Chinese financial leasing house Minsheng Financial Leasing has acquired five boxships from Singapore’s Pacific International Lines (PIL) in an en bloc deal worth $88.9m, according to broking sources.
The five vessels, due to be time chartered back to the Teo family-led PIL, are the 2013-built 4,335 teu Kota Lihat, the 2008-built 4,250 teu Kota Lawa, the 2006-built 3,081 te Kota Karim, the 2013-built 2,824 teu Kota Gabung, and the 2012-built 2,824 teu Kota Gaya.
Minsheng has been linked to a series of acquisitions of late, including the acquisition of VLCCs DS Vision and DS Venture this month for $112m and the snapping up of 2010-built kamsarmax bulker Sky Jade from Mitsubishi Corporation.
VesselsValue data shows Minsheng Financial Leasing currently controls a fleet of 68 vessels.
The deal will help PIL restore its battered balance sheet. The company reported a net loss of $141.2m for the first half of this year, compared to net profit of $26.4m during the same period of last year.