Page 26 - MMC Ports Newsletter-2023_Oct-Dec_ISSUE

26 MMC PORTS’ NEWSLETTER

On the Horizon

“With a cautiously

optimistic outlook for
2024, all MMC ports are
poised to make a splash
for the upcoming year
through critical impacts

and progressive plans.”

Sailing by another fulfilling yet challenging year, the following
year for the port and maritime segments is still slated to cross NORTHPORT
uncertain waters. This is attributed to economic uncertainty
and stricter carbon emission regulations. With the expected global container volume improvement
from 3.5% to 4.5%, as well as the anticipation of larger
However, the sector is expected to benefit from the current local
e-commerce boom as indicated through a 7% annual growth vessels to be added to the global fleet and the smaller
prediction in merchandise volume from 2023 to 2027. The rise vessels cascading into the Intra-Asia trade lanes,
of e-commerce transactions will continuously drive increased Northport’s volumes are expected to gradually increase in
demand for distribution centres and warehouses to enable the upcoming years.
just-in-time deliveries, efficient automation systems, including
networking with the customer system, and decentralising PTP
warehouses to lower transportation costs and reduce supply
chain risk.
PTP’s volume throughput target is set at 11.3 million TEUS
Meanwhile, the decarbonisation of the maritime sector also for the year 2024, representing a growth of 9% against
presents an opportunity for Malaysia to anchor itself as a key year-end 2023 at 10.4 million TEUs. This anticipates a
green fuel bunkering hub, with the country now accounting for performance trajectory similar to 2023, reflecting a slow
24-26% of annual container throughput within ASEAN.
and uneven global recovery. Despite these uncertainties,
Globally, both export and import volume are forecasted to PTP’s general strategies are pivoted towards resilience
improve towards positive territory in 2024, justified by a better and balance between volume opportunities and
recovery in China, Japan, Hong Kong, Korea and the USA financial performance, leveraging smart technology,
together with persistently elevated commodity prices and improving productivity performance, and moving towards
positive sentiments over stabilising monetary policy in major Environmental, Social and Governance (ESG) sustainability.
economies.