Penang Port Sdn Bhd, operated by MMC Corp, expects a shortfall in its container throughput for 2024, projecting a loss of 50,000 to 60,000 twenty-foot equivalent units (TEUs) due to the ongoing Red Sea crisis. This disruption stems from the conflict initiated when Houthi militants attacked Israel in October 2023, leading to increased hostilities and necessitating major shipping reroutes around the Cape of Good Hope instead of passing through the crucial Red Sea route. This route diversion has significantly increased transit times and operational costs globally. Despite the current challenges, CEO Datuk Sasedharan Vasudevan remains optimistic that the situation will stabilize, potentially by next year, as new capacities and routes are explored, including opportunities in the Bay of Bengal and North Sumatra. Meanwhile, Penang Port is seeking tariff increases to mitigate rising operational costs, although approval is still pending.
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