THE shipping industry is the faithful, hardly seen, uncomplaining servant of global trade and economy. It is a key component of international trade and many important offshore economic activities. Without ships that carry all kinds of cargo across the world’s oceans, nations would not be able to trade, and globalization as we know it today, where consumers have access to a wide range of goods and materials at reasonable prices, would not be possible.
The industry’s immense role in facilitating the economic growth of Malaysia, which depends on it to carry an estimated 95% of its trade – cannot be overemphasized. Without ships, our products and raw materials would not be able to reach their target markets and we would not be able to have access to all types of materials and goods produced by our trading partners. Key economic activities such as offshore oil and gas exploration and production, fishery, passenger transport and port operations would be halted, and the interests of consumers, businesses, industries and the Government would be severely compromised.