Malaysia’s Lianson Fleet Group (LFG) is broadening its presence in shipping with the acquisition of a 2012-built supramax bulk carrier, moving beyond its traditional offshore support vessel (OSV) base.
The Bursa Malaysia-listed company, formerly known as Icon Offshore, announced that its unit Kangsar Corporation has agreed to purchase the Moana Baq from LT Princess Shipping of Hong Kong. The 56,625 dwt vessel, built by Qingshan Shipyard, is changing hands for $13.25m, slightly above its $12.2m estimated value on VesselsValue.
LFG said the acquisition will be funded via a mix of internal funds and bank borrowings. While it has sufficient cash to cover the full price, the group is in talks with lenders to finance up to 70% of the purchase in order to maintain flexibility and capital efficiency.
The move reflects Lianson’s strategy to diversify away from its core OSV business and build recurring income from other vessel types with long-term charter potential. “The acquisition is in line with our strategy to strengthen recurring income streams and reduce reliance on the OSV segment,” the company noted in a filing.
Lianson’s fleet currently includes around 20 OSVs. It also lists two bulk carriers on its website: the 2006-built supramax Lianson Dynamic and the 2009-built Lianson Hermes.
The purchase comes on the back of a major expansion plan revealed last year, under which Lianson is taking over 40 vessels, most of which come from the businesses of Yinson’s founder Lim Han Weng and Liannex Corp, with the balance from Yinson itself.
LFG has also been active in establishing partnerships. Earlier this year, the company inked a joint venture with Thailand’s Precious Shipping and Emstraits Navigation. The new entity, Nusantara Maritime, will focus on ownership and operations of LNG, LPG, and crude tankers, as well as leasing and maritime services.
