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Malaysian shipowners ask for government help

Malaysian shipowners ask for government help
The Malaysian Shipowners' Association (MASA) is asking for financial assistance from the government as they continue to struggle with the weak shipping conditions and high operating costs, MASA chairman Nordin Mat Yusoff was quoted as saying.

He added that Malaysian owners are facing losses, and especially those with newer and bigger ships are struggling to service their loans. MASA has appealed to the government for help, pointing to the fact that other governments such as South Korea and China are helping their shipping industries.

"The government is looking into the matter positively and objectively. What we need is a sort of an interim financial support mechanism in the form of financial assistance or mortgage funds available at preferential terms to help qualified owners to tide over this difficult period," he said.

This would include financial assistance or mortgage funds, made available at preferential terms for qualified shipowners.

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