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PIL wins interim funding from Temasek unit

Embattled Pacific International Lines (PIL) has won interim funding from a unit of Singapore’s sovereign wealth fund, Temasek Holdings, to keep the SS Teo-led containerline operating. 

Heliconia Capital Management has agreed to invest between $100m and $110m in the line as negotiations between the two parties continue for a much larger investment in the region of $400m to $450m. 

In an emailed statement sent to Splash, a PIL spokesperson wrote: “Our discussions with Heliconia have been progressing well and we can confirm that a deal has been reached for interim funding that would allow the company to meet it’s (sic) most urgent operational needs. On the broader investment contemplated by Heliconia, PIL will make further announcements when there are material developments.”

PIL has been selling many assets in the last 18 months to stay afloat. The company, founded in 1968, is the world’s 10th largest liner company with 346,086 slots in its fleet. 

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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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