Malaysia

Commercial
Logistics
Industry
Report

The Lorry Online Sdn Bhd (1113109-U)

No. 12, Jalan MJ 14, Taman Industri Meranti Jaya, 47120, Puchong, Selangor.
 Contents

Malaysia Commercial Logistics Industry Report

Industry Overview ............................................................................ 3
Fragmented Industry with Small-Scale Players .......................................................3
Trucking Companies Growing Fast .........................................................................5
Rise of 3PL Service Providers ..................................................................................5
Green Logistics........................................................................................................6
Future Outlook ........................................................................................................7

Market Trends .................................................................................. 8

Logistics to continue growth trajectory ..................................................................8
Container Haulage Industry set to grow further ..................................................10
E-commerce to grow at double-digit rate by 2020 ..............................................11
Shortage of Truck Drivers .....................................................................................11
The Advent of Autonomous Trucks ......................................................................12
Rise of Logistics Platforms ....................................................................................13
TheLorry – an on-demand platform for trucking & moving .................................13

Top Logistics Players in Malaysia ................................................... 14

Tiong Nam Logistics ..............................................................................................14
Tasco......................................................................................................................15
Harbour-Link Group ..............................................................................................16

References ...................................................................................... 17

Updated on 10th March 2017

 Industry Overview

Industry Overview
Fragmented Industry with Small-Scale Players

In the recent years, Malaysia has developed an advanced network of modern land transportation that
serves its domestic needs as well as their neighbouring countries - Singapore and Thailand. Owing to
this excellent connectivity, inland truck transportation services have become one of the key elements
of the commercial logistics industry.

However, the industry witnessed slower growth in recent years. For instance, per Malaysian
Automotive Association (2016), commercial vehicles (Trucks, Prime Movers, Pick-ups etc.) registered
in Malaysia in 2016 is 65,579 compared to 75,376 in 2015 whereas commercial vehicles produced and
assembled locally is 50,781 and 41,562 in 2015 and 2016 respectively [1].

In 2015, Logistics and Trade Facilitation Masterplan 2015-2020 was launched by the government. This
is mainly to resolve bottlenecks in the sector, strengthen its presence in the region and further drive
growth. The trucking industry has been identified as a key area of development, with the focus being
to enhance efficiency and removing restrictions prevalent in existing regulations.

Some of these measures include increasing and standardizing the axle - load limit for trucks and
reviewing the interchangeability of prime movers for different trailers. Overall, this Masterplan is
expected to increase the contribution of the Transportation and Storage sub-sector to GDP to 4.3% in
2020, from 5.2% in 2016. (Malaysian Economy, 2016) [2].

According to Agility Emerging Markets Logistics Index Report (2016), Malaysia was ranked 4th, going
up 4 places compared to 2015.

Source: Agility Emerging Markets Logistics Index Report (2016)

The index ranks emerging markets based on their size, business condition, infrastructure and other
factor that make them attractive to logistics providers, freight forwarders, shipping lines, air-cargo
carriers and distributors.

Source: Agility Emerging Markets Logistics Index Report (2016)

3
 Industry Overview

While several local firms have reported sizable market returns, approximately 70% of the industry
continues to be dominated by multinationals firms such as DB Schenker, Deutsche Post DHL Group
and Nippon Express who have a competitive advantage in economies of scale and wider geographical
footprint [3]. The MNCs have more business resources in securing global servicing contract with other
MNCs, and thus can provide comprehensive services for freight forwarding, freight tracking and
monitoring, and other distribution solutions.

The Malaysian government expects that the industry will move towards greater consolidation. Freight
forwarding and logistics companies are encouraged to provide integration across various transport
intermediaries along the logistics supply chain in Malaysia. This consolidation will allow the companies
to compete with the multinational firms on a more equal footprint such as Kerry Logistics Network
(HKG) and Sony Supply Chain Solutions (JPN).

4
 Industry Overview

Trucking Companies Growing Fast

According to the Malaysian Automotive Association (2016), number of commercial vehicles registered
in Malaysia displayed a steady growth from 2010 with 61,562 vehicles up to 79,136 vehicles in 2013.
However, from 2014 onwards, the number started to diminish slightly from 78,124, to 65,679 in 2014
to 2016 respectively [4].

Number of Commercial Vehicles Registered in Malaysia

Year Commercial Vehicles
2010 61,562

2011 65,010

2012 75,564

2013 79,136

2014 78,124

2015 75,376

2016 65,579
Source: Malaysian Automotive Association, 2016.

*Commercial Vehicles also reclassified on 1 January 2007 and includes Trucks, Prime Movers, Pick-up,
Panel Vans, Bus & Others.

Rise of 3PL Service Providers

Most domestic companies generally manage their logistics needs internally. However, there seems to
be a growing number of companies that begun outsourcing non-core functions of logistics activities
to third party logistics (3PL) service providers. It helps to reduce infrastructural investment. This has
also given rise to the demand for contract logistics services. Consequently, many logistics players in
Malaysia have begun expanding their storage capacities to meet the projected demand growth.
Additionally, to boost the industry, the government initiated the multimodal transport operator (MTO)
status to encourage Malaysian 3PL providers.

5
 Industry Overview

Green Logistics

The government is concerned with the congestion, greenhouse gas (GHG) emissions from road
haulage and security issues. The Prime Minister has pledged that by the year 2020, Malaysia will reduce
its CO2 emissions by 40% and it is believed that intermodal could be one of the solutions to achieve
this. Almost 70% of CO2 emission in the transport sector is attributable to road transport [5].

However, this international emphasis on reducing the carbon footprint of products traded across
borders would lead to increased costs for the Malaysian logistics and transport industry. This would
definitely impact the trucking industry. Carbon dioxide (CO2) emission (in grams) by ship per tonne of
freight and per km of transportation is only 1015 grams per tonne-kilometre (g/tkm), whereas the
modern truck emits 51-91 g/tkm and trains, 19-41 g/tkm; implying truck’s carbon footprint is the
highest among the modes of transport [6].

Additionally, products trucked on Euro 3 diesel engine vehicles have higher carbon footprints than
goods trucked on Euro 4 diesel engine vehicles. Currently, Malaysian diesel engines trucks are mostly
of the Euro 3 standard. The trucking industry thus faces increased costs for compliance with these
environment-friendly regulations.

Effective January 1, 2014, Singapore’s National Environment Agency (NEA) lowered the permissible
level of black smoke emitted from a vehicle from the previous 50 Hartridge Smoke Units (HSU) to 40
HSU [7], directly affecting diesel-engine vehicles that enter Singapore, including trucks. Malaysia
remains Singapore’s largest trading partner, while Singapore is Malaysia’s second-largest trading
partner after China. This new law would affect ageing trucks that regularly ply the route between
Singapore and Malaysia.

Another factor affecting Malaysian diesel truck operators is the lack of Euro 4 (50 ppm sulphur) ultra-
low sulphur diesel (ULSD), making it difficult for them to purchase the Euro 4 diesel trucks mandated
in Singapore. For compliance, diesel particulate filters must be installed in older trucks that do not
meet the requirements, however this would cost around MYR 65,000 per unit [8]. In addition to that,
the filter is only usable for a year before needing a change.

In December 2015, Shell Malaysia launched its

Euro 5 Diesel fuel, which has an ultra-low sulphur
content of only 10 parts per million (ppm),
compared to 500 ppm of sulphur in the existing
Shell Fuel Save Diesel Euro2M [9]. While this will
improve vehicle efficiency for truck drivers and
lower costs, it is currently only available in five
locations. However, this will be offered
nationwide by 2020.

6
 Industry Overview

Future Outlook

With the exports projected to rise over the forecast period due to Malaysia’s weaker exchange rate,
falling oil prices, and gradually recovering markets in Europe, Malaysia’s logistics and freight
forwarding industry is expected to post relatively higher growth over the forecast period with a CAGR
of 6% to 5.1 % respectively [10].

Yearly growth rates are also expected to be higher than the historic period as several policies from the
government’s logistics master plan come into fruition, and greater consolidation takes places within
the logistics sector. Nevertheless, logistics growth is expected to rise faster than freight forwarding
over the forecast period as numerous factors could possibly complicate the benefits that greater export
numbers might bring to the freight forwarding industry.

7
 Market Trends

Market Trends
Logistics to continue growth trajectory

With the successful implementation of the Masterplan, the contribution of the transport and storage
sub-sector to the Gross Domestic Product has increased from 3.6 per cent in 2013 to 5.2 per cent in
2016 [11]. In addition, cargo volume is projected to grow 8 percent annually to reach 880 million tons
by 2020 [12].

According to The Economist Intelligence Unit (EIU 2014), it is forecasted that market opportunities will
improve in the future amid sustained economic growth and relatively strong external demand. There
will be improvements in policy towards private enterprise and foreign investment, largely because the
government will continue with its efforts to raise private-sector investment levels. The higher global
ranking is an indication that the government's reforms will overcome many of the structural and
political impediments to its ambitious plans to transform Malaysia into a high-income country. Its
unchanged regional position, in turn, shows that Malaysia faces strong competition in its own backyard
(Table 2.1).

In addition, the logistics industry is likely to benefit from the 2015 launch of the ASEAN Economic
Community (AEC), which would allow for the free flow of goods between ASEAN countries. As a result,
the logistics industry anticipates growth of cargo volume at a CAGR of 8% giving Malaysia’s GDP an
additional RM5.9 billion by 2020 [13]. In addition to that, labor productivity CAGR is also expected to
increase by 5% which in turn will boost the economy by RM3.85 billion [14].

8
 Market Trends

According to ASEAN-Japan Transport Partnership, Malaysia's road infrastructure is comprised of

210,658 km in 2014, with 79% (or 165,088km) of the roads being paved [15]. The country has 1,969km
of expressways to accommodate 24.6 million registered motor vehicles . Most port operators also
[16]

use trucking and haulers for cargo movement. In 2013, most of the freight transported to and from
Port Klang (95%) was hauled by trucks, with railways carrying only 3.5% [17]. According to the Economic
Census for Transport (2016), transportation and storage services recorded the gross output of RM85.8
billion in 2014 [18]. This services was mainly attributed to warehousing & support activities with the
largest share of output RM28.3 billion (33.0%) [19]. Value added generated in 2014 was RM37.2 billion
with a total of 42.0 per cent was contributed by the warehouse & support activities with a value of
RM15.7 billion [20]. Additionally, in 2014, Selangor recorded the highest percentage of gross output
and value added, RM47.6 billion (55.4%) and RM18.7 billion (50.5%) followed by Kuala Lumpur and
Johor [21].

Source: Department of Statistics Malaysia,” Transportation and Storage Services”

9
 Market Trends

Container Haulage Industry set to grow further

Container haulage is the business of transporting goods using container by road or rail. Back in the
1990s when there was an increase in international trade, Malaysia faced congestion problems in ports
and delivery delays. This in turn had manufacturers and exporters incur excessive costs for storage and
delays. Over the years, Operasi Cekap was created by Federation of Malaysian Manufacturer (FMM),
Port Authorities and Ministry of Transport (MOT) to ease and improve the container haulage industry.

In 2020, Malaysian ports’ container volumes are expected to increase to 36.6 million TEUs compared
to 12 million TEUs in 2005 [22]. Almost 45% of the container volumes are local containers entering the
Malaysian hinterland . The hinterland container transport movements are dominated by road
[23]

haulage (90%), alongside road-rail intermodal that currently handles the remaining 10% .
[24]

Container & Non-container Trade

The container volume is expected to be significant in the Malaysian logistics industry. Containers
moving in and out of the country are referred to as “local containers”. Transshipment containers are
referred to as “containers in transit” using Malaysian ports without entering the Malaysian hinterland.
With the rapid development of and investment in Port Klang and Port Tanjung Pelepas, Malaysia will
be one of the main transshipment hubs in the region. Table below shows the local and transshipment
container volumes.

Local and Transshipment Containers

The table shows that Malaysia’s annual container volume is expected to grow by more than 68% from
2005 to 2020 [25]. More than 40% of container shipments are expected to be local containers (import
and export) [26]. As the main gateway to Malaysia, North Port in Klang handles almost 65% of the local
container shipments. North Port has efficient operations but in order to have a seamless and efficient
supply chain, hinterland container transportation also needs to be further developed; while 90% of
local shipments to the hinterland are transported by road and the remaining 10% by rail [27].

10
 Market Trends

E-commerce to grow at double-digit rate by 2020

Transport Minister Datuk Seri Liow Tiong Lai said that 85 per cent of the Action Items under Phase 1
under the Masterplan have been completed [28]. One of the directions to excel under the Masterplan
would be e-commerce. Liow said that Malaysia has a huge potential with more than 20 million Internet
users and is confident that the sector will grow rapidly with the right impetus and stimulus. Currently,
Malaysia’s e-commerce contribution to GDP is at 5.8 per cent compared to 21 per cent in China and
35 per cent in USA (First phase of Logistics Masterplan completed: Liow, 2016) [29].

Malaysian ecommerce is projected to grow at 10.8% CAGR by 2020 with RM114 billion according to
National E-commerce Strategic Roadmap [30]. However, the e-commerce market has the potential to
double its growth to 20.8% CAGR and GDP contribution of RM170 billion . Logistics play a huge
[31]

part in the e-commerce market, from warehousing to last-mile delivery. Both logistics and supply chain
need to respond to the challenges created by the evolution of the sharing economy business model.
This implies that with the emergence of ecommerce market there is much room to grow and expand
the logistics sector.

Shortage of Truck Drivers

One of the main problems that has been plaguing Malaysia is the unavailability of good, reliable
truck drivers. The industry is estimated to be facing shortage of 5,000 drivers [32]. The main factors
behind this condition are 1) long working hours with unpredictable road hazards and waits during
unload, 2) unattractive remuneration vis-à-vis hours and work conditions compared to other
occupations (truck drivers typically earn between MYR 3,500-8,000 per month) [33], and 3) the stigma
amongst the Malaysian society that the truck driver profession is a taboo and not highly-regarded.

11
 Market Trends

The Advent of Autonomous Trucks

The first driverless truck driving was tested on an open highway in 2015. Reports have indicated that
self-driving trucks will be in practice before self-driving cars. Automated drivers will reduce congestion
on roadways, pollution in the air and safer highways. In fact, many countries have begun trials for
autonomous trucking and will be launching soon.

In Q4 of 2016, Otto, a company acquired by Uber for $680 million, made the world’s first autonomous
truck delivery [34]. The truck was delivering 50,000 cans of Budweiser from Fort Collins to Colorado
Springs. Its technology currently only works on the highway while maintaining safe following distance
and changes lane when necessary.

In addition, Scania is designing the world’s first full-scale autonomous truck platooning operations.
The truck platooning trial is split into two sectors – first phase consists of designing, testing and refining
in Sweden and Japan; while the second phase consists of trials and technology development in
Singapore. This Toyota and Volkswagen Scania subsidiary will traffic public roads while transporting
containers between port terminals in Singapore. Apart from contributing to road safety, this will also
achieve major fuel savings.

The automated trucking will be a game-changer and will improve the logistics industry. The advantage
of this automation is being able to operate for 24 hours and overcome the shortage of truck driver
supply. Insurance actuarial studies indicated that businesses who takes on these automation is likely
to receive discounts.

12
 Market Trends

Rise of Logistics Platforms

The rise of technology has opened up opportunities for enterprising individuals to create platforms
with the means to connect shippers and truckers together in a digital platform.

This trend is prevalent in the USA – where names such as uShip, Convoy, Cargomatic, Truckin, Trucker
Path and Dial-a-Truck leading the pack. All of them are competing in the very lucrative and huge
market for US land logistics – which is worth over $1.4 trillion in 2015.

Platforms such as uShip essentially allows shippers to ship cargo at an economical rate by allowing
truckers to bid for their cargo just like you would at an auction. Truckers returning empty would be
willing to accept a lower revenue per mile as majority of their costs are already covered on the first
leg.

Convoy and Cargomatic on the other hand proclaim themselves as the “Uber for trucks” – a platform
that connect shippers and truckers. Compared to the uShip model, Convoy and Cargomatic would set
the price based on acceptable market standards. Any bookings made would be broadcasted to their
pool of truckers who would then accept based on their proximity, equipment and loadability.

In Asia, where the value of land logistics is over $3.8 trillion in 2015 , there are similar players that
[36]

have both the uShip and Convoy model. Key players in the region include Gogovan, Lalamove,
Huochebang and Deliveree. TheLorry is one of the leading technology platform that connects drivers
to consumers in Malaysia.

TheLorry – an on-demand platform for trucking & moving

TheLorry was founded in September 2014. Initially, they provided a platform that compares pricing of
multiple vendors - lorry drivers (like Expedia). However, they later changed their platform to connecting
multiple vendors with consumers (like Uber). On top of that, TheLorry recently expanded to Singapore
during Q4 of 2016 and plans to expand further to Thailand in the near future.

TheLorry offers a platform that connects

consumer with truckers. They help ease
customer’s booking experience and
provide a structured job acceptance system
for truckers. What differentiates TheLorry
with other last-mile firm is them targeting
the excess demand market. They cater for
ad-hoc unscheduled cargo delivery needs
beyond the usual base load. In other words,
TheLorry provides cargo transportation for
any excess deliveries besides the
scheduled deliveries. They operate a light
asset model thus having lower cost rates
compared to other traditional logistics
company.

13
 Industry Players

Top Logistics Players in Malaysia

Tiong Nam Logistics

Tiong Nam Logistics Holdings, based in Johor Bahru, was established in 1975. They are an investment
holding company offering logistics and warehousing services, as well as one of the largest total
logistics service providers in the country. Logistics and warehousing services, property development,
cold chain and machinery are its four segments.

The company operates a fleet of approximately 2,000 trucks and 60 warehouses with a combined
storage capacity of approximately 3.5 million square feet. Apart from that, they also offer
transportation services for various goods through its fleet of haulage trucks, prime movers, car carriers
and trailers. Cross-border services with experienced drivers and on-site staff are also provided. Its
capabilities are best displayed in the transportation of heavy-duty equipment required in large-scale
projects.

Tiong Nam Logistics Holdings’ total revenue in FY2016 was RM568.4m compared to RM618m in
FY2015. The group’s logistics and warehousing segment accounted for 76.8 % of revenue in FY2015.,
which grew by MYR 19.9 million from MYR 417 million in FY2015 to MYR 436.9 million in FY2016 .
The company’s net profit margin increased slightly from RM82.4m (13.4%) in FY2015 to RM82.8
(14.5%) in FY2016 [37].

Tiong Nam Logistics: Revenue and Net Profit Margin

750,000 16
Net Profit Margin: Line graph (%)
Revenue: Bar Graph (MYR million)

12
500,000
8
250,000
4
0 0
2012 2013 2014 2015 2016
Axis Title

Revenue Net Profit Margin

14
 Industry Players

Tasco

Tasco, based in Selangor, was established in 1954. Contract logistics, Air Freight Forwarding, Trucking,
Ocean Freight Forwarding and Origin Cargo Order & Vendor Management are their five core business
divisions. They initially only offered customs broking services to a limited number of customers but
later expanded to air and sea freight forwarding, trucking, warehousing and project management to
fulfil our customers' demands.

Tasco had 22 logistics centers and 1,500 employees in Malaysia as of 2016. Apart from that, they
arealso affiliated with more than 400 locations in 40 countries, 55,000 employees under the global
network and a fleet of approximately 165 trucks under the name Harimau Express. Of which provides
bonded transportation, cross-border delivery, scheduled collection and distribution and over-night
inter-state delivery. In addition to that, Tasco also provides haulage transportation, transportation by
car carrier, as well as truck rental, in-house truck repair and maintenance and insurance agency services.

In FY2016, Tasco recorded a revenue of MYR 516 million, up 4% from MYR 494 million in FY2015.
However, the company’s net profit margin decreased to 5.9 % in FY2016 from 6.2% in FY2015. In
FY2016, its trucking division contributed 16% or MYR 82.5 million of its total revenue [38].

Tasco Logistics: Revenue and Net Profit Margin

600.0 8
Revenue: Bar Graph (MYR million)

Net Profit Margin: Line Graph (%)

6
400.0
4
200.0
2

0.0 0
2012 2013 2014 2015 2016
Axis Title

Revenue Net Profit Margin

Source: IR Data

15
 Industry Players

Harbour-Link Group

Harbour-Link Group (MYS), a Bintulu based company was established in 1975. The company’s five
main business segments include integrated logistics services, shipping and marine services,
engineering and construction works, heavy lifting & heavy haulage services and property development.

To date, Harbour-link has expanded across the Intra-Asian region and has successfully established
itself as a reputable brand-name. Its integrated logistics services include land transportation, freight
forwarding, warehousing, heavy haulage, heavy lifting and installation works and packing and removal
services. It also offers equipment leasing and rental services for trucks, trailers, prime movers, forklifts,
cranes, tractors and rollers.

Harbour-Link Group’s logistics services and equipment rental business made up 34.5 % of its total
revenue in FY2015. In FY2016, its revenue increased 14.5% from MYR 506.9 million in FY2015 to MYR
590.7 million. However, net profit margin fell to 9.96% in FY2016 from 10.22 % in FY2015 [39].

Harbour-Link Logistics: Revenue and Net Profit Margin

700 12
600 10
500
8
400
6
300
4
200
100 2
0 0
2012 2013 2014 2015 2016

Revenue Net Profit Margin

Source: IR Data

16
 Reference

References
Adela Megan Willy (3rd March, 2015).
http://www.motorme.my/challenges-for-malaysias-logistics-industry/

Alex Davies (25th October, 2016).

https://www.wired.com/2016/10/ubers-self-driving-truck-makes-first-delivery-50000-beers/

Agility Emerging Markets Logistics Index (2016).

http://www.agility.com/EN/About-Us/Documents/Agility Emerging Markets Logistics Index 2016.pdf

Autonomous Trucks and Commercial Vehicles Will Be in Service Faster Than Many Predict
(8th December, 2016).
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Business Times (2nd December, 2016).

http://www.nst.com.my/news/2016/12/193877/first-phase-logistics-masterplan-completed-liow

Danielle Muoio (26th September, 2016).

http://www.businessinsider.my/why-driverless-trucks-will-come-before-self-driving-cars-2016-
9/?r=US&IR=T#HZxO7ymdIPU50WDL.97

Euromonitor International Limited (22nd March, 2016).

http://www.worldgate.com.hk/docs/EWORLDGATE-20160322-14.PDF

Harbour-Link Group Berhad Annual Report 2016 (November, 2016).

http://www.harbour.com.my/wp-content/uploads/2016/11/annual_report2016.pdf

Intermodal container transport logistics to and from Malaysian Ports (2014).

https://www.diva-portal.org/smash/get/diva2:781452/FULLTEXT02.pdf

17
 Reference

Logistics and Trade Facilitation Masterplan 2015-2020 (March 2015).

http://www.mot.gov.my/en/Penerbitan%20Rasmi/Executive%20Summary%20Logistics%20and%20Trad
e%20Facilitation%20Masterplan.pdf

Logistics Economy Performance (April, 2016).

http://www.mpc.gov.my/wp-content/uploads/2016/04/CHAPTER-2-1.pdf

Logistics Market (Type of Transport Infrastructure - Road, Waterways, Rail, and Air; Logistics Model -
First Party Logistics, Second Party Logistics, and Third Party Logistics; Application - Industrial and
Manufacturing, Retail, Healthcare, Media and Entertainment, Military, Automotive, Government and
Public Utilities, Oil and Gas, and Fishing) - Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast 2016 – 2024 (10th October, 2016).
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Malaysia Automotive Association Summary of Sales & Production Data (2016).

http://www.maa.org.my/info_summary.htm

Marielle Moon (25th January, 2017).

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Moving Along (2016).

https://www.thebusinessyear.com/malaysia-2016/moving-along/review

National eCommerce Strategic Roadmap Overview (2016).

http://www.miti.gov.my/miti/resources/Gallery_Walk.pdf

Partick Sisson (4th November, 2016).

http://www.curbed.com/2016/11/4/13518182/self-driving-cars-automated-trucks-freight-logistics

Quarterly Update on the Malaysian Economy (2016).

http://www.treasury.gov.my/pdf/ekonomi/suku_tahunan/sukutahun3_2016.pdf

Select USA Logistics and Transportation Spotlight (2016).

https://www.selectusa.gov/logistics-and-transportation-industry-united-states.html

18
 Reference

Services Statistics on Transportation and Storage 2015 (30th June, 2016).

https://www.dosm.gov.my/v1/index.php?r=column/cthemeByCat&cat=325&bul_id=SXZTSnRmRitEcW9
jaTNjdkhUWTE4dz09&menu_id=b0pIV1E3RW40VWRTUkZocEhyZ1pLUT09

Tasco Berhad Annual Report 2016 (2016).

http://www.tasco.com.my/pdf/BA%2020160728_Annual%20Report%202016.pdf

Tiong Nam Logistics Holdings Berhad Annual Report 2016 (2016).

http://www.financialreport.biz/File/AR/2016/7/29/8397%20-%202154551123303.pdf

Unleashing Growth of Logistics (2014).

http://rmk11.epu.gov.my/pdf/strategy-paper/Strategy%20Paper%2014.pdf

US Logistics Industry - Statistics and Facts (2016).

https://www.statista.com/topics/1417/logistics-industry-in-the-us/

Zuraimi, A. A.*, Mohd Rafi, Y.** and Mohamed Dahlan, I.*** (July 2013).
http://www.wrbrpapers.com/static/documents/July/2013/6. Zuaraimi.pdf

19
 The Lorry Online Sdn Bhd (1113109-U)
No. 12, Jalan MJ 14, Taman Industri Meranti Jaya, 47120, Puchong, Selangor.