KUALA LUMPUR (Sept 10): Lianson Fleet Group Bhd (KL:LFG) announced that it has completed the acquisition of Ultramax-class bulk carriers MV Tian Mu Shan and MV Yan Dang Shan.

The transaction was completed on Sept 3 following a closing meeting and the physical delivery of two vessels by the seller, the marine logistics services firm said in an exchange filing. The deal was completed based on the terms and conditions in the agreements signed in July, Lianson said.

The acquisition comes at a time of strong charter rates and high utilisation rates. The benchmark Baltic Dry Index — which measures the cost of shipping dry materials such as coal, ore, and grain — has surged 36% between February and July.

Ultramax bulk carriers are dry cargo ships with deadweight tonnage typically ranging from 60,000 to 65,000 tonnes.

The price tag was US$52.32 million, or RM213.2 million, in cash, according to the earlier filings. Lianson is funding the acquisitions through a combination of internal funds and bank borrowings.

At noon market break on Thursday, Lianson’s share price were up one sen or 0.63% at RM1.60, giving the company a market capitalisation of RM1.84 billion.