The Malaysian company Orkim has signed contracts for the construction of two new oil tankers in China, with an investment amounting to approximately $37.6 million. This move is part of the company's fleet expansion following its public stock offering last year.
Details of the New Contracts
Orkim has announced that its wholly-owned subsidiary, Orkim Marine, has signed shipbuilding contracts with Fujian Souteh Shipbuilding and Fujian Mawi Shipbuilding. The two new tankers, with a deadweight tonnage (dwt) of 9,000 tons for carrying clean petroleum products, are scheduled to be completed by the end of 2028 and 2029. The total investment for these two tankers amounts to 153.6 million Malaysian Ringgit (MYR).
Read more: Oil Prices Drop Despite Peace Talks in Doha
Orkim's Future Plans
Orkim plans to finance these contracts through a combination of internal resources and loans, while the final financing structure will depend on the timing and amount of loan drawdowns. These contracts are part of a broader plan to add five more tankers between 2027 and 2029, which includes the Orkim Ruby tanker with a capacity of 14,500 tons scheduled for next year.
Currently, Orkim operates a fleet of 21 vessels with a total carrying capacity of 281,534 tons, providing energy services to customers in Malaysia and the region. Since its public offering on the Malaysian stock exchange in December 2025, the company has been expanding its operations in chemical tankers and petroleum products. Earlier this year, the company acquired the 13,850-ton Rich Sunda tanker for $24.2 million and then the 13,988-ton Rong Yao Wu Zhou tanker for 157 million yuan (equivalent to $23.6 million based on current exchange rates).
Focus on Customer Demand
Orkim's CEO, Cheah Sin Bi, stated that the group's investment decisions are focused on ensuring appropriate diversity in response to long-term customer demand. This approach allows Orkim to continue developing and strengthening its fleet according to market needs.
Read more: Welsto Energy Signs New Contract for Naga 3 Drilling Rig with Petromas Carigali · MPC Oceanic Announces Agreement to Acquire 41% of Marlow Navigation
