The Fredriksen vehicles will receive only 10 HK cents for every HKD 1 (13 US cents) or only 10% under the agreement.
The Fredriksen vehicles involved are KTL Camden, Edinburgh Navigation and KTL Mayfair.
Details of the settlements were disclosed in a regulatory filing to the Hong Kong Stock exchange by Titan Petrochemicals.
The Fredriksen-related debts relate to claims against Titan Storage Ltd (TSL) over VLCC bareboat charters entered into in 2010.
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