KUALA LUMPUR: Orkim Bhd
said its wholly-owned subsidiary Orkim Reliance Sdn Bhd has extended the existing Consecutive Voyage Charter (CVC) contracts with Shell Malaysia Trading Sdn Bhd and Shell Timur Sdn Bhd for a further six months, commencing Aug 16, 2026.
Following this extension, the charterers retain the option to further extend the contracts for three successive six-month periods, subject to the terms and conditions of the existing CVC contracts.
The CVC contracts continue to operate on a cargo nomination basis, whereby cargo movements are scheduled at the discretion of the charterers based on the agreed schedule of rates throughout the contract period.
"Although geopolitical events continue to shape the oil trade flows globally, the underlying tanker demand and supply fundamentals remain supportive. We are pleased to continue our long-standing relationship with our partner, Shell Malaysia, in ensuring the nation's energy supply security through the extension of the CVC contracts," said Orkim CEO Captain Cheah Sin Bi in a statement.
