ORKIM SDN BHD

Founded in 2004, Orkim owns and operates 17 transportation vessels (16 Clean Petroleum Product (“CPP”) and 2 Liquefied Petroleum Gas (“LPG”) vessels) – all of which are Malaysian flagged.

Orkim is the only domestic owner operator of MR and LPG tankers. Vessels serve all the oil majors in Malaysia across all domestic routes whilst MR and LPG tankers serve regional and selected routes in Asia.

Orkim is the largest domestic vessel owner with 15 CPP tankers currently in operation. The company maintains a healthy mix of long-term contracts that provide earnings visibility and short-term contracts that can benefit from potential hikes in charter rates; seven of its 17 vessels are on long-term contracts ranging from five to 10 years. While the remaining vessels have a shorter contract duration, Orkim’s historical utilization rate has been consistent at around 90%.

Orkim’s fleet of of 17 vessels is relatively young, averaging 8.8 years. There are seven vessels, including five new tankers, that are under five to 10-years charter contracts and have an estimated revenue backlog of RM 843.50 million as of end-May 2023. Orkim’s revenue grew at a compound annual growth rate (CAGR) of 9.8% in the five years to 2022.