Buoyant year for port operators, shipping industry but challenges persist

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The story "Buoyant year for port operators, shipping industry but challenges persist" was covered 3 hours ago by The Star, a news publisher based in Malaysia.

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The Star 3h ago

Buoyant year for port operators, shipping industry but challenges persist - The Star

Quick Summary:

KUALA LUMPUR: It has been a strong year for ports in Malaysia as operators pushed ahead with capital-intensive infrastructure upgrading works and rode on the wave of e-commerce growth as well as rising global trade to maintain their competitiveness.

Reports indicated that ongoing geopolitical tensions have resulted in longer shipping voyages, with vessels circumventing the Cape of Good Hope, effectively removing approximately 1.2 million TEUs from the global container supply.

"These include growing demand for container shipping services, shipping capacity expansion, operational challenges arising from volatile oil prices, high labour costs, and hike in insurance premiums due to geopolitical factors and changing carrier alliances,” Nazery added.