Orkim commits $37.6m to pair of 9,000 dwt tankers at Fujian yards

Malaysian tanker owner Orkim has committed about $37.6m (MYR153.6m) to a pair of 9,000 dwt clean petroleum product tankers built in China, extending a fleet growth programme launched after its December 2025 listing on Bursa Malaysia.

The company disclosed in a stock exchange filing that its wholly owned subsidiary, Orkim Marine, signed shipbuilding contracts with Fujian Southeast Shipbuilding and Fujian Southeast's sister yard Fujian Mawei Shipbuilding. The two vessels are scheduled for completion by the end of 2028 and the end of 2029, respectively. At roughly $18.8m per ship, the order prices in mid-size tonnage for regional clean-products trades at a moment when owners across Southeast Asia are adding domestic-focused capacity.

How will the deal be financed?

Orkim plans to fund the contracts through a combination of internal funds and borrowings, according to the filing. The final financing structure will depend on the timing and size of loan drawdowns, which leaves the company room to stagger debt as milestone payments fall due through the 2027-2029 construction window.

For lenders and yards alike, the structure signals a measured approach: Orkim is not committing the full amount upfront, and its listed status on Bursa Malaysia gives it access to both equity-market credibility and bank facilities. That dual track matters for a fleet that already spans 21 vessels totalling 281,534 dwt, serving Malaysian and regional energy customers.

Where do these ships fit in the fleet plan?

The latest contracts form part of a wider programme to add five more tankers between 2027 and 2029. The previously contracted Orkim Ruby, a 14,500 dwt product carrier, is scheduled for delivery next year and remains the first of the newbuild tranche to arrive.

The two Fujian-built units follow that vessel and sit at the smaller end of the expansion range. Their 9,000 dwt size points to short-haul clean-products and coastal distribution work rather than long-haul trades, consistent with Orkim's customer base of regional energy firms.

What has Orkim bought since listing?

The company has moved quickly on secondhand tonnage as well. Earlier this year it acquired the 13,850 dwt Rich Sunda for $24.2m, and it subsequently agreed to buy the 13,988 dwt Rong Yao Wu Zhou for CNY157m, worth about $23.6m at current exchange rates. Those two purchases plus the newbuild pair add roughly $85m in committed investment since the December 2025 listing, spread across both the resale and newbuilding markets.

The split between buying existing ships and ordering new ones gives Orkim delivery flexibility: the secondhand vessels can enter service immediately, while the 2027-2029 newbuilds renew the fleet on a longer horizon.

What does the CEO say?

Orkim chief executive Cheah Sin Bi said the group's investment decisions remained focused on securing suitable tonnage against long-term customer demand. That framing positions the orders as demand-led rather than speculative, anchored to contracts with regional energy customers rather than spot-market bets.

With five vessels due between 2027 and 2029 and financing still to be finalised through internal funds and borrowings, Orkim's next disclosure cycle will show how much of the expansion the company funds from its own balance sheet.