Container News wrote, “His (Teo’s) connections have led to speculation that Temasek may provide a lifeline to PIL.” Ocean Network Express (ONE), Orient Overseas Container Line (OOCL), Regional Container Lines (RCL) and Goldstar Lines will co-operate on two new services in order... APM Terminals MedPort Tangier has launched the second phase of its development project, which is expected to increase its container capacity by 1 million... India Ports Global Ltd (IPGL) expects to start operations at the Iranian port of Chabahar by the end of May this year, following the... Temasek Holdings, may be extending a lifeline. It was earlier reported that shipping company Pacific International Lines (PIL) is in financial stress (‘Netizens ask questions about Temasek’s indirect loan to Pacific International Lines‘). In a filing submitted to the Singapore Exchange, PIL said that it has signed an agreement with the Temasek unit, Heliconia Capital Management, promising not to enter […] Singapore retail investors to vote on restructuring deal for Pacific International Bloomberg Published on Mon, Feb 01, 2021 / 11:07 AM GMT+8 / Updated 6 days ago Creditors to struggling Singapore shipper Pacific International Lines Pte will vote Monday on a restructuring deal that involves a capital injection from a unit of Temasek Holdings Pte. The Singapore government’s investment company Temasek Holdings is remaining tight-lipped on market talk that it may take a stake in embattled liner operator Pacific International Lines (PIL). It added that it had also obtained in-principle approval of financial lenders to defer principal and interest payments until end of this year, Dec 31. A US$600 million (S$809 million) lifeline has been offered by Temasek unit Heliconia Capital Management to troubled Pacific International Lines (PIL). He is also the President and CEO of Hong Kong-listed Singamas. Incidentally, the Chairman of Temasek’s Heliconia is Lim How Teck. And on 13 Mar, it sold one of its subsidiaries, Pacific Direct Line, to Neptune Pacific Line. The company mentioned that it has debts to 15 financial lenders. (May 29): A unit of Temasek Holdings Pte. Temasek has largely stayed out of shipping investments since selling Neptune Orient Lines (NOL) to France’s CMA CGM SA in 2015 for $2.4 billion. Privacy Policy • Usage Terms. Updated: Mar 26, 2021, 10.36 AM IST . He is currently the Chairman of Singapore Business Federation. Your support ID is: 255075028960953979. Pacific International Lines in rescue talks with Temasek unit May 27, 2020 SINGAPORE (REUTERS) – Singapore-based container ship operator Pacific International Lines (PIL) has agreed with most of its financial lenders to defer debt payments and is in talks with a unit of Singapore state investor Temasek Holdings for a potential investment. Teo was appointed a Nominated Member of Parliament (NMP) from 2009 to 2014 and Chairman of the Singapore Chinese Chamber of Commerce and Industry (SCCCI) from 2009 to 2013. Beleaguered Singaporean liner operator Pacific International Lines confirmed on 26 May 2020 that a unit of the Singapore government’s investment agency, Temasek Holdings, may be extending a lifeline. WSJ reported that DBS Bank is one of PIL’s biggest lenders, with a US$260 million exposure, and Bangkok Bank in Thailand is owed US$220 million. It said, “Recently, there have been rumours circulating on social media, making false claims about a potential bankruptcy of Pacific International Lines (“PIL”). More information about our Terms & Conditions. This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages. Keeping this cookie enabled helps us to improve our website. PIL blamed the challenging market conditions in the container shipping industry for its poor business performance, adding that despite its efforts to shore up its finances, the Covid-19 pandemic had compounded the situation. In recent months, PIL acted to improve its balance sheet, including exiting the Transpacific trade, selling a subsidiary, Pacific Direct Line, and a number of ships. PIL said in a statement on Tuesday that it had made significant progress in cutting asset costs due to the challenges the sector has been facing but the … You can adjust all of your cookie settings by navigating the tabs on the left hand side. India reports 59,118 new Covid-19 cases. ZIM enjoys stronger Q1 results amid the global pandemic, Major lines continue to update schedules and surcharges, Maersk reduces booking acceptance globally due to Suez Canal blockage, Asian lines co-operate in new domestic services, APM Terminals MedPort Tangier adds 1 million TEU capacity, Chabahar Port operations set to start in May, By subscribing I accept the privacy rules of this site. Teo was awarded the Public Service Medal in 2010 and the Public Service Star (PBM) last year. One then has to ask why sell NOL incurring huge losses in the first place? This website uses cookies so that we can provide you with the best user experience possible. The outlook for container shipping is as bleak as ever. He also holds several other appointments including Board Member, Duke-NUS Graduate Medical School Governing Board; Board Member of Sino-Singapore Guangzhou Knowledge City Investment Development Co. Ltd; Director, Business China; Independent Director, China Shipping Container Lines Company Ltd; and Standing Council Member, China Overseas Exchange Association, Beijing. Pacific International Lines Completes $600M Financial Restructuring Kota Pekarang was introduced in 2017 (PIL photo) By The Maritime Executive 03-31-2021 06:44:36 This means that every time you visit this website you will need to enable or disable cookies again. The privately owned PIL is controlled by the family of the company’s managing director, Teo Siong Seng. PIL would like to clarify that these rumours are totally false, and the information and content derived therefrom are unfounded.”. CREDITORS of privately-held Pacific International Lines (PIL) have helped the insolvent boxship operator keep liquidation at bay when a significant majority of them on Feb 1 voted in favour of its debt restructuring plan bankrolled by heavyweight investor Temasek Holdings’ wholly-owned Heliconia Capital Management. This paves the way for a … Container News approached Temasek last week to ask if it may provide “a lifeline” to PIL. (Bloomberg) -- A unit of Temasek Holdings Pte. However, in a statement yesterday (26 May), PIL now said that it is in talks with a unit of Singapore state investor Temasek Holdings for a potential investment. Two months ago (23 Mar), PIL admitted through Singamas, a public company it controlled, that it is in talks with several creditors to settle its huge debt, amid challenging conditions caused by COVID-19. Please enable JavaScript to view the page content. We are using cookies to give you the best experience on our website. Last month (Apr), PIL even came out to issue a strong statement denying rumours of bankruptcy. is in talks for a potential investment of at least US$400 million (S$567.2 million) in Singapore shipping tycoon Chang Yun Chung’s Pacific International Lines Pte., according to people familiar with the matter. Anshuman Daga / Reuters. Whatever Temasek decides, it needs to be transparent and explain to the public carefully since public money is at stake here. Also, why choose to save PIL and not, say, Hyflux? “More worrisome for PIL is the total debt outstanding of $3.46bn as at June 2018, of which $1.08bn was short term debt payable within 12 months,” Alphaliner observed. The MD of PIL Teo Siong Seng (known in shipping circles as SS Teo) is well known to the government. When he was Chairman of SCCCI, he helped endorse Dr Tony Tan’s presidency in 2011. 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