Malaysia-based PSP Marine has entered a memorandum of agreement to acquire the Ryokyo Maru No. 2 bunker vessel from Eastern Marine Corporation. A subsidiary of PSP Energy will pay JPY222 million ($1.5 million) for the ship, which was manufactured in Japan in 2003.
The purchase is intended to expand the group's current fleet of three vessels to four. PSP Energy stated this acquisition will increase the total gross carrying capacity of the firm by 104.2 per cent to 4.9 megalitres.
The group reported that the transaction will be funded using proceeds from a public issue completed on December 4, 2025. Estimated refurbishment costs for the vessel will range between MYR2 million and MYR3 million.
Under the terms of the agreement, the seller will deliver the Ryokyo Maru No. 2 free from all debts, encumbrances, and maritime liens. The delivery is scheduled to take place at a port in the Hiroshima Prefecture of Japan between June 1 and June 15, 2026.
The company stated that the increased carrying capacity will allow it to serve more customers and capture additional business opportunities within Malaysia. It further noted that the larger fleet would enhance operational efficiency when existing ships like PSP Grace, PSP Glory, or PSP Golden undergo drydocking.
The board of directors of PSP Energy noted that the acquisition price was arrived at on a willing buyer-willing seller basis. This valuation considered market prices for bunker vessels with similar specifications and the potential earnings of the ship, the board said.
The acquisition is expected to be completed by the second quarter of 2026, PSP Energy stated.