PIL continues to sell off assets

In recent weeks, container shipping line PIL has sold several ships in an effort to raise cash for operations, reports Alphaliner. The shipping company is also preparing an exit from routes in the Pacific.

Photo: PR / Pacific International Lines

Container shipping line PIL sells off ships in an effort to raise cash for its operations, writes Alphaliner. This includes two ships of 11,923 teu, which the company has sold to another Singapore-based shipping company, Wan Hai Lines, for a total of USD 186.8 million.

The ships are part of a series of 12 vessels that PIL ordered in 2015, and which were financed via leasing arrangements with three Chinese banks and mainly their leasing units ICBC and CCB. At the time, the ships were worth USD 90 million, and according to Alphaliner, the sale to Wan Hai Lines illustrates the strong demand for highly specialized tonnage of this size.

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