Commenting on the purchase, Neptune, a subsidiary of Los Angeles-headquartered The Wonderful Company, said in a statement: 'The combined business will seamlessly link transport, warehousing, depots and customs clearance services and fully integrate customers' supply chains across 18 South Pacific markets.
'The acquisition of PDL will strengthen Neptune's Melanesian and Polynesian network, provide a link to Micronesia and the French territories, and enhance connectivity to global markets via strategic hubs in New Zealand and Fiji.'
Managing director of Neptune, Rolf Rasmussen, said: 'This purchase supports our long-term vision of creating the strongest and best regional network of shipping and logistics services in the Pacific Islands.
'By acquiring PDL, we can further develop our mainline shipping network to provide fixed-day services and increase the utilisation of our combined fleet, enabling us to continue to offer competitive freight rates. PDL's extensive logistics network will allow us to support our customers across their entire supply chain needs.'
Teo Siong Seng, executive chairman and managing director of PIL, commented: 'Our group strives to optimise our resources and to review our overall business approach for new business opportunities.
'The divestment of PDL is part of our strategic move that enables PIL to focus its resources on growing in the key liner markets that it operates in Asia, the Middle East, Africa and South America. We will continue to improve our liner services between Asia and Oceania including the South Pacific Islands.'
PDL currently operates throughout the South Pacific region and specialises in providing liner shipping services from New Zealand and Australia to the South Pacific Islands. With the acquisition of PDL, Neptune will now have a specialised fleet of nine vessels dedicated to South Pacific Island trades and a team of more than 800, most of whom are based in supply chain services in the region.
'Pacific Direct Line was founded to support the socio-economic development of the Pacific Islands by providing reliable, consistent shipping and logistics services,' said Oliver Ravel, CEO of PDL.
'Today, with the support of PIL, PDL has grown to become a market leader in the South Pacific. By selling the business to our regional partner, we can ensure that this legacy will live on and that our customers will continue to be supported by a local service provider that understands the needs of the region.'