Goh Chung Hung has taken over the position of general manager, fleet division at Pacific International Lines (PIL) from 15 February 2021, succeeding captain R.S. Minhas.
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Taiwanese liner operator Wan Hai Lines has purchased its eighth ship, since earmarking US$360 million to buy second-hand vessels, with the purchase of the Granville Bridge.
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Pacific International Lines (PIL) is set to escape liquidation after the majority of its lenders and creditors voted on 1 February to endorse the company’s proposed debt restructuring plan.
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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/
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/
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 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/
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/
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/
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/