Pacific International Lines (PIL)

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/

PIL files for court protection as restructuring plan takes shape

Pacific International Lines (PIL) has announced that it has developed a restructuring plan with its investors Heliconia Capital Management and has applied to Singapore’s High Court for protection while the scheme’s provisions are put in place.

The court application will also request leave from the courts to convene a meeting between PIL and its creditors so that the troubled carrier can explain the proposed scheme to creditors.

“The restructuring plan contemplates the provision of fresh financing...

https://container-news.com/pil-files-for-court-protection-as-restructuring-plan-takes-shape/

PIL sells two more ships

Pacific International Lines has sold another two ships as the troubled Singaporean liner operator works on bolstering its balance sheet.

South Korean feeder operator Taiyoung Shipping has purchased PIL’s feeder vessel, the 2004-built 756TEU Kota Tabah, renaming the vessel TY Incheon. While the sale price was undisclosed, VesselsValue assessed the ship to have a market value of US$2.45 million.

The other ship sold was the 2003-built 2,607TEU Kota Gunawan, to Middle Eastern interests for US$4.6...

https://container-news.com/pil-sells-two-more-ships/

PIL revamps African regional service

Cash-strapped Singaporean liner operator Pacific International Lines (PIL) continues its restructuring with the closure of its Far East-Indian Ocean-Mozambique (MZS) service, opting instead to cover Mozambique and Madagascar with a weekly feeder service.

PIL will continue to offer a link between the Far East and the two African countries through transhipment in Mombasa, in connection with its EAS service, which connects China to Mombasa and Tanzania’s Dar Es Salaam port.

The restructured service,...

https://container-news.com/pil-revamps-african-regional-service/

PIL continues restructuring with ship sale to TS Lines

Pacific International Lines (PIL), the cash-strapped Singaporean liner operator, has sold yet another ship and it has been snapped up by Taiwanese intra-Asia carrier TS Lines, which has been expanding its owned fleet.

The 2006-built 4,253TEU Kota Lagu was sold for an undisclosed price, but VesselsValue indicates that the ship has a current market value of around US$8 million.

TS Lines has been expanding its fleet with second-hand purchases and newbuilding orders as the company wants to reduce its...

https://container-news.com/pil-continues-restructuring-with-ship-sale-to-ts-lines/

Dongjin takes delivery of fourth newbuilding

South Korean feeder operator Dongjin Shipping has upgraded its South Korea-Japan service with a 1,000TEU newbuilding that it just bought from Dae Sun Shipbuilding & Engineering.

On 28 September 2020, the scrubber-fitted ship, which was ordered from Dae Sun in July 2019, was christened Dongjin Continental in a ceremony at the Busan shipyard.

This is only the fourth newbuilding commissioned by Dongjin since the company was established in 1984, as it tends to acquire second-hand vessels.

Dongjin...

https://container-news.com/dongjin-takes-delivery-of-fourth-newbuilding/

PIL extends Heliconia talks and offloads more ships

Pacific International Lines (PIL) has informed the Singapore Exchange that it is again delaying filing its annual return, with the names of the latest shareholders and paid-up capital figures, which was to be submitted by 29 September 2020.

The Singapore company is still in bailout discussions with Heliconia Capital, a unit of the Singapore government’s investment company Temasek Holdings. PIL MD Teo Siong Seng, said the company hopes to finalise talks by 26 November.

PIL also sought to push back...

https://container-news.com/pil-extends-heliconia-talks-and-offloads-more-ships/

PIL sales continue with PDL divestment

Neptune Pacific Line (Neptune) has acquired Pacific Direct Line (PDL) from PDL’s parent holding company, Pacific International Lines (PIL). The combined business will link transport, warehousing, depots and customs clearance services and fully integrate customers’ supply chains across 18 South Pacific markets.

In January PIL launched a new Pacific pendulum service, by mid-February it had ended its involvement in the transpacific trades and sold a number of vessels as it struggled to maintain its...

https://container-news.com/pil-sales-continue-with-pdl-divestment/

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