SELANGOR: Orkim Bhd, Malaysia’s wholly-owned subsidiaries, Orkim Leader Sdn Bhd and Orkim Power Sdn Bhd, have entered into side letters to extend their respective existing consecutive voyage charter (CVC) contracts with Shell Malaysia Trading Sdn Bhd and Shell Timur Sdn Bhd.
Under the side letters, the parties have agreed to a one-year extension of the existing contracts, with the extended charter period for Orkim Power commencing on February 1, 2026, and for Orkim Leader on March 1, 2026.
Following this extension period, the contracts further grant the charterers an option to extend for an additional year.
Subject to the exercise of this option, the charter for Orkim Power may be extended until January 31, 2028, while the charter for Orkim Leader may run until February 28, 2028.
Orkim’s CEO Captain Cheah Sin Bi said the company is pleased to extend its long-standing partnership with Shell for both Orkim Leader and Orkim Power.
“These extensions reflect our proven operational reliability and reinforce our 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,” he said in a statement.
Separately, effective February 1, 2026, another group subsidiary, Orkim Marine Sdn Bhd (OMSB), the owner of Orkim Glory, secured a one-year extension of its CVC contract from the charterers.
Earlier this month, OMSB also successfully secured a contract of affreightment from Boustead Petroleum Marketing Sdn Bhd for a two-year term, with an option to extend for a further year, providing additional contribution to the group’s earnings visibility.
