Malaysia’s Lianson Fleet Group (LFG) is moving into larger bulk carriers with the acquisition of two 2017-built ultramaxes for $52.32m.
The Bursa Malaysia-listed company, formerly known as Icon Offshore, said its wholly owned subsidiary had signed two separate deals with unrelated Chinese sellers for the Tian Mu Shan and Yan Dang Shan.
LFG said the ships would be its first ultramax bulkers, moving the group above its existing supramax exposure.
The acquisitions are expected to be funded through internal funds and bank borrowings, with delivery expected later this year.
The deal follows LFG’s recently announced supramax acquisition, which is expected to deliver in August. Once all three vessels are added, the group’s fleet will stand at 41 units, made up of 17 barges, 17 tugboats and seven bulk carriers.
LFG said the ultramax purchases are part of its plan to expand its shipping business and add long-term charter asset classes with better earnings visibility.
Managing director Lim Chern Wooi said the group had been reshaping itself into a more diversified maritime company over the past few years, moving beyond its traditional offshore support vessel (OSV) base.
“The expansion of our bulk carrier fleet is a continuation of this strategy, allowing us to participate in global dry bulk shipping markets that are supported by different demand cycles from our core offshore businesses,” he said.
