Abandon ship?

THE latest non-farm payrolls - 295,000 jobs were added in February, while the unemployment rate fell to 5.5% - will reassure investors about the health of the US economy, while simultaneously provoking concerns about the likely date of the first Federal Reserve rate increase.

But what about the global economy? There are four things that might give investors pause. The first is the direction of central bank policy. The Fed might be thinking of pushing up rates but many more central banks have been cutting; India and Poland were the latest to join the trend. That doesn't suggest confidence in a global recovery. The second is bond yields. Euro zone 10-year yields are now on a par with their Japanese equivalents at 0.38%; the US has the highest yields in the G7 at 2.2%. Of course, one can argue that these yields have been manipulated by central banks, although both the Fed and the Bank of England reduced or stopped QE a while ago. The third and fourth measures are commodity prices and the Baltic Dry index, a measure of shipping rates (see chart, which is on a log scale). Both dipped in 2008-2009 and recently but the Baltic Dry's decline is much more precipitous; it recently hit a 30-year low.

One would expect there to be some kind of link between the two. After all, commodities are exactly the kind of product - bulky, imperishable - that companies are going to send by ship. And these indices are, of course, driven by the balance of supply and demand. Commodity markets operate with a lag - it takes time to develop new oil fields and dig new mines - so the risk is that the price may have dropped by the time the extra supply comes on stream. Shipping operates with an extra lag since shipowners respond to higher commodity demand. New ship orders more than trebled between 2012 and 2013. But it may not be just supply that is to blame; the WTO has been cutting its forecasts for world trade growth.

The head of Maersk, the shipping group, recently talked of slower global trade growth, adding that

The economies in Europe are still very sluggish. Brazil, Russia and China: those three economies used to drive a lot of growth, and right now we are not really seeing that to the same extent. The only real bright spot is the US, and even the US is good but not great

One should be pretty cautious about overinterpreting the Baltic Dry's movements; its sheer volatility over the long term suggests it can hardly be an exact forecaster of the economy. In some respects, its fall may even be good news, as some commenters point out. However the index's slump hardly suggests a boom either. And another bellwether isKorean exports which fell 3.4% year on year in February (although seasonal factors played their part).

The big question is whether lower oil prices and interest rate cuts will eventually act to give the economy a second wind, or whether both developments are merely a symbol of incipient weakness. The equity markets clearly favour the benign interpretation, and indeed one can partly explain rate-cutting and low bond yields with respect to the effect of falling commodity prices on inflation. As always, we need more data; first quarter GDP numbers from the emerging markets (out next month) will be the next test.

Source: Economist

Hubline Bhd to exit from its core container shipping business

KUCHING: Hubline Bhd has decided to exit from its core container shipping business to stop years of losses and concentrate on the profitable break bulk cargo transportation.

The Sarawak-based company said the decision, which was made following a detailed deliberation and review of all relevant factors, was due to depressed freight rates and overcapacity of the industry.

Hubline’s fleet of container vessels ply between ports in Malaysia, Thailand, Vietnam, Hong Kong, Indonesia, Papua New Guinea and other countries. These vessels are expected to cease operations by September this year.

In the past four years, Hubline said the container shipping division had contributed an average of 79% to the group’s overall revenue but with losses, therefore forcing the board of directors to reassess the group’s financial and operational strategies.

“Continued participation in the container shipping market without immediate turnaround in the industry landscape would eventually harm our profitable operations of the break bulk division.

“The group’s break bulk division has the potentials to develop and grow without being challenged by the pressure of subsidizing the container shipping division,” it added in a filing with Bursa Malaysia.

Hubline said the container liner industry had long been suffering since the economic crisis and overcapacity in the market was still evident.

The global liner industry, according to the company, is struggling with the depressed freight rates to meet operating costs.

“The global trade patterns are fast changing which is challenging to our operating model. Consequently, competition for cargo is still very fierce and operators are struggling to stay profitable with the depressed freight rate environment.”

The company said the exit process from container shipping would involve withdrawal from various trade routes, termination of related service and operational contracts as well as the disposal of container shipping related assets.

“Subject to market conditions during the exit process and the company’s successful execution of its exit plans, the estimated one-off costs to the income statement are expected to be approximately RM350mil for financial year ended Sept 30, 2015.

“However, over the long term, as the group concentrates on its profitable break bulk division, the board anticipates a positive impact to the group’s earnings,” it added.

Hubline said upon exiting the container shipping operations, the company would become an “affected listed issuer” and therefore required to comply with guidelines under Practice Note 17 (PN17).

Meanwhile, Hubline obtained a restraining order under Section 176(10) of the Companies Act,1965 from the High Court here on Feb 18 to facilitate the restructuring of its shipping operations.

It said the order was also to enable the company to focus its efforts on formalising a proposed scheme of arrangement for creditors.

Hubline shares were heavily traded yesterday, falling to a low of 2.5sen from the previous close of 3.5sen.

Source: StarBiz

Kontena Nasional

A Kontena Nasional yard. The company incurred a loss of RM19.2mil in the last financial year

SUBANG JAYA: Transport and logistics provider NCB Holdings Bhd will address the issue of escalating costs with a more efficient financial management system to turn around its haulage and logistics operation subsidiary Kontena Nasional Bhd.

Kontena Nasional incurred a loss of RM19.2mil in the last financial year ended Dec 31, mainly due to the lower margin contribution from new logistics activities caused by high initial start-up costs.

“The board of Kontena Nasional is addressing this issue at present.

“We want to strengthen the financial management system to stabilise cost so that we can obtain improved margins.

“We hope to see better results in the coming quarters,” NCB chairman Tun Ahmad Sarji Abdul Hamid told reporters after the company's AGM.

One of the core focuses of Kontena Nasional, according to Ahmad Sarji, would be operational cost management and bottom-line results.

Ahmad Sarji: ‘We want to strengthen the financial management system to stabilise cost.’

Nevertheless, Ahmad Sarji said the company's port operations, viaNorthport (M) Bhd, continued to be the main profit contributor.

In the last financial year, NCB posted a pre-tax profit of RM180.4mil, reflecting a marginal decrease of 5.1% over 2011.

This came on the back of an RM987.2mil revenue, a 6.4% increase against the previous year.

Northport's profit contribution was RM197.3mil.

Northport handled 3.1 million twenty-foot equivalent units (TEUs) last year, a decrease of 3.4% over the previous year.

Ahmad Sarji said the completion of container terminal four in August should boost the port's capacity and business.

On capital expenditure, Ahmad Sarji said the company had earmarked RM1bil for 2013 and utlised about RM700mil year-to-date, adding that future expansions might be financed via the issuance of sukuk.

He was also thankful to the Government for renewing the Northport lease by extending its present tenure by another 30 years to 2043 and another 21 years for Southpoint to 2034.

“The terms and conditions of this new lease are being negotiated and finalised, and slated for completion in the third quarter of this year,” he said. NCB paid out a dividend of 65.5 sen per share, involving a total payout of RM308mil, last year.

Source: StarBiz

Logistics roadmap will benefit the region

Malaysia’s Roadmap for Development of the Logistics Services Industry will see a flourish of trade opportunities in the Pan-Beibu Gulf Economic Cooperation (PBGEC) member countries, according to Deputy Transport Minister Jelaing Mersat.

He said the roadmap commissioned by the Malaysian Logistics Council and the EPU of the Prime Minister’s Department contained recommendations on improving performance of ports, shipping, land transport and freight transportation.

He said the Transport Ministry would play an active role in the roll-out of the plan which would include strategic initiatives to strengthen capital capacity and also to review and revamp regulatory and intuitional framework.

“The ministry will also look into legislations and international conventions involving shipping, liability regimes, air and surface transport to strengthen our governance, regulatory functions and ensure international compliance,” he told Bernama on Saturday.

“With the roadmap, the transportation networks will be connected within the Asean and PBG countries. This will further develop investment, trade and economic cooperation in the region and form cluster of industries, accelerate economic growth in the PBGEC.” – Bernama

Jelaing attended the 6th PBGEC Forum, which concluded here on Friday.

He said Malaysia would play its role in transportation infrastructure to improve the connectivity between Asean and China.

“We are doing everything that we can to speed up the connection, such as the Singapore-Kunming Rail Link.”

The roadmap for the Development of the Logistics Services Industry is an Asean economic blueprint signed by all Asean leader at the Asean Summit, which was attended by former prime minister Tun Abdullah Ahmad Badawi in 2007.

Meanwhile, Jelaing said the Transport Ministry would evaluate and implement relevant strategic initiatives under the roadmap which whould envision the development of world class freight logistics system, including strengthening the role of ports and shipping to support the country’s economic growth and development.

“We will liaise and consult with various stakeholders in the industry through the focus in moving the agenda on freight logistics forward,” he said.

On maritime cooperation, Jelaing said China-Asean Maritime Consultation Mechanism is in the midst of exploring cooperative opportunities.

Under the mechanism, he said both countries conducted numerous activities, including the meeting on Tide, Current, and Wind Measurement Project of Malacca and Singapore Straits (March and April) and the Workshop on Port Facility Security in July.

Source: BizStar

Container freight continues to be battered by excess supply

Container shipping freight rates, which have shown signs of recovery at the beginning of the year, are now back sailing on choppy waters as rates continue to be battered by excess supply.

According to CIMB Research, despite the gloomy rate environment, containership newbuilding orders have zoomed ahead, with over a million twenty-foot equivalent units (TEUs) ordered year-to-date from about 700,000 TEUs last year.

“This has tilted the equilibrium negatively and supply is now expected to grow faster than demand in 2012 and 2013.” it said.

The research house said it was bullish on the sector at the start of the year based on a modest pace of newbuilding orders, but the dramatic surge of orders had taken it by surprise.

Excess supply: Maersk and MSC have already deferred proposed rate increases from June to July on weak ship utilisation.

“We are worried that liners are repeating the mistakes of the past,” it said in a recent sector report.

It said freight rates continued to be battered by excess supply, and base rates for Asia to Europe are probably close to zero.

“Rates between China and Europe have declined 60% to US$874 per TEU, from a peak of US$2,164 per TEU in March 2010, and are now close to zero after deducting the bunker adjustment factor of around US$750 per TEU.

“Spot rates have declined despite higher bunker prices, exacerbating the squeeze on margins,” said the research house.

CIMB Research expected rates could plummet below bunker costs over the next month or two.

“Maersk and MSC have already deferred proposed rate increases from June to July on weak ship utilisation, which could prevent a sustained rise in rates even during the coming peak season.

It said the present situation was much worse than its expectation at the start of the year.

According to Alphaliner, weekly Asia-Europe (AE) shipping capacity was 21% higher year-on-year (y-o-y) in May, substantially ahead of the 4% y-o-y rise in head-haul trade volume in April.

“Also, economic indicators in Europe appear to be weakening, with a flattish composite leading indicator for the big four European economies, weak retail sales, and rising retail stock levels.

The weekly expects carriers to begin cancelling services, redeploy capacity to other trades, or lay up ships if the situation continues.

Sharing the negative sentiment, according to CIMB Research, is Transpacific rates, which had resumed its downtrend after making tentative upward moves in April and early May.

“The Transpacific Stabilisation Agreement, a research and discussion group of 15 major container shipping lines had recommended US$400 per forty-foot-equivalent-unit increase in contract rates from May, but carriers likely lowered rates instead.

“According to Alphaliner, Transpacific capacity was 19% higher y-o-y in May against a 7% to 8% annual demand growth,” it said.

Source: BizStar

Economic woes in US, Europe still cast shadow on local shipping sector

Despite the rosy outlook of seaborne container trade anticipated this year in continuation of last year’s growth, there are several negative variables that could still cloud the positive sentiment.

Maritime Institute of Malaysia senior fellow Nazery Khalid said Malaysia, being a trade-dependent country, would be subjected to the economic performance of countries it traded with and the economic woes of the United States – a key trade partner – were not likely to improve soon.

“The eurozone crisis might add to the gloom; already Portugal is feeling the contagion effect of a crisis that has hit Ireland and Greece.

Naery Khalid says the US economic woes are not likely to improve soon.

“And China’s effort to ease economic growth to prevent overheating could also have an adverse effect to Malaysia’s trade and ports’ performance in the near term,” he toldStarBiz.

According to Nazery, the World Bank projected that China’s economy would grow at an average of 8.4% over 2011-2015 and 7% over 2016 to 2020, compared with the double-digit average annual growth it registered in the past decade.

“Other quantitative easing measures by several major trading countries may also dampen a sharp rebound in global economic and trade growth, and this will obviously have a telling effect on Malaysia,” he said.

Although Malaysia’s economy emerged largely unscathed from the global recession, Nazery said recently-released domestic figures suggested that the country was not entirely immune to the devastating effects of the downturn.

Malaysia’s exports in October 2010 slumped to an 11-month low, with a mere 1.3% growth recorded year-on-year, despite the economy posting a strong growth of 8.1% in the first three quarters of 2010.

“Also, the specter of huge new tonnage coming into shipping trades such as container and bulk will add downward pressure to freight rates.

“It would be unlikely that these vessels would be able to find demand for such cargos to be able to match the supply of the vessels carrying them,” he said.

To recap, Minister of Transport, Datuk Seri Chong Kong Ha recently announced that that Malaysian ports handled a total of 18.4 million 20-foot equivalent units (TEUs) last year.

This commendable figure was a 14.8% increase from the 16.04 million TEUs of total container throughput recorded by local ports in 2009.

The minister has forecast a 7% year-on-year growth in total throughput in 2011.

Nazery said the confidence of a productive year for local ports this year was not misplaced as economic indicators pointed to decent growth for Malaysia’s trade and economy this year, in line with improving global economic sentiment.

World Trade Organization projected global trade to grow 13.5% this year, compared with its earlier growth forecast of 10%.

Meanwhile, Bloomberg recently reported that Asian exports that helped power the world recovery last year were poised to grow more slowly as the region’s manufacturing rebound eases and the US unemployment restrains consumption after a post-recession spending spree.

According to the newswire, Container traffic growth in Shanghai, Singapore and Hong Kong, the world’s busiest ports, has cooled since the first half of last year.

Singapore exports in 2011 may rise at a third of last year’s pace of as much as 24%, according to DBS Group Holdings Ltd. The island’s government joins Taiwan and South Korea in predicting smaller gains in overseas sales.

While seaborne container trade outlook is still on cautious mode, shipping companies that were severely battered when freight rates plunged during the height of the global economic crisis, were slowly “restoring” their rates in tandem with the increase demand for their services.

Maersk, the largest container shipping company globally, had on Dec 22 announced general rate increase for its Middle East- Europe service for the first quarter of this year.

CMA CGM in its revenue restoration programme has also embarked on new rate restoration and surcharges for a few of it services this month.

The World's Busiest Ports

HONG KONG -- The global shipping industry is beginning to show signs of returning to profitability after suffering through one of its worst years ever in 2009. Falling exports and a glut of too many ships ordered during the boom years drove prices down to unsustainable levels on some routes, but the outlook is now improving for both the ports and the shipping companies.

Container traffic provides a window on trade patterns and the state of the global economy because it is the most closely tied to consumer demand. Six of the world's 10 busiest ports are located in China, when measured in terms of cargo shipped in standard containers, or TEUs (20-foot equivalent units).

In fact, Asia's exporting prowess is so dominant that Dubai and Rotterdam are the only two ports from outside the region to even make the list.

Since container shipping accounts for 52% of the total value of the world's seaborne trade, according to Lloyd's Maritime Intelligence Unit, Forbes used it to rank the world's busiest ports. Tankers make up 22%, general cargo 20% and dry-bulk commodities 6%.

China's exports returned to growth late last year after recording 13 months of declines during the financial crisis. The country's exports rose to $119.9 billion in April, a jump of 30.5% from a year earlier, while its imports surged 49.7% to 118.2 billion.

China Merchants Holdings, the country's largest publicly traded container port operator, said volumes this year may exceed 2008's level, according to a recent Bloomberg report. China Merchant's container throughput increased over 20% in the first four months of the year.

Macquarie selected China Merchants as its top pick of the China port sector with an "outperform" rating and raised its price target to 31 Hong Kong dollars ($4) from 21 Hong Kong dollars ($2.70). The Australian bank expects the recovery in exports to continue in 2010 supported by resilient North American and Intra-Asian volume.

China's resurgent economy and renewed demand for commodities is also benefiting its Asian neighbors. The Baltic Dry Index, which measures shipping rates for commodities, has jumped 40% for the year so far, 22% in May alone.

The improvement in shipping rates is helping to bolster shares of Japan's biggest dry-bulk shipper Mitsui O.S.K. Lines, which have surged 32% this year, while its rivals Nippon Yusen KK and Kawasaki Kisen Keisha are up 15% and 40%, respectively. All three of Japan's biggest shippers are forecasting a jump in profits this year based on the strength of the country's export-led recovery.

Growing demand from China and other Asian economies helped to boost Japan's exports for the past five months, but shipments to Europe have already begun to slow. If the euro-zone's sovereign debt troubles continue to worsen and spillover to the wider financial system, then China's shipping outlook may shift again.

China's shipping companies have been singled out as the sector most exposed to the E.U.'s uncertainty. Credit Suisse estimates that 35% of China COSCO's revenue and 32% ofChina Shipping Container Lines' comes from the Asia-Europe route, while earnings from European trade for the country's port operators varies between 7.3% to 34.1%.

Source: Forbes

Below is the Forbes list of the busiest ports in the world. Ranking is from first downwards:

Singapore

Shanghai, China

Hong Kong

Shenzhen, China

Busan, South Korea

Guangzhou, China

Dubai, UAE

Ningbo, China

Qingdao, China

Rotterdam, Netherlands

Only handful opt for third-party logistics

KUALA LUMPUR: Malaysia’s manufacturing sector is still in transition to fully realise the advantages of outsourcing their logistics activities.

This outsourcing effort, known as third-party logistics (3PL) services, usually involves integrated warehousing and transport services being customised to meet customer’s needs based on their markets, demands and delivery requirements.

According to Dynamic Learning Resources trainer consultant G. Vizayer Raj, only a handful of Malaysian companies have fully outsourced their logistics activities.

“For manufacturers, the long-term benefits of using 3PL services include reduction in warehousing and distribution cost as well as enhanced focus on core activities such as quality control, production and marketing.

“In the long run, the cost of transportation, distribution and inventory management could be reduced by more than half if the company opts for 3PL services,” he told StarBiz.

“At the end of the day, manufacturers could produce good quality and competitively priced products that could reach their target markets on time.”

Vizayer recently presented a paper on Creating Global Value Through Efficient Trade Logistics at the 2nd National Logistics Conference organised by The Exporter Club.

He said the lack of awareness on 3PL services in Malaysia could be due to the perception towards logistics services here.

“Around 20 years ago, we were largely dependent on Singapore in terms of logistics. Our logistics services then did not bring the desired result, but the sector has since evolved.

“Many international logistics companies have set up their hubs in Malaysia and they include DHL, Schenker and Ceva Logistics,” Vizayer said.

He noted that Malaysia had developed its own logistics companies that offered services of international standards. They include Century Logistics Holdings Bhd, Freight Management Holdings Bhd, Tiong Nam Logistics Holdings Bhd and Freight Mark (M) Sdn Bhd.

Vizayer said to achieve a strong logistics sector, a country must put in place the processes of logistics.

“Certain factors must be addressed to stimulate growth and they include infrastructure and policies.

“Physical assets such as skilled workforce; infrastructure like roads, bridges, airports, seaports, railways; and adequate communications network must be of international standards,” he said.

“We also need Government support in the areas of policies, procedures and regulations to ease and promote trade.”

Vizayer said corporations should also play their part to stimulate trade growth.

“They must educate employees on the benefits of global trade, create a sustainable enterprise, utilise the resources of 3PLs and make supply chain management a strategic priority.”

Source: StarBiz

Port Demurrage and Detention Free Time and Charges

Export / Import Demurrage (Free time & charge*)

*Demurrage & Detention Free Time and Charges for all Trades except Trans-Pacific Trade. Please refer to http://rates.etransport.com/oocl/for details of United States related Services”

1. Definition of Key Terms

Export Demurrage	Export Cargo free time shall commence on the day when the loaded container has been returned to carrier's container yard (CY) and the last day of free time would be the advertised CY closing date for a period not to exceed the free time provided in the tariff
Import Demurrage	Import Cargo free time shall commence on the first day on cargo availability as notified by the terminal
Detention	Equipment free time shall commence at 0001 from the day when the removal of the equipment from carrier's facility until the container return back to the carrier's facility.
Free time & Charge*	* = Per calendar day per container

2. Tariff Rate


Export Tariff - All Ports

DETENTION **(R11)

	General Purpose			Reefer (Live & Dry) & Special Equipment
Container Size	20'	40'	45'	20'	40'
Freetime (calendar day)	6 days	6 days	6 days	6 days	6 days
Detention charge after freetime (in MYR)
1 - 3 days	15	30	36	30	60
4 - 6 days	23	45	54	45	90
7 - 9 days	30	60	72	60	120
above 10 days	45	90	107	90	180

DEMURRAGE **(R11)

	General Purpose			Special Equipment & RD		Reefer
Container Size	20'	40'	45'	20'	40'	20'	40'
Freetime (calendar day)	5 days	5 days	5 days	5 days	5 days	3 days	3 days
Demurrage charge after freetime (in MYR)
1 - 3 days	25	37.5	42	125	150	125	150
4 - 7 days	50	75	84	175	200	175	200
above 8 days	75	112.5	127	225	250	225	250

---------------------------------------------------------------------------------

Import Tariff

IMPORT DEMURRAGE - Port Klang / Pasir Gudang **(R12)

	General Purpose			Special Equipment		Reefer (Live & Dry)
Container Size	20'	40'	45'	20'	40'	20'	40'
Freetime (calendar day)	5 days	5 days	5 days	5 days	5 days	3 days	3 days
Demurrage charge after freetime (in MYR)
1 - 3 days	25	37.5	42	125	150	125	150
4 - 7 days	50	75	84	175	200	175	200
above 8 days	75	112.5	127	225	250	225	250

IMPORT DEMURRAGE - Penang Port ** (R12)

	General Purpose			Reefer (Live & Dry) & Special Equipment
Container Size	20'	40'	45'	20'	40'
Freetime (calendar day)	5 days	5 days	5 days	3 days	3 days
Detention charge after freetime (in MYR)
1 - 3 days	25	37.5	42	125	150
4 - 7 days	50	75	84	175	200
above 8 days	75	112.5	127	225	250

IMPORT DEMURRAGE - Sarawak / Sabah / Kuantan (Except Kuching Port and Kota Kinabalu Port)

	General Purpose			Reefer (Live & Dry) & Special Equipment
Container Size	20'	40'	45'	20'	40'
Freetime (calendar day)	5 days	5 days	5 days	5 days	5 days
Detention charge after freetime (in MYR)
1 - 3 days	25	37.5	42	125	150
4 - 7 days	50	75	84	175	200
above 8 days	75	112.5	127	225	250

IMPORT DEMURRAGE - Kota Kinabalu Port ** Effective from 15th Jan 2007

	General Purpose			Reefer (Live & Dry) & Special Equipment
Container Size	20'	40'	45'	20'	40'
Freetime (working day) * according to Sabah Port public holiday	5 days	5 days	5 days	5 days	5 days
Detention charge after freetime (in MYR)
1 - 3 days	25	37.5	42	125	150
4 - 7 days	50	75	84	175	200
above 8 days	75	112.5	127	225	250

IMPORT DETENTION - Port Klang / Pasir Gudang / Penang **

	General Purpose			Reefer (Live & Dry) & Special Equipment
Container Size	20'	40'	45'	20'	40'
Freetime (calendar day)	5 days	5 days	5 days	5 days	5 days
Detention charge after freetime (in MYR)
1 - 3 days	15	30	36	30	60
4 - 6 days	23	45	54	45	90
above 7 days	45	90	107	90	180

IMPORT DETENTION - Sarawak / Sabah / Kuantan (Except Kuching Port)

	General Purpose			Reefer (Live & Dry) & Special Equipment
Container Size	20'	40'	45'	20'	40'
Freetime (calendar day)	7 days	7 days	7 days	7 days	7 days
Detention charge after freetime (in MYR)
1 - 3 days	15	30	36	30	60
4 - 6 days	23	45	54	45	90
7 - 9 days	30	60	72	60	120
above 10 days	45	90	107	90	180

IMPORT DEMURRAGE/DETENTION COMBINED - Kuching Port **
* The Free Period allowed for demurrage and detention charges is combined into a total of TEN (10) calendar days, inclusive of Saturdays and Sundays. Effective from 1st Feb 2007

	General Purpose			Reefer (Live & Dry) & Special Equipment
Container Size	20'	40'	45'	20'	40'
Freetime (calendar day)	10 days	10 days	10 days	10 days	10 days
Charges after DEM/DET freetime (in MYR)
1 - 3 days	50	75	75	150	180
4 - 7 days	75	112.5	112.5	200	240
above 7 days	100	150	150	250	300

3. Remarks
(**)

• (R11)= Charges will be calculated and collected by OOCL and must be paid before BL is release.
• (R12) = Charges will be calculated and collected by local terminal on behalf of the Carrier and must be paid before container is release.
• (R21 )= Please take note that said charges will be collected by CDC Control (M) Sdn Bhd on behalf of the Carrier.

All the above information is extracted courtesy of the OOCL website HERE.