Accra:According to BERNAMA News Agency, the recent Budget 2027 announcement presents measures that are set to alleviate financing constraints for Malaysian shipowners. The budget extends the income tax exemption for shipping companies until 2036 and introduces fixed stamp duty rates on loans for purchasing or constructing Malaysian vessels. These measures aim to address stringent collateral requirements and mismatches between loan tenures and the useful life of ships.
Maritime analyst Nazery Khalid highlighted that the incentives could lower ship financing costs, especially for locally built vessels, and foster the development of domestic shipping capacity. These measures are expected to support growth in key sectors such as energy, bulk commodities, and container shipping, thereby enhancing Malaysia's trade volumes and economic growth.
Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim announced these initiatives under the theme 'Reaching for the Skies, While Anchored On Our Values.' Fixed stamp duty rates have been set at RM2,000 for loans up to RM100 million and RM5,000 for loans exceeding RM100 million, further facilitating ship financing.
Nazery also noted that these incentives could reduce reliance on foreign vessels, limit foreign exchange outflows, and help smaller shipping companies accelerate digitalisation. Moreover, shipping firms are encouraged to invest in modern, environmentally friendly vessels to comply with International Maritime Organisation (IMO) standards and support Malaysia's net-zero ambitions.
In addition, Nazery addressed the challenges faced by maritime cadets in securing practical seagoing experience. He proposed linking financing access from government-owned institutions to the provision of training berths for cadets. This measure could alleviate the shortage of training opportunities and encourage more young Malaysians to pursue maritime careers. However, he emphasized that such a requirement would be a commercial decision that the government might not be able to impose.