Malaysian banks must back bunkering players or lose business to Singapore, says industry leader

KUALA LUMPUR, Oct 31 — The Maritime Network Sdn Bhd chief executive officer, Datuk Seri Jeyenderan R. Bunkering services involve supplying, storing, and managing marine fuels, lubricants, and essential provisions for ships and vessels. Jeyenderan highlighted that many industry players sought to enter the bunkering sector but faced challenges in obtaining bank financing.

Local banks often deemed the business high-risk, particularly when financing vessel and bunkering asset purchases. Singaporean investors bypassed Malaysian banks, leading to potential economic losses for the country. Jeyenderan emphasized that the loss of domestic GDP and the decline in marine traffic were concerning issues. He called for clearer guidelines and improved customs documentation procedures to streamline shipping-related processes, as the industry currently grapples with difficulties navigating various agency requirements.

The 13th Malaysia Plan aims to address these challenges, but better waste management for sustainable aviation fuel production is also a priority.