Maritime Network Sdn Bhd CEO Datuk Seri Jeyenderan Ramasamy urges regulators to provide clearer guidance on cargo handling practices, particularly oil commingling in shore tanks, following past corporate failures in Singapore. He highlights the need for better alignment between physical cargo conditions and documentation to avoid compliance gaps and ensure inventory integrity.
Maritime Network Sdn Bhd chief executive officer Datuk Seri Jeyenderan Ramasamy said without proper alignment between physical cargo conditions and documentation, the industry risks ongoing compliance gaps.
— Reuters file pic! Plus, enjoy an additional FREE RM10 when you sign up using code VERSAMM10 with a min. cash-in of RM100 today. T&Cs apply. KUALA LUMPUR, May 1 — The maritime industry is urging regulators to provide clearer guidance on cargo handling practices, particularly involving oil commingling in shore tanks, following key lessons from past corporate failures in Singapore.
Maritime Network Sdn Bhd chief executive officer Datuk Seri Jeyenderan Ramasamy, in a statement, said the collapses of Hin Leong Trading and Ocean Tankers Ltd exposed serious weaknesses in how physical oil inventories are reconciled with documentation and financial records. With over three decades of industry experience, the maritime expert said there is a need for greater clarity in how cargo is handled once it is blended or reclassified at storage facilities.
“The cases exposed weaknesses in reconciling physical oil stocks with paper records across trading, storage and vessel operations, underscoring broader risks related to inventory verification, documentation integrity and traceability within the petroleum supply chain,” he said. He added that without proper alignment between physical cargo conditions and documentation, the industry risks ongoing compliance gaps. Against this backdrop, he called for clearer regulatory frameworks to ensure cargo handling practices, particularly post-discharge commingling, are properly reflected in official records.
He also stressed the need for stronger standards in record-keeping and audit trails to ensure declared cargo quantities and classifications remain consistent with actual physical movements. He further said inconsistencies between physical cargo and documentation could lead to valuation disputes, compliance risks, and reduced confidence in regulatory oversight of the petroleum sector. The renewed push for clarity comes as regional trading hubs continue to tighten scrutiny over oil storage, blending, and transshipment practices to prevent similar systemic failures.
Maritime Industry Cargo Handling Regulatory Compliance Oil Commingling Supply Chain
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Usukan Assemblywoman Calls for Action Against Foreign-Run Businesses in SabahUsukan Assemblywoman Isnaraissah Munirah Majilis urges authorities to take action against foreigners operating businesses under Sabahans' names, citing unfair competition from Pakistani-run sundry shops and other foreign-owned businesses that undercut local traders. She highlights issues like wage violations, improper receipts, and price manipulation, calling for public support of local businesses and joint enforcement by relevant agencies.
Read more »
Sabah Government Cracks Down on Unlicensed Tourism Operators to Protect Local IndustryThe Sabah government is intensifying efforts to combat unlicensed tourism activities, including those conducted by foreign nationals misusing visitor passes. With penalties up to RM500,000 and 10 years in prison, the state aims to protect local operators and maintain Sabah’s reputation as a premier tourist destination.
Read more »
Banking industry urges MSMEs affected by Middle East conflict to engage for supportApril 28 (Reuters) - NXP Semiconductors forecast second-quarter revenue and profit above Wall Street expectations on Tuesday, betting on an ongoing recovery in the industrial and automotive chip markets to boost revenue, sending its shares up 15% in extended trading.
Read more »
Malaysia’s Automotive Repair Industry Embraces Digital Transformation with Transparent Service AppsThe automotive repair sector in Malaysia is adopting digital solutions, with smartphone apps offering motorists upfront pricing and greater transparency. A foreign franchise has entered the market, providing services through an app that records every repair step, ensuring customer trust and protection. The model also supports local suppliers, with 60% of parts sourced domestically. Additionally, Prime Minister Anwar Ibrahim announced the eradication of hardcore poverty in Selangor, marking a significant socioeconomic achievement.
Read more »
The cement industry’s circular economy must build justice, not just recycled content — Ahmad IbrahimAPRIL 30 — The cement industry is seen as a prime candidate for circularity due to a powerful convergence of scale, necessity, and unique technical opportunity. As a top global...
Read more »
Timber industry warns of 'triple burden' export threatKOTA KINABALU: Malaysia’s timber sector is urging urgent government action as it faces a “triple burden” of expanded SST, rising diesel costs,
Read more »