Kota Kinabalu: The Malaysia Offshore Support Vessels or OSV Owners’ Association (MOSVA) has joined Malaysia Shipowners’ Association (MASA) with big companies like MISC and undersea Internet cable laying ship contractors, Sarawak and Sabah Shipowners Association, to demand strict enforcement of the controversial cabotage policy to protect their business interests.MOSVA President Jamalludin Obeng said many member companies incurred massive losses and erosion of value when the liberalisation or exemption of the policy for Sabah and Sarawak became effective June 1, 2017.
He said several MOSVA members who are public listed companies, saw market capitalisation drop by more than RM27 billion or loss of more than 85 per cent of their value.
Advertisement
