singamas

Singamas factories shorten hours as container demand flattens

Management at Singamas, the world’s fourth largest container maker, disclosed today (17 August) that the company had to close its factories, intermittently, as demand for new containers plunged in the first six months of 2023.

Revenue at Singamas, a subsidiary of Singapore-based liner operator Pacific International Lines (PIL), declined 60% year-on-year to US$189.13 million in 1H 2023, while net profit fell 74% to US$11.59 million.

Sales of dry containers dropped by 65% year-on-year in the first...

https://container-news.com/singamas-factories-shorten-hours-as-container-demand-flattens/

Singamas earnings plunge as box trade slips

Singamas, the fourth largest container manufacturer, announced on 15 March that 2022 net profit fell 73% year-on-year to US$56.57 million as container trade slowed in 2H 2022 and there was an oversupply of containers.

Revenue fell 33% to US$775.98 million. Turnover from Singamas’ core business of manufacturing dry containers, was down 40% to US$610.09 million, as 242,000 dry boxes were sold in 2022, a drop from 347,000 TEUs sold in 2021.

The average selling price of Singamas’ containers was...

https://container-news.com/singamas-earnings-plunge-as-box-trade-slips/

Evergreen splashed out on containers again

Evergreen Marine Corporation has ordered 12,500 containers from Singamas Container Holdings for US$34.3 million, as the Taiwanese liner operator works towards expanding its business, despite the weak market conditions.

In January, Evergreen’s general manager Eric Hsieh unveiled plans to order 40,000 more containers – after having spent US$51.53 million on 9,800 new dry containers and 6,171 used boxes from Evergreen’s Singapore subsidiary in 2022. Last year, Evergreen also spent US$65.24 million...

https://container-news.com/evergreen-splashed-out-on-containers-again/

Singamas back in black in the first half as container demand soars

Pacific International Lines’ subsidiary Singamas Container Holdings, the world’s second largest container manufacturer, recorded a US$66.51 million profit for 1H 2021, reversing a US$5.5 million loss in 1H 2020.

Strong demand resulted in sales of 150,000 TEU of dry and ISO specialised containers in the first half, resulting in the Hong Kong-listed Singamas’ container manufacturing segment generating US$442.42 million of revenue.

While 1H 2020 container sales were not disclosed, based on the...

https://container-news.com/singamas-back-in-black-in-the-first-half-as-container-demand-soars/

Temasek bailout still under discussion as PIL offloads more ships

Struggling Singaporean liner operator Pacific International Lines (PIL) has said that by the end of September 2020, it expects to complete bailout discussions with a unit of the Singapore government’s investment company Temasek Holdings.

As such, PIL is delaying the release of its 2019 financial results, saying that the figures will be released after the debt re-profiling discussions are more advanced.

PIL has signed an agreement with the Temasek unit, Heliconia Capital Management, which prevents...

https://container-news.com/temasek-bailout-still-under-discussion-as-pil-offloads-more-ships/

PIL denies bankruptcy rumours

Singapore carrier Pacific International Lines (PIL) has issued a strong statement denying reports that the company is suffering financial difficulties.

The company has made a series of sales including ships and a liner company in recent weeks as well as cutting services on the Pacific, while creditors were said to be concerned.

However, in its statement PIL said, “Recently, there have been rumours circulating on social media, making false claims about a potential bankruptcy of Pacific...

https://container-news.com/pil-denies-bankruptcy-rumours/

PIL admits to financial stress

Pacific International Lines (PIL) boss Teo Siong Seng has admitted on 23 March 2020 that the company is in talks with several creditors, including itself, to settle arrears, amid challenging conditions caused by Covid-19.

Teo made the revelation through his other company, Singamas Container Holdings, via a filing to the Hong Kong Stock Exchange.

Singamas, a container manufacturer and depot operator itself is owed over US$147 million from the financially pressured PIL, a Singapore-based liner...

https://container-news.com/pil-admits-to-financial-stress/

Box manufacturers issue profit warnings as soft demand forces prices down

Prices of new containers dropped dramatically last year, forcing major box manufacturers to issue recent profit warnings to investors.
In separate announcements to the Hong Kong Stock Exchange, the two largest manufacturers, China International Marine Containers (CIMC) and Singamas, warned investors that low demand for new boxes, combined with oversupply of equipment, had forced then to reassess their financial performance for the past year.
Singamas now expects a US$95m loss for 2019, …

The...

https://theloadstar.com/box-manufacturers-issue-profit-warnings-as-soft-demand-forces-prices-down/

Singapore’s sovereign wealth fund, Temasek, rescues debt-laden carrier PIL

Singapore-headquartered ocean carrier PIL received loans via the country’s sovereign wealth fund, Temasek Holdings, last year, according to Alphaliner.
The consultant said the carrier had pledged its shares in the Hong Kong-listed container manufacturer Singamas as collateral; the information revealed in stock exchange disclosures which names Temasek as an “indirect” 20.56% shareholder in the box builder.
The stake is held through hedge funds controlled by Temasek and ,although it is unlike the...

https://theloadstar.com/singapores-sovereign-wealth-fund-temasek-rescues-debt-laden-carrier-pil/

COSCO – PIL: Become a family or remain friends?

Scenarios of PIL’s possible acquisition by COSCO have raised again, after Singamas’s sale of its largest container manufacturing factories to the Chinese giant. PIL’s 41% owned subsidiary Singamas took the crucial decision and all eyes are again on the Singapore-based carrier.

It’s not the first time that the two companies – COSCO and PIL – are involved in that kind of rumors.

As the relations between the two companies are warm enough, COSCO is considered to be the front-runner, in case of PIL...

https://container-news.com/cosco-pil-become-family-or-remain-friends/

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