Malaysian shipping industry calls for govt relief fund

Malaysia's shipping industry has once again sent out a mayday, calling this time for a relief fund to help financially distressed companies, and a refinancing scheme to provide relief to affected shipowners.

"We would like to appeal to the government to consider a relief or rescue fund to assist financially distressed firms as well as a refinancing scheme to help companies trapped with distressed assets," Malaysia Shipowners Association (Masa) chairman Nordin Mat Yusoff said in a statement.

He noted that with five of the 10 listed local shipping companies either delisted or placed under PN17 financial distress position in the last couple of years, the industry is facing "extinction" and appealed for government intervention.

Among the shipowning names to have disappeared in recent years are Nepline and Malaysian Merchant Marine.
Source: Seatrade Global