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ZIM moves up, PIL out of the top 10 liner list with shrinking fleet

SINGAPORE's embattled Pacific International Lines (PIL) has slipped out of the top 10 global liner rankings with further sales of its dwindling fleet

29 September 2020 - 04:54

SINGAPORE's embattled Pacific International Lines (PIL) has slipped out of the top 10 global liner rankings with further sales of its dwindling fleet.

The SS Teo-led shipping line, which started off the year with close to 400,000 slots in its fleet, is now down to 315,383 slots according to the latest updated rankings from Alphaliner with Israeli carrier ZIM leap frogging PIL into 10th spot.



PIL finds itself in 11th position with Taiwan's Wan Hai also closing in, reports Singapore's Splash 247.



Brokers report another four PIL owned KOTA L class ships - 4,250 TEU, built in Dalian ?C have been committed on subjects, the rumoured buyer being Wan Hai.



Earlier this month PIL sold the 18-year-old 2,475-TEU Kota Ganteng to Jakarta-based Temas Line, while Greek interests are believed to have snapped up the 13-year-old, 4,253-TEU Kota Laju and an unknown party purchased the 19-year-old, 1,728-TEU Kota Jasa feedership.



PIL has also sold the 56,670-dwt Glovis Maestro bulk carrier to Chinese buyers this month.



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.


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