PIL signs for first newbuilds since restructuring

Broker Braemar ACM has confirmed Singapore’s Pacific International Lines (PIL) has placed an order for four LNG dual fuel 13,000 teu ships at Jiangnan shipyard in China, marking the first newbuilds for a number of years during which it has skirted with bankruptcy and restructured with Singapore’s sovereign wealth fund bailing the SS Teo-led line out.

The orders will take PIL’s fleet size back past the 300,000 slot mark, cementing its position as the world’s 12th largest carrier.

“We regularly review our fleet size to ensure we are able to meet the market’s demands. Looking ahead, we expect to make incremental adjustments to our fleet to enable us to deploy our vessels in an optimal manner, as well as to meet the decarbonisation and sustainability objectives of our industry,” a spokesperson for PIL told Splash last week.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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