Asian Sugar Maker Locks in Supply as War Drives Up Freight Rates

MSM Malaysia Holdings Bhd., one of Asia’s largest sugar refiners, has locked in more raw sugar than usual this year, bracing for a surge in freight costs as disruptions to global shipping drag on due to the Iran war.

The company, which controls about 60% of the domestic market, has hedged about 500,000 tons — roughly half its annual requirements — covering deliveries through October for its industrial segment and through December for its wholesale segment sold in retail markets.