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Malaysian shipping industry calls for govt relief fundMalaysian 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.

Vincent Wee, Hong Kong and South East Asia Correspondent

October 24, 2013

1 Min Read
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"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.

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About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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