KUALA LUMPUR (Jan 15): The Federation of Malaysian Manufacturers (FMM) advised Malaysian importers and exporters to brace for potential challenges, such as limited supplies of empty containers, due to the escalating security crisis in the Red Sea. FMM president Tan Sri Soh Thian Lai, in a statement issued on Monday, expressed deep concern over the Red Sea situation that led major shipping firms to reroute vessels around the southern tip of Africa. Thus, Soh emphasises the need for Malaysian shippers to strategically adjust to safeguard supply chains and minimise the impact of the Red Sea situation to better meet customer demands. Given fluctuating freight rates and uncertain transit times, Soh urges shippers to plan container bookings and shipping schedules at least one month in advance for affected markets. Soh also calls on shipping companies to honour pre-booked freight rates for Malaysian shippers without adjustments.

Source: The North Africa Journal January 15, 2024 04:54 UTC