The Chairman of the Malaysia Shipowners’ Association (MASA) has called on the Malaysian Government to help local shipping companies ride out the global financial crisis.

Speaking at the association’s annual dinner event, Nordin Mat Yusoff said that he did not expect Malaysia’s shipping sector to recover before 2011. He added that the government’s stimulus package had done little to address the specific problems of the industry.

In October, MASA submitted an official memorandum to the Malaysian Government detailing the impact of the financial crisis on the sector. MASA proposed the launch of a shipping fund to help companies with distressed vessels. MASA also sought an income tax exemption to be extended to OSVs, dredgers, barges and tugs.