Pacific Container Lines (PIL) continuous sales assets

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Issued on 6 Mar 20

Source from: https://www.tradewindsnews.com/


Alphaliner said the containership owner and liner operator has sold its stake in Pacific Direct Line (PDL), which operates five ships of between 520 teu and 940 teu in the South Pacific Islands. PIL had bought into PDL through a 60% holding in 2006.

The remaining shares are believed to be owned by the Ravel family, which had founded the company in 1968. The family also controls Sofrana Unilines. A PIL representative declined to confirm the deal.


The buyer is reported to be Wonderful Co, which already owns Neptune Pacific Line (NPL), the operator of three vessels of between 600 teu and 1,700 teu in the South Pacific islands trades.


NPL also has a 50% stake in Pacific Forum Line (PFL), which has a feedership run in cooperation with PDL between Australia and the islands. PDL serves Australia, New Zealand, Norfolk Island, New Caledonia, Vanuatu, Fiji, Tonga, Cook Islands, Samoa, Tahiti, American Samoa and other remote nations.

On Tuesday, Taiwan's Wan Hai Lines said it was paying $187m for two neo-panamax vessels from PIL. The 11,923-teu Kota Perwira (built 2018) and Kota Panjang (built 2017) have been acquired by Wan Hai Lines (Singapore) Pte Ltd, a subsidiary of Taiwan-listed Wan Hai, according to a stock exchange announcement.


This followed the offloading last week of another four sisterships in the series to Seaspan for $91.75m each, which was significantly less than the $93.4m price tag paid by Wan Hai.


Source: https://www.tradewindsnews.com/containerships/pacific-international-lines-raising-more-cash-amid-reported-sale-of-subsidiary/2-1-766744



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