shanghai Yangshan and Shandong Yantai terminals having deep water berthing capacity of up to 300,000 deadweight tons. TGPL’s storage terminals are among the most advanced and well managed storage terminals in China, its clients are from all over the world including oil majors.
In 2005, TOPL invested in the construction of Quanzhou Shipyard, with a total investment of USD500 million, the shipyard occupies an area of 110 hectares with a shoreline of 3,600 meters. It has the capability to provide ship repair, specialized ship building and offshore engineering services. The shipyard has four large dry docks, among which two have already completed and in service, the dimensions of these two docks are 380M x 80M x 14.4M and 420M x 68M x 14.4M, having capability to accommodate the world’s largest container vessels and VLCCs. The shipyard also extended its business to offshore engineering and it capable of constructing modules, the construction and repair of jack up drilling rigs and semi-submersible drilling rigs.
Mr. Tsoi is the Honorary Life President of Hong Kong’s “Fujian Shishi Clan Association” and the Deputy Chairman of the “Hong Kong Fujian Charitable Education Fund”. He has been active on the public welfare and charity activities of his hometown and the rest of China. In 1996, Mr. Tsoi donated RMB 6.45 Million for the establishment of “Shishi Xiangzhi Central Kindergarten”, which occupies a gross floor area of 8,616 square meters, there are over few thousands graduates of the kindergarten since its formation. In 2006, Mr. Tsoi established the “Tsoi Tin Chun Family Charity Education Fund’; in 2008 Mr. Tsoi donated RMB 10 Million to Shanghai Maritime University; Mr. Tsoi’s other relevant donations to education, disaster relief, poverty and others are in the region of over RMB 100 Million. Mr. Tsoi was commemorated by Fujian’s Provincial Government in 2004 and 2010, with monument erected by the government to honor this.
With his extensive knowledge with the maritime industry, great understanding of the maritime information and human resource of the industry, Mr. Tsoi returned to his hometown to establish the Quanzhou Ocean Institute with the effort to develop maritime professionals in 2005. The Institute covers a land area of 51 hectares, it has approximately 100,000 square meters of gross floor areas and with an investment of RMB 450 Million thus far in the campus construction. In order develop the Institute further, it is in the progress of application for the upgrade into “Ocean University of Fujian”, to meet international standard as a university, the expansion projects are required and would require a further investment of approximately RMB 500 Million for the infrastructures and equipment.