Pacific International Lines (PIL) continue to sell vessel capacity

Embattled Pacific International Lines (PIL) of Singapore has slid out of the top 10 global liner rankings with further sales of its dwindling fleet.

The SS Teo-led shipping line, which started off the year with close to 400,000 slots in its fleet, is now down to 315,383 slots according to the latest updated rankings from Alphaliner with Israeli carrier ZIM leapfrogging PIL into 10th spot.

PIL finds itself in 11th position with Taiwan’s Wan Hai also closing in. Brokers report another four PIL owned KOTA L class ships – 4,250 teu, built in Dalian – have been committed on subjects, the rumoured buyer being Wan Hai.

Temasok holding to invest upto $ 450 million in PIL

Earlier this month Splash reported more PIL sales with Jakarta-based Temas Line buying the 18-year-old, 2,475 teu Kota Ganteng, while Greek interests are believed to have snapped up the 13-year-old, 4,253 teu Kota Laju and an unknown party pounced for the 19-year-old, 1,728 teu Kota Jasa feedership.

PIL has also sold the 56,670 dwt Glovis Maestro bulk carrier to Chinese buyers this month. In late July PIL won interim funding from a unit of Singapore’s sovereign wealth fund, Temasek Holdings, to keep the line operating.

Heliconia Capital Management has agreed to invest between $100m and $110m in the line as negotiations between the two parties continue for a much larger investment in the region of $400m to $450m.

PIL has been selling many assets in the last two years to stay afloat.