PIL unloads another three box ships to stay afloat
SINGAPORE-BASED under pressure Pacific International Lines (PIL) continues to divest itself of tonnage to help pay bills
SINGAPORE-BASED under pressure Pacific International Lines (PIL) continues to divest itself of tonnage to help pay bills.
The SS Teo-led line is widely reported by brokers to have found buyers for three more of its box ship fleet, reports Singapore's Splash 247.
Jakarta-based Temas Line is tipped to have taken the 18-year-old, 2,475 TEU Kota Ganteng, while Greek interests are believed to have snapped up the 13-year-old, 4,253 TEU Kota Laju and an unknown party has acquired the 19-year-old, 1,728 teu Kota Jasa feedership.
VesselsValue data shows the company, mourning the loss of its founder Y C Chang who died recentyly at the age of 102, now stands at 96 vessels, of which 78 are box ships with the remainder being bulk carriers and multipurpose vessels.
In late July PIL won interim funding from a unit of Singapore's sovereign wealth fund, Temasek Holdings, to keep the line operating.
Heliconia Capital Management has agreed to invest between US$100 million and $110 million in the line as negotiations between the two parties continue for a much larger investment in the region of $400 million to $450 million.
PIL has been selling many assets in the last two years to stay afloat.
The company, founded in 1968, is the world's 10th largest liner company with 332,236 slots in its fleet. At the start of 2020, PIL's box fleet stood at approximately 400,000 slots.