Malaysian Port To Receive $263M Infusion
A Malaysian port 30 percent owned by Danish shipping giant Maersk Sealand is expected to receive a $263 million government loan for expansion, Reuters reported. The Port of Tanjung Pelepas (PTP), located in Malaysia's southern Johor state, needs the money for dredging and land reclamation..
Maersk, the world's largest shipping line, bought its stake in the port a year ago to relocate its shipping business from Singapore, which is across from Johor. PTP, which has targeted cargo throughput of two-million TEUs this year and 40 percent volume growth in 2002, needs deeper wharves to accommodate larger container vessels. - (Reuters)