Malaysia’s Lianson Fleet Group has bought its third ultramax bulk carrier for $23m, equivalent to RM93.9m, extending its move into dry bulk shipping from its established offshore support vessel business. Splash247 reported that the latest deal brings the Bursa Malaysia-listed group’s disclosed ultramax investment to approximately $75.3m in a period of just over three months.
The Japanese-built vessel dates from 2013 and has a deadweight capacity of 61,446 tonnes. It was purchased through a wholly owned subsidiary from an unrelated seller in Japan and is to be renamed LFG Cengal. According to the company, the acquisition will be paid for wholly with internal cash, leaving group gearing unchanged. The latest ship is older than the two ultramaxes acquired in its initial entry into the segment.
Splash247 previously reported in July that Lianson, formerly known as Icon Offshore, had agreed to buy the 2017-built Tian Mu Shan and Yan Dang Shan from Chinese sellers. That transaction was worth $52.32m in total, or about $26.16m for each vessel, marking the group’s first ultramax purchases.
The expansion also includes a smaller bulk carrier. In June, Lianson agreed to acquire the Sea Affluence, a 2012-built supramax of 56,735 dwt, for $15.5m. Including that transaction and the three ultramaxes, disclosed spending on bulker acquisitions since June stands at roughly $90.8m, Splash247 reported.
Lianson said the latest purchase was intended to generate recurring charter revenue while increasing its participation in international dry bulk trades. Managing director Lim Chern Wooi described ultramaxes as offering longer-term opportunities as the company builds a more diversified maritime business. The group currently reports owning and operating 12 offshore support vessels alongside 41 marine transportation assets across bulk carriers, tugs and barges, reflecting the range of activities beyond its original offshore focus.