‘Shipping industry needs alternative security instruments to ease transactions’

KUALA LUMPUR: The Malaysian Shipping Association (SAM) is seeking to work closely with the Federation of Malaysian Freight Forwarders (FMFF) and Selangor Freight Forwarders and Logistics Association (SFFLA) towards finding alternative security instruments to facilitate trading transactions without the need to collect security deposits.

“We, however, seek the understanding from SFFLA, FMFF, Malaysian National Shippers’ Council and the import business community that our principals’ interest in terms of demurrage, detention, and container damage recoveries must also be fully protected.