Kuala Lumpur, 19 September 2025 — Lianson Fleet Group Berhad (LFG), formerly known as Icon Offshore Berhad, is moving swiftly to strengthen its presence in Southeast Asia’s marine transportation market with the planned acquisition of two additional bulk carriers for RM115.1 million.
Through its subsidiaries Melisar Corporation Pte. Ltd. and Gimsar Corporation Pte. Ltd., LFG has entered into separate memoranda of agreement to purchase MV Pacific Ace and MV Pacific Pride. The deals follow closely on the heels of the proposed acquisition of MV Moana BAQ in August 2025, underscoring the group’s pivot beyond offshore support vessels (OSVs) into the bulk shipping trade.
All three acquisitions are expected to close by the end of October 2025. Funding will be drawn from a mix of internally generated cash and bank borrowings, reflecting LFG’s intent to balance growth with financial discipline.
Building Scale and Diversification
Upon completion, LFG’s fleet will grow to 39 vessels, including 17 barges, 17 tugboats, and 5 bulk carriers. This marks a significant diversification away from its traditional OSV segment, which has historically tied earnings to the cyclical oil and gas industry. By adding bulk carriers, the company is repositioning itself to capture opportunities in long-term charter markets that offer more predictable revenue streams.
Executive Chairman Lim Chern Wooi highlighted the strategic rationale behind the move:
“We are thrilled to enter the next phase of our growth journey, having successfully evolved beyond a pure-play OSV operator. These acquisitions are a pivotal step forward, enabling us to strengthen our position in the marine transportation sector and tap into new opportunities across Southeast Asia. With robust demand for marine trade driven by regional flows of bulk cargo and commodities, we are well placed to accelerate our growth. This expansion will also enhance our earnings visibility through longer-term charters and bolster our recurring income stream.”
Southeast Asia’s Trade Dynamics
Analysts note that Southeast Asia’s trade lanes are benefiting from resilient demand for bulk commodities such as coal, grains, and construction materials. The addition of Pacific Ace and Pacific Pride positions LFG to leverage regional cargo flows, particularly between Indonesia, Malaysia, Vietnam, and China. Longer-term charters in this segment are also expected to mitigate earnings volatility linked to oil price fluctuations.
The acquisitions come amid a wave of consolidation and diversification across Malaysia’s maritime players, with several operators expanding into logistics and dry bulk transport to ride on structural trade demand in the region.
Outlook
For LFG, the expansion represents both scale and resilience. With a larger and more diversified fleet, the group is expected to enjoy steadier earnings visibility while deepening its regional footprint. Investors will be watching closely for charter agreements tied to the new bulk carriers, which will provide clearer guidance on the group’s recurring income trajectory.
