Orkim Orders Product Tanker Pair in China for $38 Million

Malaysian tanker owner Orkim has signed shipbuilding contracts for two 9,000 dwt clean petroleum product tankers in China, committing approximately $37.6 million (MYR 153.6 million) to its ongoing fleet expansion. The vessels will be built by Fujian Southeast Shipbuilding and Fujian Mawei Shipbuilding, with deliveries scheduled for the end of 2028 and 2029.

The investment, executed through the subsidiary Orkim Marine, is part of a broader strategic program to add five tankers to the fleet between 2027 and 2029. This pipeline includes the 14,500 dwt Orkim Ruby, which is slated for delivery next year. The company intends to fund the latest newbuilds through a mix of internal capital and bank borrowings, with the final structure depending on loan drawdowns.

The extended delivery timeline for these 9,000 dwt units—stretching up to five years from the contract date—underscores a significant tightening of shipyard capacity for smaller-scale tonnage. While major yards are largely booked with larger container and gas carrier orders, the spillover into specialized regional yards like Fujian Southeast suggests that owners seeking niche product tankers must now navigate lead times traditionally associated with much larger asset classes.

Orkim chief executive Cheah Sin Bi stated that the investment is driven by the need to secure tonnage against long-term customer demand. This move follows an aggressive period of growth for the Bursa Malaysia-listed owner, which currently operates 21 vessels with a total capacity of 281,534 dwt serving regional energy markets.

The company has been active in the secondhand market alongside its newbuild program. Earlier this year, Orkim acquired the 13,850 dwt Rich Sunda for $24.2 million and the 13,988 dwt Rong Yao Wu Zhou for approximately $23.6 million, signaling a rapid deployment of capital following its recent public listing.

Source: Splash247