"Not being in any alliance doesn't disadvantage us, in fact we invented a word called alliance neutral," Mr Teo told delegates at the Marine Money Asia conference in Singapore, reported Seatrade Maritime News of Colchester, UK.
PIL remains very focussed on niche trades in the Asia, the Middle East and Africa, with only a minor presence in the east-west trades. The carrier will have a capacity of 500,000 TEU once its current fleet expansion is wrapped up, and combined with the ongoing mergers and acquisitions in the container shipping industry, it will become the ninth largest container line worldwide.
Mr Teo noted that alliance members were free to work outside the grouping where the alliance could not provide the service an individual member line requires. As a result, PIL works with Wan Hai Lines in South and Southeast Asia, Wan Hai and Cosco to the transpacific west coast, Yang Ming Line to the Persian Gulf, and Cosco to West Africa.
"So in fact we are able to go to each individual alliance member to offer the best possible service," Mr Teo said.
Given the carrier's close longstanding relationship with Cosco and its position as one of the few remaining mid-sized lines there has been speculation, that much like similar sized Orient Overseas Container Line (OOCL) it too could be acquired by Cosco.
"There are rumours they are buying us - no we are not selling," Mr Teo stated.
However, the two shipping lines enjoy good cooperation as was demonstrated by a recent swap of six vessels from each company, and Mr Teo said there is the possibility of joint procurement of bunkers in South Asia.
PIL remains very focussed on niche trades in the Asia, the Middle East and Africa, with only a minor presence in the east-west trades. The carrier will have a capacity of 500,000 TEU once its current fleet expansion is wrapped up, and combined with the ongoing mergers and acquisitions in the container shipping industry, it will become the ninth largest container line worldwide.
Mr Teo noted that alliance members were free to work outside the grouping where the alliance could not provide the service an individual member line requires. As a result, PIL works with Wan Hai Lines in South and Southeast Asia, Wan Hai and Cosco to the transpacific west coast, Yang Ming Line to the Persian Gulf, and Cosco to West Africa.
"So in fact we are able to go to each individual alliance member to offer the best possible service," Mr Teo said.
Given the carrier's close longstanding relationship with Cosco and its position as one of the few remaining mid-sized lines there has been speculation, that much like similar sized Orient Overseas Container Line (OOCL) it too could be acquired by Cosco.
"There are rumours they are buying us - no we are not selling," Mr Teo stated.
However, the two shipping lines enjoy good cooperation as was demonstrated by a recent swap of six vessels from each company, and Mr Teo said there is the possibility of joint procurement of bunkers in South Asia.