Latest news with #PacificInternationalLines
Business Insider
20-06-2025
- Business
- Business Insider
Nigeria's largest container terminal receives first LNG-powered vessel
Nigeria's largest container terminal, APM Terminals Apapa, has marked a historic milestone with the arrival of Kota Oasis, the first LNG-powered vessel to berth in the terminal. APM Terminals Apapa, Nigeria's largest container terminal, achieved a milestone with the docking of the LNG-powered ship Kota Oasis. The Kota Oasis, owned by Pacific International Lines, showcases advancements in environmentally sustainable maritime technology. This landmark event, marked by the arrival of an LNG-powered vessel, signals a significant step forward in the Nigeria's maritime and environmental evolution, showcasing a growing commitment to cleaner, more sustainable shipping practices. The Kota Oasis, a 260-meter-long and 46-meter-wide vessel with a gross tonnage of 77,850, sails under the Singaporean flag and is owned by Pacific International Lines (PIL). As the fifth LNG-powered ship in PIL's fleet and the first of its new "O" class, it marks a significant step towards sustainable shipping. According to Olawunmi Akinyemi, Head of Operations for PIL Nigeria, " The arrival of 'Kota Oasis' is a major achievement that reinforces the company's dedication to the Nigerian and West African markets." The vessel is equipped with advanced X-DF engines featuring Intelligent Control by Exhaust Recycling, reducing methane slip and environmental impact. With low emissions and compliance with IMO Tier III regulations, the Kota Oasis is one of the most environmentally friendly vessels in its class. LNG-powered vessels in West Africa The switch to LNG-powered container vessels marks a significant shift toward cleaner, more sustainable commercial shipping operations. Nigeria has, before now, welcomed LNG-powered vessels. In January 2024, CMA CGM Scandola, a 14,812 TEU LNG-powered container vessel, berthed at Lekki Deep Sea Port, becoming the first of its kind to call at a Nigerian port. The 366-meter-long ship had earlier stopped in Tema (Ghana) and later proceeded to Abidjan (Côte d'Ivoire) and Pointe-Noire (Rep. of Congo), marking its historic voyage through major West and Central African ports. With a capacity of 15,000 TEUs, it remains one of the largest vessels to visit the region Nigerian ports hit milestone Nigerian ports have recently marked a wave of historic milestones, highlighting their rising capacity and strategic role in West African trade. At the Lagos Port Complex, APM Terminals Apapa made history with the arrival of EA Centaurus, the largest container vessel ever to call at the terminal. Onne Multipurpose Terminal welcomed Kota Carum, the biggest ship the port has handled to date.
Business Times
17-06-2025
- Business
- Business Times
Global shipping not disrupted by Israel-Iran conflict for now, but impact likely nuanced
[SINGAPORE] The Israel-Iran conflict has not disrupted global shipping – for now – but the likely impact on the industry might be more nuanced. Pacific International Lines (PIL), which focuses on China, Africa, the Middle East, Latin America, Oceania and the Pacific Islands, said that its sailings are continuing notwithstanding the escalated tensions in the Middle East. Abhishek Chawla, PIL's chief marine officer, told The Business Times: 'At present, we continue our sailings with utmost consideration to the evolving situation while ensuring the usual safety and security of our vessels and crews. We exercise constant risk management assessment and strategic anticipation.' Maersk has also not had disruptions caused by the Israel-Iran war and is continuing its scheduled operations in the area. 'Our aim is to keep our customers informed and help them with alternative solutions if needed,' the Danish shipping heavyweight said. Israel launched an attack on Iran on Friday (Jun 13), triggering barrages of ballistic missiles from Iran in retaliation. The Joint Maritime Information Center (JMIC), an international naval task force monitoring the Iran-linked Yemeni Houthi rebels' attacks on merchant vessels, has assessed that the maritime threat level remains significant and elevated in its latest update on Monday. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up It flagged the possibility of the military operations spilling beyond the bilateral hostilities into the wider region. The Strait of Hormuz – located between Oman and Iran, and connects the Persian Gulf with the Gulf of Oman and the Arabian Sea – remains open and commercial traffic continues to flow, according to JMIC. However, it noted a slight drop in the number of cargo-carrying vessels of at least 1,000 gross-tonnage transiting the Strait of Hormuz since Israel's attacks on Iran. The strait is the world's most important oil choke point, through which nearly 20 million barrels – or about one-fifth of global consumption – flow each day. A blockade of the highly strategic Strait of Hormuz could send prices of the commodity soaring past US$100 a barrel. As much as 3.4 per cent of global container volumes could also be hit if the strait closes, estimated Tan Hua Joo, container industry analyst at data provider Linerlytica. 'The United Arab Emirates will be the worst hit in such an event as the 21.7 million twenty-foot equivalent units (TEUs; a unit of measurement used to determine cargo capacity for container ships) that its ports handle account for the majority of the 33.2 million TEUs of total container volumes in the region.' The impact of the conflict on shipping charges could be more nuanced. Chawla of PIL commented that freight costs could rise as a result of the increase in the bunker prices sparked by the tensions. Global crude oil prices surged 7 per cent on the day that strikes between Iran and Israel took place. Lars Jensen, the chief executive officer of Vespucci Maritime, told BT that insurance companies might be re-assessing risk and charging war-risk premiums. 'Also, shippers to and from the region might be re-assessing the risk and potentially altering their shipments if this is possible.' HSBC Global Research commented that the escalating Middle East tensions mean that a return to the Red Sea any time soon is less likely, but this may not ease the concerns on capacity ramp-up and the softer spot container rates in the transpacific lane.
Straits Times
12-06-2025
- Business
- Straits Times
Forum: Make our maritime moments more visible to the public
Forum: Make our maritime moments more visible to the public A few days ago, home-grown shipping company Pacific International Lines (PIL) held a naming ceremony for its latest container ship, the Kota Ocean. It showcased a new ocean-going ship that can be powered by liquefied natural gas. I am a ship captain by profession. A naming ceremony is the most symbolic ceremony for a newly delivered ship. This should be a proud moment not just for the company, but also the bigger population of Singapore. There are many Singaporean seafarers who used to sail on PIL ships. These ships have carried more than cargo – they have carried a piece of Singapore across the oceans. These floating chapters of our nation's story deserve to form a part of our collective memory for SG60. In Japan or some European countries, the public would take ferries or yachts out to sea to witness ship-launching ceremonies or the sailing out of famous ships. Perhaps Singapore could explore similar initiatives. Such events could give everyday Singaporeans a front-row seat to maritime moments that are otherwise out of view, and potentially inspire young talent to join the maritime industry. In the spirit of SG60 and the upcoming Day of the Seafarer on June 25, let's share our sea stories with more Singaporeans. Tan Teng Han More on this Topic Forum: What readers are saying Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
19-05-2025
- Business
- Straits Times
Singapore shipping line PIL quadruples profits for 2024, but warns 2025 will be challenging
PIL chief executive Lars Kastrup noted that the liner's operational strength, strong cash position and efficient cost-cutting enabled it to perform well. PHOTO: PACIFIC INTERNATIONAL LINES (PIL) Singapore shipping line PIL quadruples profits for 2024, but warns 2025 will be challenging SINGAPORE - Pacific International Lines (PIL) has more than quadrupled its earnings for 2024, thanks to a surge in demand for container shipping and higher freight rates, but warned that 2025 will be a tougher year with more disruptions. The Singapore shipping line on May 16 announced 2024 earnings amounting to US$1.34 billion (S$1.73 billion), which is up by more than 330 per cent compared with 2023. Revenue surged 49 per cent year on year to US$4.31 billion, largely driven by growth in its container shipping segment, which enjoyed higher freight rates and a 9.6 per cent increase in the number of containers moved on its ships. Container shipping accounted for more than 87 per cent of the liner's revenue in 2024. The liner's key routes are Africa, South America and the Middle East and intra-Asia. PIL's container manufacturing business also grew, boosted by increased demand for containers amid Red Sea shipping disruptions and pre-election restocking activity in the US. The home-grown liner has been expanding its revenues and investing in its fleet of vessels since receiving a US$600 million lifeline from Temasek's wholly owned Heliconia Capital Management in 2021 to help it stave off bankruptcy. The bailout involved Heliconia taking a majority stake in the liner. As at end-2024, PIL reported healthy cash reserves of US$2.33 billion and a fleet of 101 ships able to transport a total of 442,000 twenty-foot containers. The fleet comprises 89 owned and 12 chartered ships. In 2024, the liner rolled out a US$2 billion plan to replace part of its fleet with dual-fuel container ships that can run on both liquefied natural gas and conventional marine fuel as pressure widens for shipping to comply with the industry's net-zero targets. It has received six newbuilds since October 2024, including two that have the capacity to move 14,000 containers, and has another 12 newbuild vessels on order. PIL chief executive Lars Kastrup noted that the liner's operational strength, strong cash position and efficient cost-cutting enabled it to perform well despite a challenging environment for shipping. In 2024, the industry faced major disruptions caused by disruptions in the Red Sea. These include congestion in key ports due to scrambled shipping schedules and more vessels being deployed to longer routes to ensure goods are delivered on time. More shippers also accelerated shipments in anticipation of potential disruptions, including dockworker strikes at major US ports and new tariffs on US-bound goods. This surge in early deliveries contributed to supply chain bottlenecks and tightened shipping capacity. These challenges are expected to intensify in 2025, at a time when many terminals are not able to develop fast enough to keep up with the volume growth and larger-sized container vessels that are being introduced into existing and emerging markets, Mr Kastrup said. 'The year ahead is expected to be filled with uncertainty and heightened challenges. The additional capacity brought on by newbuild vessels coming on stream in 2025 is expected to outpace the market demand for goods, although continued port congestions may absorb some of the capacity growth,' he said. He added that the liner's strong cash position will enable it to continue to seek business growth. Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
16-05-2025
- Business
- Business Times
Pacific International Lines' FY2024 net profit quadruples to US$1.3 billion
[SINGAPORE] Pacific International Lines (PIL) on Friday (May 16) posted a net profit of US$1.3 billion for the FY2024 ended Dec 31, 2024, more than quadrupling from US$306.9 million the previous year. This was attributed to a significant growth in its operating revenue as well as effective cost management. Earnings before interest, taxes, depreciation and amortisation jumped to US$1.7 billion, from US$566.2 million. Meanwhile, revenue grew 49 per cent year on year to US$4.3 billion. This was led by its container shipping business, which saw revenue increase US$1.3 billion to US$3.8 billion on the back of stronger freight rates and high asset utilisations. A volume growth of 9.6 per cent in a highly disrupted market environment also helped to boost revenue. For its container manufacturing business, revenue rose US$163.4 million to US$541.1 million. Gains were primarily driven by a surge in demand for dry freight containers due to disruptions from the Red Sea crisis. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Restocking activities in the US prior to the country's 2024 presidential election and the delivery of new container vessels to shipping lines during the year also increased demand for containers. PIL reported a healthy cash balance of US$2.3 billion as at Dec 31, 2024. To support its goal of operating a more modern, fuel-efficient and environmentally sustainable fleet, the company said it has ordered 18 new liquefied natural gas dual-fuel vessels, of which six have been delivered. These are in addition to PIL's current fleet of 89 owned vessels and 12 chartered-in vessels. Lars Kastrup, CEO of PIL, said: 'The additional capacity brought on by newbuild vessels coming on stream in 2025 is expected to outpace the market demand for goods, but continued port congestions may absorb some of the capacity growth.' With the year ahead expected to be filled with uncertainty and heightened challenges, Kastrup said that developments in the volatile market conditions will be monitored closely, and PIL will remain flexible to adapt to changes. 'Our strong cash position is bolstering our financial stability and resilience, and enabling us to continue to seek business growth,' he added. The company will continue to double down on strategies and initiatives which have worked well for them. This includes the launch of the PIL Centre for Maritime Efficiency and a memorandum of understanding (MOU) with the Centre of Excellence in Maritime Safety. The first was created to improve the energy efficiency of its ships and fleet, while the MOU enhances the competency of seafarers in safe navigation through technical and soft-skills training.
