09 Juli 2014

[090714.EN.SEA] PIL Reveals Financial Losses, Ahead of US$801 Million Bond Market Bid



SINGAPORE's Pacific International Lines (PIL), which has posted losses in three of the last five years, posted a 2013 annual year-on-year loss of US$101 million, drawn on revenues of $45.16 billion, down 0.64 per cent.

This is the first time the owners, the YC Chang family, has revealed PIL's financial accounts, ahead of going to bond market to raise for S$1 billion (US$801 million), reports Alphaliner.

Terms of the bond issue are being finalised by Credit Suisse, DBS and Standard Chartered. PIL was last rated B1 by Moody's in 2010, and had its ratings withdrawn in 2011.

PIL units, container maker Singamas has been listed in Hong Kong since 1993, with PIL holding a 39 per cent share, annother unit Pacific Shipping Trust (PST), PIL's shipowning company is listed in Singapore.

PIL total debt stood at $2.95 billion as at the end of 2013, against total equity of $2.21 billion.

PIL results include the Singamas, which accounted for 28 per cent of revenue and PIL Logistics, which accounted for three per cent in 2013.

PIL's shipping business, which accounts for 69 per cent of revenue, includes 155 constainerships totalling 357,000 TEU and 11 multipurpose vessels between 17,000-27,000 dwt.

The company also controls four capesize bulkers, five supramax bulkers and two multipurpose vessels of 24,000 dwt, all of which are chartered out.

PIL also has an orderbook of 11 geared africamax containerships of 3,900 TEU, aimed at the carrier's FE-West Africa services. The firstof 12 ships in the series, the Kota Sabas, was delivered in late June.

PIL's trade coverage has expanded across all key tradelanes, including a small presence of the transpacific and FE-Europe routes, whichPIL entered in 2004, reports Alphaliner.

Africa and the Red Sea/Middle East Gulf sector account for 46 per cent of PIL's total container volume of 2.27 million TEU in 2013.

"The two main trades are under pressure as competitors have started to phase-in larger ships, which make PIL's fleet increasingly uncompetitive," said Alphaliner.

"PIL's largest units are six 6,600-TEUers deployed on the Far East-Red Sea trades. Even PIL's new Africamax ships of 3,900 TEU are nowdwarfed by competitors' gearless superpanamax ships of 5,000-5,800TEU recently phased into in the West Africa trades.

"PIL has however introduced in May gearless ships of 4,200 TEU on a Far East-WestAfrica service jointly operated with NileDutch," said Alphaliner. 

Source : HKSG.

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