Formosa Plastics Marine Corp has sold another of its product tankers at a time it is expected to wind down its presence in the LR1 space.
The Taiwanese shipowner was reported in October to be seeking an exit from the LR1 arena and subsequently began drip-feeding tonnage into the market.
Shipbrokers are now reporting the plan has gained traction with the sale of the 74,800-dwt FPMC P Glory (built 2009).
The transaction, at a time of growing sale and purchase activity around the tanker sector, is being priced at between $14m and $14.5m.
Attempts to reach Formosa Plastics for comment on the latest reports were unsuccessful at the time of writing.
While a clear buyer had not been identified, some are linking the vessel to a Norwegian KS venture.
Formosa Plastics Marine Corp (FPMC) is considering selling all of its LR1 product tankers over concerns about the fuel economics of vessels without scrubbers post-2020.
It has parted with two other LR1s this September, with the 70,400-dwt FPMC P Alpine (built 2004) and Formosa Falcon (built 2005) both reportedly picked up by compatriot Winson Oil.
The company is also active in other areas of the product tanker market as well as the dry bulk, container and gas segments.
