8.5 C
Wednesday, February 21, 2024
Home Most Visited PIL extends Heliconia talks and offloads more ships

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 the release of its 2019 financial results and its annual general meeting, which were due to be held by 29 August.

In the notice to the Singapore Exchange, PIL’s executive director (finance) Kwa Wee Keng said the embattled operator’s, restructuring effort is likely to include an arrangement which allow for the re-profiling or compromise on existing debts.

Kwa went on to say, “Due to significant challenges facing the container shipping industry, which have been compounded by the prolonged impact of the Covid-19 pandemic on the global economy, the company has been engaging in discussions with its creditors with a view towards achieving a holistic restructuring of the company’s liabilities.”

On 30 July, Heliconia agreed to make an interim investment of US$112 million. In addition, PIL is in talks with 15 key banks to restructure its loans. Kwa said that if both sides can reach an agreement, Heliconia will provide additional funding in the form of debt or equity.

Meanwhile, PIL has sold two 2018-built sisterships. The 11,932TEU Kota Pemimpin and Kota Petani, built by Yangzijiang Shipbuilding, were sold to Seaspan for US$89 million.

PIL has sold a number of assets this year, including  selling a subsidiary, Pacific Direct Line, and a number of ships, while also exiting the Transpacific trade.

PIL has sold 12 ships since December 2019and now has an operating capacity of 302,403TEU, comprising 58 owned and 38 chartered ships.

Martina Li
Aisia Correspondent

Latest Posts

Unlocking the Advantages of MERV Filters for Your Home

In the quest for a healthier and more comfortable indoor environment, many homeowners are turning their attention to the air quality within their living...

Hapag-Lloyd introduces new rates from Indian Sub to North Europe

Hapag-Lloyd is implementing tariff rate adjustments for shipments from the Indian Subcontinent to North Europe. These adjustments will come into effect for sailings commencing on...

Maersk completes largest infrastructure investment in New Zealand with new cold chain facility

A.P. Moller-Maersk marked the inauguration of its cutting-edge integrated cold chain facility at the Ruakura Superhub, reaffirming Hamilton's pivotal role as a central hub...

HMM earns ‘A-‘ environmental rating from CDP

HMM has been honoured for its commitment to sustainability and transparency in addressing climate change by the global environmental organization CDP, achieving an ‘A-’...

Expanding supply to put brakes on rates

A rise in container capacity will halt the increase in freight on the major east-west trades according to Drewry’s latest tool, the Container Capacity Insight...