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Formosa Plastics puts its oldest VLCC in the shop window

Taiwan’s most active ship seller, Formosa Plastics, will continue to make headlines in the upcoming months, sources tell Splash.

Formosa Plastics, whose fleet today numbers 55 vessels, has sold 13 ships in the last year.

It is now in the process of trimming its oldest VLCCs. First to be sold is its vintage Formosapetro Challenger, a 17-year-old ship. The company is accepting bids for the ship through to the middle of next week, with a market value for the VLCC placed at $18.74m, although brokers anticipate it will go for a higher price as similarly aged VLCCs sold so far this year have all fetched in excess of $20m each.

So far this year three VLCCs, built between 2001 and 2002, have been offloaded. China’s Kunlun Holdings has added two VLCCs in 2019, tapping South Korean friend Sinokor for the 2002-built Gulf Glory in March for $24m while also adding a one year older VLCC for $2m less at the start of the year.

Another 2001-built VLCC, VL Sakura, fetched $24m in February from Thailand’s Nathalin Group who was linked to a sale of the slightly bigger and thee-year younger 319,000 dwt VLCC, Sea Lynx, earlier this week, agreeing to pay over $31m for this ship, however Splash understands that this information was premature.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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