KUALA LUMPUR (Oct 13): Lianson Fleet Group Bhd (KL:LFG) has acquired its third Ultramax bulk carrier for US$23 million (RM93.9 million), as part of its ongoing diversification beyond its offshore support vessel business.

The acquisition was made on Tuesday by LFG Cengal Ltd, a wholly owned subsidiary of Lianson Fleet, from an unrelated third-party vendor incorporated in Japan, according to a bourse filing.

The LFG Cengal is a 13-year-old, Japanese-built bulk carrier built in May 2013, with a deadweight tonnage of 61,446 tonnes. The vessel is equipped with five cargo holds and five cargo hatches.

Bulk carriers are used to transport loose dry cargo such as coal, iron ore and grains. The acquisition comes as the group sees robust demand and charter rates for bulk carriers, supported by regional trade flows of bulk cargo and commodities. 

The acquisition was funded through internally generated funds and is expected to contribute positively to the group’s earnings for the financial year ending Dec 31, 2026 (FY2026) and beyond through charter income.

Liaison Fleet had cash and bank balances of RM219.26 million as at end-June this year. On the other hand, it had total borrowings of RM318.87 million.

According to Lianson Fleet's official website, it operates a fleet of 15 offshore support vessels, 17 sets of tugs and barges, and four dry bulk carriers.

Liaison Fleet’s share price closed unchanged at RM1.55, with a market capitalisation of RM1.78 billion. Year to date, the stock has fallen about 22%.