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THE fate of Malaysia's Penang Port has
been the topic of some intense speculation
of late. For some, privatising the port
is the only way out of the current financial
doldrums.
But for the port's chief operating officer,
Obaid Mansur, he refuses to concede defeat,
telling the country's Business Times in
a recent article: "We are not a sinking
ship. In fact, we are poised to grow if
we continue with the five-year growth plan".
Rarely a day passes when Penang, Malaysia's
oldest port, is not measured against the
country's more flourishing portsˇK
Port officials are striving to attract
more business every day, but the business
is simply not coming the way it is for the
likes of Tanjung Pelepas (PTP), which has
enjoyed unprecedented growth in recent years.
For years now, those "in-the-know"
in Malaysian maritime circles have watched
and waited with baited breath in anticipation
of the port's possible public listing.
Nothing, however, has since come to pass.
One particular issue that has received
much attention is the port's much talked
about dredging operations.
Press reports say that a sum of US$108
million is needed to carry out major dredging
or else Penang Port's fate as a mere regional
port will be all but sealed.
What is more Penang's location, infrastructure
and other facilities simply do not add up
to make it the port of choice in Malaysia.
Yet nothing in the scheme of things today,
guarantees dredging will commence anytime
soon in Penang to pick up the slack in lost
time, efforts and energy needed to revitalise
the port.
Most of the foot dragging even has a
shade of political posturing, some say.
"It is always the government's responsibility",
highlighted one source we spoke to commenting
on the dredging fiasco. Instead some quarters
want to give it to "those they favour",
he pointed out, referring to the hugely
lucrative dredging project and the controversy
it has since triggered.
Media reports have been abuzz to the
eventual privatisation of the port as a
conceivable means to "save" it.
A privatisation exercise pulled off along
the lines of Singapore's PSA would streamline
operations, create competitive terminal
handling charges that in turn will attract
main line operators, increase the scope
for warehouse and logistics operations and
if all else, bulk up the port's profits.
In fact, Seaport Terminal, the company
that won the bid to privatise Penang Port
is already brimming with confidence regarding
its short-term prospects.
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