MARC Ratings has affirmed its AAIS rating on Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) RM3.5 billion Sukuk Murabaha programmed, with a stable outlook. The affirmation reflects the company’s strong position as a key container transshipment port, supported by continued investments and operational expertise from its shareholders.
The rating is underpinned by PTP’s ability to generate steady cash flow and maintain a solid liquidity position, allowing it to meet debt obligations while supporting ongoing expansion. However, the agency noted that the port’s volume performance remains sensitive to global trade trends, which can be affected by geopolitical developments.
PTP benefits from the backing of its major shareholders, MMC Port Holdings Berhad and Netherlands-based APM Terminals B.V. Both entities bring extensive experience in port operations and development. APM Terminals is part of A.P. Moller-Maersk A/S, one of the world’s largest shipping companies, which has also been a key customer contributing a significant share of PTP’s throughput over the past five years.
The port has also gained from the Gemini Cooperation between Maersk and Hapag-Lloyd AG, launched in February 2025. Under this collaboration, PTP serves as an important hub, linking regional ports to a network of major global transshipment hubs, strengthening its role in international shipping routes.
Looking ahead, PTP is implementing a capital expenditure programme of up to RM3.6 billion from 2026 to 2029. The plan includes acquiring new equipment, expanding container yard capacity, constructing an additional berth, and replacing aging assets. These efforts are expected to increase the port’s handling capacity to about 15.9 million TEUs by 2029, up from the current 14.0 million TEUs.
The expansion will be financed through a mix of internally generated funds and sukuk issuances. As of the first nine months of 2025, PTP maintained a strong cash balance, supporting its financial flexibility. Its consistent cash flow generation over recent years has also helped ease concerns about rising debt levels.
Overall, the rating affirmation highlights PTP’s financial strength, operational stability, and its strategic importance in global trade, positioning the company well for future growth.