Malaysia's Lianson Fleet Group has paid $23m (RM93.9m) for its third ultramax bulker in just over three months, pushing disclosed spending on dry bulk tonnage to roughly $90.8m since June as it pivots away from its offshore support vessel roots.

The Bursa Malaysia-listed company said a wholly owned subsidiary acquired the 61,446 dwt vessel from an unrelated Japanese seller. The 2013-built ship, to be named LFG Cengal, was funded entirely from internal cash, and the group said the deal will have no effect on gearing — a signal to investors that the expansion carries no added leverage.

How fast has the fleet build-up moved?

Quickly. Splash reported in July that the former Icon Offshore had entered the ultramax segment with a $52.32m purchase of two 2017-built ships from Chinese sellers — the Tian Mu Shan and Yan Dang Shan, at about $26.16m apiece. With the latest $23m deal, disclosed outlay on ultramaxes alone now stands at around $75.3m.

The company has also moved into smaller dry bulk tonnage. In June it agreed to pay $15.5m for the Sea Affluence, a 2012-built supramax of 56,735 dwt. That purchase brought total bulker acquisition spending since June to approximately $90.8m — a figure the group has disclosed deal by deal over a single quarter.

What is the commercial logic?

LFG said the new ultramax is intended to add recurring charter income and deepen its exposure to international dry bulk trades, rather than serve as a one-off asset play. The fleet already spans 12 offshore support vessels alongside 41 marine transportation assets covering bulk carriers, tugs and barges.

Managing director Lim Chern Wooi said the ultramax sector offered long-term opportunities as LFG develops into a more diversified maritime group. His framing points to a structural shift: recurring charter revenue from the 60,000 dwt class would balance the project-driven earnings that dominate the offshore support business, which has weathered a volatile decade since the oil price collapse.

Why does a mid-sized Japanese ultramax matter?

The choice of vessel tells its own story. A 2013-built Japanese ultramax at $23m sits well below the roughly $26.16m per-ship LFG paid in July for two 2017-built units from Chinese sellers — about $3m less per hull for four fewer years of age. Buying secondhand Japanese tonnage with internal cash lets the group scale exposure to dry bulk rates without balance-sheet strain.

For charterers and operators in the Pacific dry bulk trades, a new entrant adding three ultramaxes plus a supramax in a single quarter marginally deepens the pool of modern tonnage available for period business. For LFG's shareholders, the test will be whether the roughly $90.8m committed since June converts into stable charter income as the group balances its offshore heritage with mainstream bulk shipping.