Wednesday, June 25, 2025
Home Most Visited - Newsletter PIL's high-rise HQ up for sale

PIL’s high-rise HQ up for sale

Beleaguered Singaporean liner operator Pacific International Lines is reportedly selling its headquarters, in another sign of its financial struggles.

The Business Times, a Singaporean financial newspaper, cited sources in the local property market as saying that the building, located in the city-state’s central business district (CBD), is being discreetly sold through an expression-of-interest (EOI) exercise that closed on 17 July 2020.

PIL is said to be seeking a price of at least SG$350 million (US$253 million), translating to SG$3,265 (US$2,358) per sq ft, based on a net lettable area of 107,200 sq ft.

PIL declined to comment on the property sale when contacted by Container News.

The company said in June that it hopes to finalise a bailout with a unit of the Singapore government’s investment company, Temasek Holdings, by the end of September.

The family owned PIL is controlled by MD, Teo Siong Seng, whose family is also the majority shareholder in container manufacturer Singamas.

PIL is understood to have fallen behind on charterhire payments to its tonnage providers, which include Japanese ship owners. In recent months, PIL acted to improve its balance sheet, including exiting the Transpacific tradeselling a subsidiary, Pacific Direct Line, and a number of ships.

Container News understands that like many liner operators, Q1 2020 was dismal for PIL as the Covid-19 pandemic spread worldwide, unsettling supply chains and factory production. A PIL source told Container News that the company’s ship sales aim to raise cash to consolidate its current liner portfolio.

For H1 2019, PIL had a narrower net loss of US$65 million, compared with US$141.18 million in H1 2018. The company is delaying the release of its 2019 financial statements until the bailout discussions are completed.

Martina Li
Asia Correspondent





Latest Posts

HHLA CEO to step down by end of 2025

Angela Titzrath, Chief Executive Officer of Hamburger Hafen und Logistik AG, will leave her position by December 31, 2025, at the latest. The decision, reached...

US-China ports show strain as trade war eases: Who’s hurt more and what comes next?

The ongoing US-China trade war may be entering a temporary pause, but its effects have already left a distinct mark on the maritime shipping...

YUAN HAI KOU makes landmark arrival at Piraeus

A new chapter in sustainable maritime transport unfolded today at the Port of Piraeus, as the cutting-edge car carrier YUAN HAI KOU made its...

Top 1 Best Assignment Writing Service, 100% USA ENL Writers

Many college and graduate students ask, where can I get someone to pay for assignment help? Well, I have done a thorough review of...

Hanseatic Global Terminals to rebrand SAAM Operations in Latin America

Hanseatic Global Terminals (HGT) announced  that its subsidiary, SAAM Terminals, will officially rebrand under the HGT name effective 1 August 2025. As part of this...
error: Content is protected !!