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
Photo credit: Google Maps
Published: 21 July, 2020
In February, China’s bonded bunker fuel sales edged down to 1.33 million mt due to CNY holidays and harsh weather at certain ports in North China.
The litigation at a Zhoushan City court was among other developments highlighted in a quarterly update.
The winding up application is directed to be heard at the High Court of the Republic of Singapore at 10.00 am on Monday 28 September.
The interim precautionary measures should be considered by cargo officers, bunker craft crew and bunker surveyors (if engaged) when conducting their duties at port.
VPS test data shows 12% of bunker fuel samples tested to be off-spec in 2021, compared to 8% off-spec cases detected by the fuel testing and inspection firm last year.
CEO sees the development of domestic tourism as motivation to count on the restoration of passenger traffic and to harness the potential of the river market segment.
Between November 2016 and October 2017, Mr Tan falsified at least 20 invoices and submitted these invoices to UOB and OCBC, according to court documents obtained by bunkering publication Manifold Times.
‘CSM Taurus arrived in Singapore during mid-September and is currently undergoing final preparations before starting commercial operations,’ General Manager of CSM tells Manifold Times.
Criminal syndicate’s tampering with MFMs on bunker tankers Southernpec 6 and Southernpec 7 conceptualised by three masterminds and carried out by cargo officers on board, according to joint statement.
Seeks information connected to SGS COQs of Gas Oil and Marine Diesel Oil cargoes loaded on board Vinalines Glory from the Vopak Banyan Terminal in Singapore between January and February 2013.
Additional topics of bunker contamination and OCM services discussed at VPS’ Fuel Management Challenges – The Year of 2021 & Beyond webinar on 23 September; Manifold Times summarises the session.
‘The JMs have failed to discharge their duties by blindly helping the Banks mount a false case against the Defendant,’ wrote defence lawyers representing former IPP Director Dr Goh Jian Hian in court statement.
