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.
Photo credit: Google Maps
Published: 21 July, 2020
Webinar will offer delegates insights on the prevention of operational issues when using VLSFOs, along with an update on biofuels and bunker fuel quality trends for 2021 and its forecast for the current year.
Heating VLSFOs to prevent cold flow issues causes issues related to distillate ageing, and there is a gentle balance to be maintained when handling the product.
Research into n-paraffin distribution of VLSFOs has shown that they not only differ from MGO, but significantly differ from each other as well, states bulletin.
Bunker Holding and Dan-Bunkering have decided not to appeal the city court ruling in the case where the companies were on trial for breaching EU sanctions against Syria, states USTC.
Poll shows market participants think Singapore’s future as a bunkering hub in the near term will be impacted most by growth in alternative bunker fuels and intensifying competition from other ports in Asia.
‘We will now take the necessary time to consider and evaluate the verdict and the premises of the verdict thoroughly before making any decision of whether to appeal to a higher court,’ informs company.