Hong Kong’s Titan Petrochemicals is acquiring full but indirect control of China’s Hongqiang yard for HKD 210m ($26.9m).

The cash-plus-shares transaction announced on Sunday is the biggest yet in the oil trader and sometime tanker owner’s campaign to redevelop its shipbuilding side.

Titan’s acquisition target, Nantong-based Jiangsu Hongqiang Marine Heavy Industry, has an orderbook that includes an ultramax for China Construction, handymaxes for Navibulgar and heavylift multipurpose ships for Krey Schiffahrts.