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Malaysia: PSP Energy to acquire bunker vessel for USD 1.4 million

PSP Marine (M) Sdn Bhd, the bunkering subsidiary of Malaysia-listed PSP Energy Bhd, entered a MOA with Eastern Marine Corporation for the proposed acquisition of bunker vessel “Ryokyo Maru No. 2”.
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bunker vessel Ryokyo Maru No. 2

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

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LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

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July 21, 2026

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PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions. 

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post. 

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024. 

 

Photo credit: Pacific International Lines
Published: 21 July, 2026

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LNG Bunkering

CIMC SOE secures order for 12,000-cbm LNG bunkering vessel from Sinopec Clean Energy

Once operational, the vessel is expected to strengthen Sinopec’s domestic coastal LNG bunkering network and help address gaps in China’s alternative fuel bunkering infrastructure.
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July 21, 2026

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CIMC SOE secures order for 12,000-cbm LNG bunkering vessel from Sinopec Clean Energy

China’s Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. (CIMC SOE) recently signed a contract with Sinopec (Beijing) Clean Energy Co., Ltd. to build a 12,000-cubic metre (m3) LNG bunkering vessel, according to Chinese maritime media.

The vessel is scheduled for delivery in 2028 and will support Sinopec’s efforts to expand its presence in the marine clean energy sector.

Once operational, the vessel is expected to strengthen Sinopec’s domestic coastal LNG bunkering network and help address gaps in China’s LNG bunkering infrastructure.

With this signing , CIMC Pacific Offshore Engineering’s LNG bunkering vessel orderbook is further strengthened, maintaining its leading position in the global market for small and medium-sized LNG bunkering vessels.

The contract also marked another milestone for CIMC SOE, which has seen a sharp increase in orders and business performance this year amid a surge in domestic LNG vessel demand.

 

Photo credit: Nantong CIMC Sinopacific Offshore & Engineering
Published: 21 July, 2026

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Nuclear

ABS awards AiP to Korean institute for SMR-powered container ship concept design

KRISO says AiP recognises the technical feasibility and safety of its concept design, marking an important milestone toward the development of next-generation nuclear-powered commercial ships.
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July 21, 2026

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ABS awards AiP to Korean institute for SMR-powered container ship concept design

Korea Research Institute of Ships & Ocean Engineering (KRISO) on Thursday (16 July) received Approval in Principle (AiP) from the American Bureau of Shipping (ABS) for its concept design of a 15,000 TEU Small Modular Reactor (SMR)-powered container ship utilising Molten Salt Reactor (MSR) technology.

KRISO said the AiP recognises the technical feasibility and safety of its concept design, marking an important milestone toward the development of next-generation nuclear-powered commercial ships.

“This achievement demonstrates international recognition of KRISO’s technological capabilities in the rapidly evolving field of nuclear-powered shipping, supporting the transition toward low-carbon maritime transport,” it said. 

Building on this milestone, KRISO will continue advancing basic and detailed ship design, paving the way for future demonstration and commercialisation of SMR-powered vessels. 

Through continued R&D and international collaboration, KRISO remains committed to strengthening next-generation maritime technologies and contributing to the safe deployment of nuclear propulsion in the maritime industry.

 

Photo credit: Korea Research Institute of Ships & Ocean Engineering
Published: 21 July, 2026

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