KUALA LUMPUR (Jan 29): Orkim Bhd (KL:ORKIM) said the marine transportation group has secured a further one-year extension of its consecutive voyage charter contracts with  Shell Malaysia Trading Sdn Bhd and Shell Timur Sdn Bhd.

The group said the value of the contracts is on a "cargo-nominations" basis whereby "cargo-nominations" will be issued at the discretion of the charterers based on the agreed schedule of rates.

The contracts were obtained though its wholly-owned subsidiaries Orkim Power Sdn Bhd and Orkim Leader Sdn Bhd, the group said in a statement on Thursday. The extended charter period for Orkim Power commences on Feb 1 while that for Orkim Leader starts on March 1.

Following this extension period, the contracts grant the charterers an option to extend for an additional year.

The consecutive voyage charter contracts were initially entered into for a one-year period from March 1, 2024, and was subseqently extended for a further one-year period.

Orkim chief executive officer Captain Cheah Sin Bi said the extensions reflect the group's proven operational reliability and reinforce its strong customer relationships with key energy players.

“Together, these contracts enhance earnings visibility, strengthen our order book, and support our strategy of maintaining high fleet utilisation,” it added.

Ekuinas-back Orkim’s share price closed 1.5 sen or 1.49% lower at 99.5 sen on Thursday, giving the group a market capitalisation of RM995 million.

Orkim was listed on the Main Market of Bursa Malaysia on Dec 9, 2025. The initial public offering raised RM92 million for the company based on the IPO price of 92 sen per share.

Orkim operates 18 vessels with a combined capacity of 239,186 DWT, comprising 14 clean petroleum product (CPP) tankers totalling 134,684 DWT, two medium-range CPP tankers (98,004 DWT), and two liquefied petroleum gas tankers (6,498 DWT), according to the IPO prospectus.

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