Singapore-based Pacific International Lines (PIL), ranked 10th amongst the top containership operators in the world, has had its PIL Building on Cecil Street Singapore put on the market for SGD 350 million through an expression of interest exercise, reports The Business Times.
It emerged that the listing drew considerable engagement with eight parties registering their interest.
The 17-storey commercial building stands on three plots of land, the largest of which has a freehold tenure, but the two smaller plots are on 99-year leasehold tenures with a balance of 56 years.
The company announced a debt re-profiling exercise and commenced discussions with 15 of its financial lenders with a view to concluding a formal agreement concerning a debt re-profiling plan in May this year.
PIL entered into an exclusivity agreement with Temasek subsidiary Heliconia Capital Management Pte. Ltd. (Heliconia) for a term of six months from 26 May, in relation to a potential investment.
PIL is being advised by Evercore Asia (Singapore) Pte. Ltd. on its strategic and capital raising alternatives, and is currently in negotiations with Heliconia.
Related: Pacific International Lines conducts debt re-profiling discussions with financial lenders
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Published: 21 July, 2020
Targeting increase of bunker sales volume to 200,000 mt per month within the span of one year.
Transoil Laboratory is a transformer and insulating oil testing company based in Manchester, UK.
In August, the company was conducting tests of 0.5% sulphur limit marine fuels at the REDUC refinery.
The development focus has been to maximize cargo intake and increase in-port performance; a second vessel has been ordered to be delivered in spring 2022.
‘Strong pressure’ from the Korea Development Bank and Korea Eximbank has resulted in the development, says letter seen by Manifold Times.
Group posted net profit of HK $759.0 million in FY 2018, lower than net profit of HK $835.6 million in FY 2017.
IBIA Asia, ABIS, sources from Singapore’s bunkering and surveying companies, and an industry veteran share with Manifold Times the issues expected from MPA’s latest Covid-19 measures.
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
3,490 mt of LSFO from Itochu Enex was lifted at Universal Terminal; the same bunker stem was bought by Global Marine Logistics and delivered by bunker tanker Juma to receiving vessel Kirana Nawa.
