Lila Global lets go of its last LR1 tanker

United Arab Emirates-based Lila Global tanker arm is shrinking rapidly. The owner, a sister firm to ship recycling giant GMS, has been cutting its exposure in the tanker sector all year, shredding seven ships while adding two, leaving its tanker arm at just four ships versus the 34 bulkers in its fleet.  

The Anil Sharma-led owner is reported to have sold its last LR1, the 19-year-old 75,000 dwt Lila Alabama for $18m to Lepus Shipping. The ship has already been renamed Lio T.

Fast-moving Lila Global had bought the tanker at a similar price in February 2022.