KUALA LUMPUR (July 22): Marine transportation company Orkim Bhd (KL:ORKIM) is expanding its fleet to 20 vessels with the acquisition of an oil and chemical tanker for 157 million yuan (RM94.9 million).

The group said its wholly-owned unit Orkim Ambition Sdn Bhd has entered into a memorandum of agreement with Hong Kong-registered shipping company Allcontinents International Shipping Ltd to acquire the MT Rong Yao Wu Zhou.

The vessel, the second tanker to be acquired in 2026, is expected to be delivered by Oct 20, said Orkim in a statement on Wednesday.

The purchase, along with an estimated RM4.2 million in start-up costs, will be fully funded using proceeds from the group’s existing sukuk issuance programme, the group added.

Built in 2025, the IMO Type II tanker has a deadweight tonnage of 13,988 tonnes and can carry both clean petroleum products and chemical cargoes.

“Following the recent addition of Orkim Garnet, we are pleased to secure our third IMO Type II tanker, which will be named Orkim Opal. This acquisition is a disciplined continuation of our fleet expansion and rejuvenation strategy,” said Orkim executive director and chief executive officer Captain Cheah Sin Bi.