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Recovery for Malaysia's shipping sector is not
expected till 2011. At the recently held
Malaysia Shipowners’ Association (MASA) annual
dinner, Chairman Nordin Mat Yusoff reiterated
the association's call to the government to help
local shipping companies tide over the global
economic downturn.
He
said the government's stimulus packages thus far
did not specifically address the problems faced
by the industry. Last month MASA submitted a
memorandum to the government highlighting the
effects of the downturn on their industry.
MASA has proposed a shipping fund to help
companies with distressed assets, especially
those with new ships on order who have problems
meeting their contractual obligations with
shipyards and banks. MASA has also asked that
income tax exemption is extended to offshore
supply vessels, dredgers, barges and tugs
(excluding harbour tugs) as well.
The association maintains close rapport with the
maritime division of the Ministry of Transport.
Transport Minister Ong Tee Keat, whose speech
was read out by a ministry representative at the
event attended by some 800 people, acknowledged
that these have been difficult times for the
industry. He noted some 140 ships have been laid
up in Malaysian waters, many of them being
Malaysian registered vessels.
Source: SeaTradeAsia-Online
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