KUALA LUMPUR (Dec 9): Marine transportation company Orkim Bhd (KL:ORKIM) plans to replace its ageing tankers gradually, through new purchases or new builds, to keep its fleet at an average age of 12 years over the next five years.

Nearly half of its 18 vessels are 10-18 years old.

Chief executive officer Captain Cheah Sin Bi told The Edge the company prefers a younger fleet compared to the national average of 18 years, to meet regulations, reduce maintenance costs, improve efficiency, and ensure higher vessel uptime — which refers to the amount of time a ship is fully operational and available for use.

For more details, visit the full article here.