KUALA LUMPUR: MARC Ratings has affirmed its AA-IS rating on Orkim Bhd’s Islamic medium-term notes (IMTN) programme of up to RM1 billion and revised the outlook to positive from stable.
This outlook revision reflects confidence in the company’s solid fundamentals, its leadership position in marine transportation, specifically, in the domestic clean petroleum product (CPP) transportation market, and the company’s growth trajectory, Orkim said in a statement today.
According to MARC, the revised outlook is premised on Orkim’s proposed shareholders’ restructuring which will result in Permodalan Nasional Bhd (PNB) and its managed unit trust funds holding a majority stake in Orkim.
The transition signifies expected continued support from strong institutional shareholders, underlining the company’s alignment with the Government-linked Enterprises Activation and Reform Programme (GEAR-uP).
Orkim chief executive officer Captain Cheah Sin Bi said the company is encouraged by MARC’s decision to revise Orkim’s rating outlook to positive.
"This recognition reflects the strength of our fundamentals, our disciplined growth strategy, and the confidence in Orkim’s ability to deliver long-term value,” he said.
Orkim is a leading provider of maritime transportation services for CPP products in Malaysia and the region.
According to the statement, the company operates a diversified fleet under long-term charter arrangements with established oil majors and continues to focus on prudent fleet management to support operational efficiency and sustainable growth.
It owns the largest domestic CPP fleet, comprising 15 operational CPP tankers and two liquefied petroleum gas tankers, out of about 27 Malaysian-registered CPP and chemical tankers in domestic service.
Orkim said that as of end-August 2025, its time charter contracts had an outstanding value of RM633.9 million, including extension periods, providing earnings visibility through 2032. - Bernama
