Value Creation Case Studies

Orkim Sdn Bhd (Orkim)

Orkim Sdn Bhd (Orkim)


  • Orkim is one of Malaysia’s leading Clean Petroleum Product (CPP) tanker companies which was founded in 2004 initially as a ship broker business
  • Strong track record of growth and with 17 vessels under ownership and management
  • Transports CPP from refineries to various oil storage terminals throughout the country and currently has 40% leading market share.

Transaction Details

Investment type
Buy out of non-core assets of GLC/PLC
Acquisition Date
December 2014

Investment Rationale

  • A market leader with strong outlet presence in peninsular Malaysia
  • Margin improvement opportunity via business process optimisation and investment in technology

Key Value Creation Metrics

  • Contract Renegotiation

    • Ekuinas Portfolio Monitoring and Management team identified a gap in respect of the cost computation of the respective vessels.
    • The discovery prompted a renegotiation of the relevant terms in the contract which resulted in a positive impact of RM2 million to Orkim’s bottomline.
    • Ekuinas then initiated a merger between TKS and OMNI under Icon Offshore Bhd with the aim of creating a leading Malaysian OSV player.
  • Fleet Expansion

    • Increased market share in the Malaysian CPP market by growing vessel fleet via vessel acquisitions
    • Invested in four additional CPP vessels between FY2015 to FY2018 which increased dead weight tonnage (DWT) capacity by 37% to boost growth in revenue and profits by increasing fleet size and yield
  • Diversification of Product

    • Ventured into LPG market and invested in two LPG tankers in 2015 – 2016 to serve the regional LPG transportation market
    • The delivery of the LPG tankers made Orkim the first local LPG tanker operator in Malaysia
  • Strong Revenue & EBITDA Growth

    • Gross revenue growth* of 22.4%; net revenue growth of 19.7%
    • EBITDA growth* of 15.4%


We are closed until 14th April 2020 in compliance with the Movement Control Order by the Malaysian Government.

During this period, the Company has implemented measures to ensure operations continue as usual and can still be contacted via staff's email and mobile.

For any inquiries, please email us at

Thank you and stay safe.