PETALING JAYA: Orkim Bhd
has accepted a letter of award (LOA) from Petron Malaysia Refining and Marketing Bhd (PMRMB) for the renewal of the existing contract of affreightment (COA) for the provision of marine transportation services for clean petroleum products (CPP).
In a filing with Bursa Malaysia, Orkim said it shall provide marine transportation services for CPP within the Malaysia–Singapore range, commencing from June 1, 2026 to May 31, 2028, with a further one year extension subject to mutual agreement between the parties and subject to the terms and conditions of the definitive COA.
“The value of the COA is on a cargo-nomination basis whereby cargo nominations will be issued based on PMRMB’s requirements and in accordance with the schedule of rates to be set forth in the COA. As such, there is no firm contract value for the COA.
“The COA is expected to contribute positively to the earnings and net assets of the company and its subsidiaries over the duration of the COA,” said Orkim.
