Thailand's recent floods have prompted traders to call for amendments to letters of credit (L/Cs) pertaining to goods stranded in some of the country's ports.

Thai exporters and importers also want the Port Authority of Thailand, the Customs Department and banks to ease regulations and waive fees collected on stranded containers.

L/C situation

Vice-president of the Thai Logistics Services Provider Federation, Thongyu Khongkhan, has told local media that banks are being called upon to amend the terms of L/Cs for those traders whose business has been affected by the country's month-long floods.

"Some exporters may not be able to ship their products on time and need their banks to amend the terms for L/Cs and packing credit and waive the fees," he reportedly said.

Thongyu, who is also an adviser to the Land Transport Federation of Thailand, said banks had also been asked to extend periods for packing credit.

Stranded cargoes

Thousands of containers are stranded in Klong Toey and Laem Chabang ports because the factories that ordered cargoes are now inundated with floodwater.

Stranded cargoes include raw materials, equipment, machinery as well as parts and components for industrial production.

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