PETALING JAYA: Orkim Bhd has entered into a time charter contract with PETCO Trading Labuan Co Ltd for the provision of marine transportation services.

In a filing with Bursa Malaysia, the vessel chartering firm said the contract is worth RM32 million, assuming extension options are exercised.

Orkim said the tenure of the contract is six months, with an option for a further six months at the charterer’s option.

“The risk factors affecting the time charter contract comprise operational and execution risks associated with the provision of marine transportation services.”

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