Pacific International Lines (PIL)

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/

PIL, soaring rates inadequate to escape liquidation

Pacific International Lines’ (PIL) management said that despite the recent hike in container freight rates, the Singaporean carrier remains overleveraged and needs further restructuring to survive.

During a meeting, on 15 January 2021, PIL’s management urged bond holders to vote for PIL’s proposed restructuring, due 1 February, in return for having bonds converted to perpetual securities. At least 75% of the bond holders must consent on the day for the restructuring to proceed. Perpetual...

https://container-news.com/pil-soaring-rates-inadequate-to-escape-liquidation/

PIL fine for Guam oil dumping adds to carrier’s woes

Pacific International Lines (PIL) has been fined US$3 million for the illegal dumping of oil from one of its ships into Guam’s Apra Harbor.

The offence was detected on 4 October 2019, after the US Coast Guard received a report, alleging that PIL’s ship, 1,080TEU Kota Harum, had discharged oil into Apra Harbor, in violation of the Clean Water Act.

The US Attorney’s Office subsequently charged PIL with failing to maintain an oil record book and discharging oily bilge water into Apra Harbor.

Maung...

https://container-news.com/pil-fine-for-guam-oil-dumping-adds-to-carriers-woes/

PIL fire sale continues with feeder pair

PIL has sold two more ships, as the troubled Singaporean liner operator continues its asset sales to bolster its balance sheet.

One of the ships, 2000-built 1,728TEU Kota Jati, was purchased by Chinese intra-Asia carrier, EAS International Shipping, and has been renamed EAS Osaka.

EAS operates services between China, South Korea and Japan, using a fleet of elderly vessels. The company is owned by Chinese property group Tianjin Yicheng, which acquired EAS from Malaysian conglomerate Kuok Group in...

https://container-news.com/pil-fire-sale-continues-with-feeder-pair/

Schulte Group trio among Wan Hai’s ship acquisitions

Taiwan operator Wan Hai lines has used its second-hand vessel fund of US$360 million to acquire five ships, including Teal Hunter, whose acquisition was announced on 7 December.

The other four ships comprise the 2009-built 6,350TEU Hyundai New York, which was acquired for US$32.5 million from Eastern Pacific Shipping and three 2009-built 7,241TEU ships—Anton Schulte, Adrian Schulte and Astrid Schulte—that were bought from Schulte Group for a total of US$107.22 million.

This year, Wan Hai has...

https://container-news.com/schulte-group-trio-among-wan-hais-ship-acquisitions/

PIL ship on fire in NZ’s Napier port

Fire broke out in the cargo holds of one of Pacific International Lines’ (PIL) container-carrying general cargo ships in the morning of 18 December.

New Zealand’s Transport Accident Investigation Commission said that the incident happened while the 1,497TEU Kota Bahagia was berthed in Napier port.

The commission, which is investigating the cause of the fire, said that all crew on Kota Bahagia have been accounted for. An inquiry is opened when the commission believes the circumstances of an...

https://container-news.com/pil-ship-on-fire-in-nzs-napier-port/

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/

NPD Line relaunches following PIL sale

Following Neptune Pacific Line’s acquisition of Pacific Direct Line from Pacific International Lines in March, the company has rebranded to Neptune Pacific Direct Line (NPDL).

The company provides liner shipping services between Australia, New Zealand and the South Pacific islands and will start issuing bills of lading under its new name in mid-December. NDPL also offers connections to North-east and South-east Asia through slot-sharing agreements with other carriers.

NDPL managing director Rolf...

https://container-news.com/npd-line-relaunches-following-pil-sale/

Wan Hai earmarks US$360 million for second-hand ships

Wan Hai Lines’ directors said on 7 December 2020 that the company is considering purchasing more second-hand ships and has set aside a budget of US$360 million for the purpose.

Wan Hai confirmed on the same day that it had purchased the 2010-built 4,178TEU Teal Hunter from Belgian shipping group Compagnie Maritime Belge (CMB), for US$18.25 million. This year, the Taiwanese intra-Asia shipping specialist has already purchased five second-hand ships, including two Neo-Panamax 11,923TEU units from...

https://container-news.com/wan-hai-earmarks-us360-million-for-second-hand-ships/

PIL defaults on bond payments

Pacific International Lines is unable to make good on the principal and interest due to holders of an SG$60 million (US$43.8 million) bond issue that matured on 16 November 2020.

The cash-strapped Singaporean liner operator said in filing to the Singapore Exchange that it is not commercially feasible to pay out the principal and interest, which is 8.5% per annum. The bonds were issued in November 2018.

The suspension of the payouts had been conveyed to the bond holders at an informal meeting held...

https://container-news.com/pil-defaults-on-bond-payments/

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