Orkim expands tanker fleet as utilisation holds at 91pct
KUALA LUMPUR: Orkim Bhd, Malaysia’s largest clean petroleum product tanker operator, is pressing ahead with fleet expansion and renewal as steady vessel utilisation and additional capacity support earnings growth.
KUALA LUMPUR: Malaysia's largest clean petroleum product tanker operator, Orkim Bhd, is expanding its fleet and improving existing vessels as utilisation remains strong at 91%. The company's CEO, Captain Cheah Sin Bi, said newbuild vessels on the way will boost capacity and strengthen Orkim's vessel portfolio, while existing customer relationships and recurring contracts provide a solid foundation for growth.
Orkim maintained disciplined fleet deployment, operational efficiency, and prudent capital management. For Q2 2026, the company reported a net profit of RM22.91 million on revenue of RM87.34 million, with a gross profit margin of 32%. Fleet utilisation slightly decreased to 91% from 92% in Q1. The fleet grew to 19 vessels at year-end, including 17 CPP and chemical-capable tankers and two LPG carriers.
Orkim's total carrying capacity reached 253,036 deadweight tonnes after the May delivery of the Orkim Garnet, a 2026-built IMO Type II tanker. Revenue for the first half rose 14.9% to RM175.4 million, while pre-tax profit increased 5.8% to RM47.1 million. The CPP segment drove earnings growth, while the LPG segment faced challenges due to dry-docking and currency fluctuations.
No dividend was declared for the quarter, and Orkim's fleet renewal program remains a key growth driver.
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