Malaysia: PSP Energy to acquire bunker vessel for USD 1.4 million
- Published
by Admin
Malaysia-listed PSP Energy on Wednesday (11 March) said its bunkering subsidiary subsidiary, PSP Marine (M) Sdn Bhd, entered into a memorandum of agreement (MOA) with Eastern Marine Corporation for the proposed acquisition of bunker vessel Ryokyo Maru No. 2.
Eastern Marine Corporation is acting on behalf of the registered owner of the bunker vessel, Kyokai Kaiun Japan.
The purchase price of the 2,248-dwt vessel is JPY 222.0 million (MYR 5.5 million or USD 1.4 million).
The purchase price and the estimated refurbishment costs of between RM2.0 million to RM3.0 million, will be fully funded from the part of the gross proceeds raised from the public issue of PSP Energy, in conjunction with its listing exercise on 4 December 2025.
The bunkering business of PSP Energy and its subsidiaries are operated through a fleet of three bunker vessels, namely PSP Grace, PSP Glory and PSP Golden with an aggregate gross carrying capacity of approximately 2.4 megalitres.
To expand the Group’s bunkering capacity, the Group said it would require, amongst others, additional bunker vessels in order to transport and supply more bunkers for sales to other vessels in Malaysia.
The proposed acquisition is in-line with the Group’s on-going business expansion plan, as it allows the Group to grow one of its core business activities to four bunker vessels with total gross carrying capacity of approximately 4.9 megalitres.
“The increased carrying capacity would enable the Group to increase its bunkering capacity, thereby allowing it to serve more customers and to capture additional business opportunities,” the company said in filing with Bursa Malaysia.
“In addition, the resultant increase in fleet size would also enable the Group to enhance its operational scale and efficiency, as the Group is able to mobilise more bunker vessels to serve its existing customers, especially when any one of its existing bunker vessels is undergoing drydocking or at a remote location.”
The delivery of the vessel is expected to take place in a safe port within the Onomichi, Hiroshima Prefecture, Japan between 1 June and 15 June 2026.
Eastern Marine’s principal business activities are acting as general agents between overseas shipowners and Japanese port agents, provision of chartering and vessel management support services, as well as purchases and sales of vessels.
Related: Malaysia: PSP Energy to allocate MYR 15 million from IPO listing for additional bunker tanker
Related: Interview: Malaysia bunker supplier PSP Marine shares commercial expansion plans
Photo credit: MarineTraffic / Kenro Oshita
Published: 16 March, 2026
Related Topics:
