Lianson Fleet adds supramax as it expands beyond offshore
Lianson Fleet Expands with Bulk Carrier Acquisition
Malaysia’s Lianson Fleet Group (LFG) is making significant strides in the shipping industry by acquiring a supramax bulk carrier, marking a strategic shift from its traditional offshore support vessel (OSV) operations. The company, previously known as Icon Offshore, has announced that its subsidiary, Kangsar Corporation, will purchase the Moana Baq from LT Princess Shipping of Hong Kong for $13.25 million, slightly exceeding its estimated value of $12.2 million.
Strategic Diversification and Financial Plans
This acquisition is part of LFG’s broader strategy to diversify its fleet and establish a more stable income stream beyond the OSV sector. The 56,625 deadweight tonnage (dwt) vessel, constructed by Qingshan Shipyard in 2012, will be financed through a combination of internal funds and bank loans. Although LFG has the cash reserves to cover the entire purchase price, the company is negotiating with lenders to secure financing for up to 70% of the cost. This approach will allow LFG to maintain financial flexibility and optimize capital efficiency.
In its official statement, LFG emphasized that this acquisition aligns with its goal of enhancing recurring income streams while reducing dependence on the OSV segment. Currently, LFG operates a fleet of approximately 20 OSVs and has two other bulk carriers listed on its website: the 2006-built Lianson Dynamic and the 2009-built Lianson Hermes.
This purchase is part of a larger expansion initiative announced last year, which includes the acquisition of 40 vessels, primarily from the businesses of Yinson’s founder Lim Han Weng and Liannex Corp, along with additional vessels from Yinson itself. LFG is also actively pursuing partnerships to bolster its operations. Earlier this year, the company formed a joint venture with Thailand’s Precious Shipping and Emstraits Navigation, creating Nusantara Maritime, which will focus on the ownership and operation of LNG, LPG, and crude tankers, as well as leasing and maritime services.
