Kuala lumpur: Malaysia's shipping industry has demonstrated resilience by meeting the rising global demand and generating profit despite uncertainties in global trade, according to Shipping Association Malaysia (SAM) chairman Ooi Lean Hin. He emphasized that the industry continues to invest significantly in expanding capacity and advancing renewable and green fuel technologies, positioning itself for the evolving global trade landscape.
According to BERNAMA News Agency, Ooi Lean Hin highlighted that the industry has committed to meeting decarbonisation targets set by the International Maritime Organisation. "The substantial profits achieved by the industry over the last five years have been reinvested into infrastructure, ensuring that shipping services remain robust and future-ready," he stated during the Gateway to Asia: Maximising Trade Growth Between Hong Kong and Malaysia seminar.
Ooi noted the rapidly shifting landscape of global trade, influenced by the economic dynamics of emerging markets, geopolitical tensions, and trade wars. He pointed out that the rise in protectionism, particularly due to tariffs imposed by United States President Donald Trump, has disrupted global supply chains. "The US tariffs have not only caused significant fluctuations in demand and volumes but are also leading to supply chain realignments away from China towards Southeast Asia," he explained. This shift presents new opportunities for Malaysia and regional peers such as Vietnam, Thailand, and Indonesia to attract more foreign direct investments.
Meanwhile, Libera Cheng, director-general of the Hong Kong Economic and Trade Office, urged Malaysian shipowners and operators to consider registering their vessels in Hong Kong to take advantage of the country's extensive access to major markets and government incentives. "In Hong Kong, we have access to over 500 points worldwide, along with competitive tax policies and assurances of high safety and environmental standards," she said. Cheng expressed eagerness to collaborate with the Malaysian maritime and shipping sectors on sustainable maritime development, sharing best practices, and leveraging digital advancements to enhance port and shipping operations.