• IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here.

    The OTHER forum is HERE so please stop asking.

Chitchat PAP Poster Boy Ex NMP Teo Siong Seng PIL Is Face Great Debt Problems

gingerlyn

Alfrescian (Inf)
Asset
Dear brothers and sisters,

below is from reliable information and you can google it out.

PIL faces heavy re-financing burden



PIL was reported to have sold two 2012 built capesize bulk carriers this year at only $26-28 M each, logging a substantial loss, and pledged its shares in Singamas, the Hong Kong - listed container manufacturer in which it holds a 41.1% stake, to raise some $180M from banks. The proceeds have been used to repay S$300 M ($219M) of its 5.9% bonds that were due on 17 July. PIL also has a further S$130 M ($95 M) of 7.25% bonds due in November 2018.


According to a stock exchange filing by Singamas on 11 July, PIL is required to sell its stake in Singamas within 20 months for a total consideration of at least $180 M or at a value acceptable to its lenders.


PIL said that it may re-finance its loans in order to avoid having to sell the Singamas stake, which is currently valued at only $140 M, based on the last traded share price in Hong Kong.

The privately-owned PIL Group is controlled by the Chang (Teo) family and does not publish regular financial results. The company recorded a significant net loss last year, that was attributed to “very low freight rates and a one-off bunker hedging loss” in the first half of 2016. PIL also faces significant debt repayment burdens with a total debt of over $2.6 Bn.
 

gingerlyn

Alfrescian (Inf)
Asset
Strange. YC Chang suffered hardship during world war 2 and he was imprisoned during the war. He prospered and built up Pacific International Lines.

His son Teo Siong Seng lives in peaceful Singapore built by Lee Kuan Yew and He may be the one that ruin PIL!!!!
 

gingerlyn

Alfrescian (Inf)
Asset
Pacific International Lines only has 2 options:
1. Facing bankruptcy
2. forced selling at cheap price:

Cash-hungry niche carrier PIL pops up on the radar of acquisitive mega-carriers

Singapore-based Pacific International Lines (PIL) could be the next container line to appear on the acquisition radar of the mega-carriers.

According to Alphaliner, PIL’s niche status, particularly on the improving Africa trades, could make it “an attractive target for buyers”, and now that Cosco has snapped up OOCL it is “the only unencumbered candidate”.

Alphaliner noted that, unlike the other three remaining mid-scale carriers with a share of global capacity of 1.5%-2.8%, Yang Ming, HMM and Zim, PIL is not government-linked.

Furthermore, PIL has an ambitious newbuild programme with 16 11,800 teu panamax vessels due for delivery from a Chinese yard from the end of this year through to 2019, which, at a total cost of around $1.4bn, will exert more pressure on the company’s already stretched finances.

These ships will replace six 6,600 teu owned vessels and three chartered 8,000 teu units and are stemmed for PIL’s Asia-US west coast trade, as well as its planned entry onto the Asia-US east coast route in 2018.

Until 2008, PIL and Taiwanese carrier Wan Hai operated a liner service between Asia and North Europe, but it was suspended after incurring heavy losses, with a source at PIL’s European HQ in London admitting its small ships could not compete in the market. PIL took slots on Cosco ships until 2010, when it partnered again with Wan Hai in a short-lived 10-string loop between Asia and North Europe, deploying 4,250 teu ships.

Subsequently, the privately owned carrier, ranking 12th biggest in the world, has contented itself with operating profitable niche services, but managing director, Teo Siong Seng, recently admitted that the past few years had been “very difficult”.

In March, Mr Teo said: “The market has not seen such volatility in its history. But it’s at times like these that it is all the more important for us to remain focused, to not panic and try to find ways to survive.”

According to Alphaliner, the 50-year-old company “recorded a significant net loss last year”, and is further hobbled by the requirement to repay another tranche of 7.25% ticket bonds of around $95m due in November 2018 – just when it will need to pay for the new ships.

The analyst added that PIL had reportedly made a “substantial loss” when selling two bulk carriers and had pledged its shares in container manufacturer Singamas – it has a 41.1% stake – to raise some $180m from banks. The Singamas stake is valued at around $140m, based on Hong Kong stock market prices.

PIL has retained a close partnership with Cosco, establishing slot sharing co-operations in West and East African trades and, in the view of Alphaliner, the Chinese state-owned carrier is seen as its “most likely suitor”.

According to vesselsvalue.com, PIL owns 119 ships, of which 105 are cellular, with a total market value of $1.3bn and $483m as scrap.

https://theloadstar.co.uk/cash-hungry-niche-carrier-pil-pops-radar-acquisitive-mega-carriers/
 

gingerlyn

Alfrescian (Inf)
Asset
http://www.joc.com/maritime-news/co...next-takeover-target-after-oocl_20170719.html

PIL recently had to raise cash from asset disposals and provide collateral to secure bank loans to settle its outstanding debt.

PIL is said to have sold two 2012-built capsize bulk carriers this year for just $26 million to 28 million apiece, taking a significant loss, and has pledged its shares in Singamas, the Hong Kong-listed container manufacturer in which it has a 41.1 percent stake, to raise bank loans of around $180 million.

The proceeds from the sale of the bulk ships were used to pay off S$300 million ($219 million) of bonds due on July 17.

PIL is obliged to sell its Singamas shareholding within 20 months for at least $180 million or at a price acceptable to its creditors, according to a stock exchange filing by the Hong Kong-based company on July 11.

PIL, which is controlled by the Chang Teo family, does not publish regular financial reports, but it posted a significant net loss in 2016, due to “very low freight rates and a one-off bunker hedging loss” in the first half of the year.

The company carries a total debt of more than $2.6 billion, according to Alphaliner.
 

CoffeeAhSoh

Alfrescian
Loyal
Teo Siong Seng will be famous.
His father YC Chang built the shipping empire and Teo Siong sold.


hqdefault.jpg

YC Chang​
 

gingerlyn

Alfrescian (Inf)
Asset
Teo Siong Seng and Pacific International Lines reputation are at risk and their customers may not use PIL service if Mr Teo and PIL do not come out to clarify their financial position.

Is PIL really facing with huge debt (USD2.6billion) as reported?
 

SalahParking

Alfrescian
Loyal
Teo Siong Seng and Pacific International Lines reputation are at risk and their customers may not use PIL service if Mr Teo and PIL do not come out to clarify their financial position.

Is PIL really facing with huge debt (USD2.6billion) as reported?

someone should just tell some of chang's sons, he's got many btw, spend more time in the office instead of KTV every night
 

Bigfuck

Alfrescian (Inf)
Asset
No help liao .... Teo Siong Seng kena fucked deep deep by baccarat.

I look forward to a CHina company buying over them. Singapore pirate rates for imports and delivery are too fucking high. China will help make Singapore strong again in trade.
 

gingerlyn

Alfrescian (Inf)
Asset
Teo Siong Seng is very loyal to Singapore.
He is facing huge debts and yet he spends money to sponsor NDP
https://www.pilship.com/en-pacific-international-lines-proudly-supports-ndp-2017/132.html?n=223

Pacific International Lines proudly supports NDP 2017!
Singapore celebrates its 52nd birthday this August at the Floating Platform at Marina Bay.

Singapore’s home-grown shipping line Pacific International Lines (PIL) is proud to show its support to Singapore by sponsoring 120 containers for the storage of NDP props and NDP fun packs.

Be on the lookout for PIL containers at various locations around the Marina Bay area and beside the Singapore Flyer.
 

gingerlyn

Alfrescian (Inf)
Asset
Singapore's PIL silent on COSCO takeover talk

Singapore's Pacific International Lines (PIL) appears to be neither denying nor confirming market talk that it is COSCO Shipping Holdings' next acquisition target.
Owned by Teo Siong Seng, former president of the Singapore Shipping Association, PIL focuses on intra-Asia and regional trades in Africa.

PIL was founded by Teo's father, Teo Woon Tiong, who is better known as YC Chang.

When contacted, a PIL spokesperson told Fairplay, "We're unable to disclose information due to commercial confidentiality."

Sources close to COSCO Shipping Holdings told Fairplay that the Chinese company is indeed studying the possibility of acquiring PIL, but any transaction could take place only after the Chinese group finalises its USD6.3 billion takeover of Orient Overseas International Ltd (OOIL), the parent of liner operator Orient Overseas Container Lines.

"COSCO wants to grow and PIL would expand its access to regional markets, especially in Africa," said one source.

Acquiring OOIL would give COSCO Shipping Holdings combined capacity of 2.9 million teu, including newbuildings on order.

IHS Markit's Sea-web data show that PIL is the owner of 147 container ships with total capacity of 557,033 teu, including newbuildings on order. This means that COSCO Shipping Holdings could have a combined capacity of over 3.4 million teu if it buys PIL.

In a recent note, French container consultancy Alphaliner also flagged up PIL as a viable takeover target for COSCO Shipping Holdings.

Alphaliner cited PIL's strong financial outlook relative to other companies such as Yang Ming, Hyundai Merchant Marine, and ZIM as a factor.
 

GUDANGARAM

Alfrescian
Loyal
Under pressure PIL misses another charter payment

Splash has learnt troubled Singaporean liner Pacific International Lines (PIL) has missed another charter payment, but the company remains adamant it can get through the current crisis enveloping container shipping with the spread of coronavirus.

Having been late with a charter payment in February, PIL missed payment on another Japanese chartered in ship late last month and is still to pay its latest charter bill to the Japanese owner.

The financial health of PIL has been the source of much conjecture of late with ships being detained and late charter and bunker payments all making headlines. The privately held Singapore liner quit the transpacific tradelane last month, having exited the Asia-Europe trades in April last year. It has also sold its stake in Pacific Direct Line (PDL), which operates in the South Pacific as well as selling four of its largest ships. Singamas, the Hong Kong-listed box manufacturing subsidiary of PIL, revealed last month PIL owes it $147.7m, a majority of which is overdue.

A PIL spokesman told Splash today: “Due to the very challenging market conditions brought about by the unprecedented impact of the Covid-19, the whole maritime industry is facing a series of unforeseen challenges. Despite this difficult operating environment, PIL has continued to receive broad support from our lenders, business partners and major trade creditors to ensure smooth operations.”

Privately held PIL, founded in 1967, is led by SS Teo and is the world’s 10th largest liner with 371,748 slots in its fleet, according to the latest data from Alphaliner.

“PIL remains wholly committed to ensuring service quality during our ongoing rationalisation of services to bring renewed focus to our key markets in Asia, the Middle East, Africa, South America and Oceania,” the spokesperson insisted today.

  • TAGS
 

laksaboy

Alfrescian (Inf)
Asset
“PIL remains wholly committed to ensuring service quality during our ongoing rationalisation of services to bring renewed focus to our key markets in Asia, the Middle East, Africa, South America and Oceania,” the spokesperson insisted today.

When the PR person says this, it's time to watch out. :wink:

Same pattern as that Iraqi Information Minister during the US invasion of Iraq. :biggrin:
 
Top