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
Russian natural gas exports to Europe could be something to watch as a price indicator for bunkers with Europe taking increasing volumes of US LNG supplies, says Steve Christy.
Tool outputs a plan for achieving the required CII values which can be submitted for class approval after reflecting information entered by users, said the classification society.
180 cSt low sulphur MFO produced from the Plaju Refinery can be distributed to vessels in Indonesia.
Three tankers have already been renamed and remaining fleet will follow suit after scheduled dry dockings.
‘We are truly honoured to be recognised as a flag-bearer of excellence for Singapore’s O&M sector,” says President & CEO.
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Digitalisation makes it easier for shipowners to conform to growing external regulations such as new sulphur regulations and ‘no scrubber’ zones; operators can identify better bunkering options to reduce costs.
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Rob Ashton, Market Manager of Infineum, explains how Infineum B402 is a relatively easy way for a ship operator to positively influence a vessel’s CII rating while improving its bunker fuel consumption performance.
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