Orkim To Buy Oil & Chemical Tanker For RM94.88 Mln, Expands Fleet To 20 Vessels
KUALA LUMPUR, July 22 (Bernama) -- Orkim Bhd’s wholly-owned subsidiary, Orkim Ambition Sdn Bhd, has entered into a Memorandum of Agreement with ALLContinents International Shipping Ltd for the proposed acquisition of an IMO Type II oil/chemical tanker for 157 million renminbi (about RM94.88 million).
In a filing with Bursa Malaysia, the marine transportation company said the purchase will be fully funded by proceeds from the group’s existing Sukuk Issuance Programme together with estimated start-up costs of RM4.2 million.
It said the vessel, known as MT Rong Yao Wu Zhou, is expected to be delivered not later than Oct 20, 2026.
Orkim said the acquisition of an IMO Type II tanker will enhance the group’s operational flexibility as it is capable of transporting clean petroleum products (CPP) and chemical cargoes, thereby broadening the group’s service offerings and market reach.
“The vessel is also expected to strengthen the group’s shipping operations by increasing fleet capacity and improving its ability to capture additional chartering opportunities across Malaysian coastal waters and selected regional trades,” it said.
Orkim chief executive officer Captain Cheah Sin Bi said the acquisition is a disciplined continuation of the company’s fleet expansion and rejuvenation strategy.
“With this young tanker, we remain at the forefront of operational efficiency, and it provides us with greater operational flexibility, allowing us to transport clean petroleum products, alternative fuels, edible oils and chemical cargoes, broadening our service offerings and allowing us to capture regional trade opportunities better as we meet the evolving needs of our customers,” he said in separate statement.
The modern IMO Type II oil and chemical tanker, built in 2025, has a deadweight tonnage (DWT) of 13,988 tonnes and is capable of transporting both CPP and chemical cargoes.
This acquisition marks the group’s 20th vessel, increasing its total DWT to 267,024 tonnes.
-- BERNAMA