Malaysian maritime industry seeks more bank financing for bunkering
An industry executive says financing barriers are limiting expansion, while Singapore investors use banks in their own country.
Malaysian banks should provide greater financing support for maritime businesses, particularly bunkering operators seeking to expand, according to Maritime Network Sdn Bhd chief executive officer Datuk Seri Jeyenderan R.
He said prospective operators struggled to obtain loans because local banks viewed the sector as high-risk, especially purchases of vessels and bunkering assets. Bunkering involves supplying, storing and managing the logistics of marine fuel, lubricants and provisions for ships.
Singapore investors often used Singaporean banks rather than Malaysian institutions, he said, arguing that this diverted potential economic benefits away from Malaysia. He made the comments in an interview after appearing on Bernama TV’s Ruang Bicara programme.
Jeyenderan also sought clearer customs procedures for imports, exports and shipping. He said operators had to navigate differing requirements from the Royal Malaysian Customs Department, the Malaysian Maritime Enforcement Agency, port authorities and port operators. Procedures for submitting K1-K9 customs declarations should be confirmed and placed in a system so all parties follow consistent requirements, he said.
He said the maritime industry was broadly progressing towards its targets under the 13th Malaysia Plan through 2030. However, he called for better management and retention of waste materials that could provide feedstock for sustainable aviation fuel.
