What is Freight Forwarding and Why Your Business Needs a Freight Forwarder? Introduction to Freight Forwarding Freight forwarding is an essential component of global trade and logistics. It involves the coordination and shipment of goods from one place to another using various modes of transport, including air, sea, and land. This complex process requires expertise, precision, and robust networks to [...]
26/06/2024
Loke: MOT supports Westports Malaysia 2 expansion project. KUALA LUMPUR (June 22): The Ministry of Transport (MOT) fully supports Westports Holdings Bhd’s (KL:WPRTS) expansion project in Port Klang known as Westports Malaysia 2. Transport Minister Anthony Loke Siew Fook said a new concession agreement for Westports had been approved by the Cabinet, following an evaluation by the Public Private Partnership Unit [...]
23/06/2024
India to create $9bn mega port Near Mumbai. The Indian government has approved the development of a new deep-water port, Vadhavan, on the country’s western coast. Located about 150 kms from Mumbai, Vadhavan is part of a strategic initiative to establish sea and rail links connecting India with Europe through the Middle East. The port’s construction, with an estimated [...]
23/06/2024
Container rates rise again with more to come. The latest container rate updates show Asia-Europe leading a continuing rise in box rates, with congestion in Asia expected to bring further increases. Drewry’s World Container Index (WCI) for 20 June showed a 7% increase on-week in its composite index to $5,117 per feu. Putting the recent rate rises in context, the [...]
23/06/2024
Targeted diesel subsidies can boost Malaysia’s credit rating, says economist. PETALING JAYA: The targeted diesel subsidy rollout could lead to an upgrade in Malaysia’s sovereign credit rating as it shows the government is serious about economic reforms and fiscal consolidation, said an economist. Prime Minister Anwar Ibrahim aims to replace broad subsidies, which cost the country RM81 billion last year, [...]
17/06/2024
Diesel subsidy not abolished, govt still bears RM7bil in subsidies, says PM Anwar. KUALA LUMPUR: The government still bears around RM7bil in subsidies related to diesel in Peninsular Malaysia, says Prime Minister Datuk Seri Anwar Ibrahim. He explained that subsidies have not been abolished. The diesel subsidy rationalisation aims to ensure more efficient management of subsidies, preventing misuse and ensuring [...]
17/06/2024
Malaysia to build port near Kuala Lumpur amid supply chain shift. Developer Tanco teams up with a Chinese company on AI-driven facility KUALA LUMPUR -- Malaysia will build a new container port along the western coast of the Malay Peninsula facing the Malacca Strait, one of the world's busiest sea lanes, as the country prepares to capture logistics demand created [...]
17/06/2024
Yangshan and Salalah top container port efficiency index. Malaysia’s Port of Tanjung Pelepas (PTP) is a new entrant in the top five of the latest Container Port Performance Index (CPPI) 2023, while Cartagena has moved up to number three. The CPPI report by the World Bank and S&P Global Market Intelligence ranks ports by efficiency, focusing on the duration of [...]
09/06/2024
Container spot rates expected to continue rising in June. Drewry’s World Container Index (WCI) was up 12% week-on-week on 6 June at $4,716 per feu. Meanwhile the Shanghai Containerized Freight Index (SCFI) on 7 June stood at 3184.87 points, a 4.6% increase, slowing from the previous week’s double-digit percentage jump that took it to levels not seen since August 2022. [...]
09/06/2024
South Korea to beef up supply chain resilience by tapping Malaysia and Asean. KUALA LUMPUR (June 9): South Korea is enhancing its supply chain resilience by intensifying collaborations with Asean countries, particularly Malaysia, in response to the escalating United States-China economic rivalry. South Korea’s special envoy for Indo-Pacific affairs, Chung Kee Yong, told Bernama that his country is currently prioritising [...]
09/06/2024
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