Heleconia Capital

PIL set to repay debts early, thanks to change in fortune for liner industry

Troubled liner operator Pacific International Lines (PIL) has announced to the Singapore Stock Exchange that it intends to clear its debts by 30 December.
According to PIL, it will be thanks to the upturn in the fortunes of the container shipping industry, along with various financial initiatives it has undertaken to restructure its debts.
It said: “In light of the company’s improved financial position and in appreciation of the support shown by …

The post PIL set to repay debts early, thanks to...

https://theloadstar.com/pil-set-to-repay-debts-early-thanks-to-change-in-fortune-for-liner-industry/

PIL sells ship as company prepares for crucial creditors meeting

Singaporean liner operator Pacific International Lines is continuing to offload its ships as it works to bolster its balance sheet, in preparation for its critical creditors meeting on 1 February.

PIL’s latest ship sale is a 1,391TEU multi-purpose vessel, the 2012-built Kota Bintang, which was sold for US$16.61 million.

The buyer is Pacific Carriers Ltd, a Singapore-based subsidiary of Malaysian conglomerate Kuok Group, and the ship has been renamed PAC Capella. Pacific Carriers operates an...

https://container-news.com/pil-sells-ship-as-company-prepares-for-crucial-creditors-meeting/

Bulker sale refocuses PIL on container shipping

Pacific International Lines, the beleaguered Singaporean liner operator, has sold another bulk carrier, as it increasingly concentrates on its core container business.

VesselsValue reported PIL had sold the 2013-built 56,600dwt bulk carrier, Glovis Madrid, for US$9.7m, three months after selling the 2012-built 56,700dwt bulker, Glovis Maestro, for US$9.2m, both to unidentified Chinese buyers.

The sales leave PIL with ownership of three similar sized 2013-built bulk carriers, and observers believe...

https://container-news.com/bulker-sale-refocuses-pil-on-container-shipping/