Lianson Fleet snaps up third ultramax

Malaysia’s Lianson Fleet Group (LFG) has added a third ultramax bulker, paying $23m (RM93.9m) for a 2013-built Japanese vessel as it continues to expand beyond its traditional offshore support vessel business.

The Bursa Malaysia-listed company said its wholly owned subsidiary acquired the 61,446 dwt to-be-named LFG Cengal from an unrelated Japanese seller. The purchase is being funded entirely from internal cash and will have no effect on group gearing.

The latest purchase takes LFG’s disclosed spending on ultramaxes to around $75.3m in little more than three months.

Splash reported in July that the former Icon Offshore had made its first move into the segment with the $52.32m acquisition of two 2017-built ships, the Tian Mu Shan and Yan Dang Shan, from Chinese sellers. The pair came in at about $26.16m apiece.

The company has also been adding smaller dry bulk tonnage. In June it agreed to pay $15.5m for the 2012-built, 56,735 dwt supramax Sea Affluence, taking disclosed spending on bulker acquisitions since June to about $90.8m.

LFG has been steadily broadening its shipping exposure after building its business around offshore support vessels. The group said the latest acquisition is intended to add recurring charter income and give it greater exposure to international dry bulk trades.

Managing director Lim Chern Wooi said the ultramax sector offered long-term opportunities as LFG develops into a more diversified maritime group.

The company currently says it owns and operates 12 OSVs and 41 marine transportation assets spanning bulk carriers, tugs and barges.

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