PIL Quits Transpacific Trade
Pacific International Lines (PIL) has announced that it is quitting the Transpacific market as part of an optimization strategy.
PIL’s last Transpacific sailing will be in March 2020.
The company said it has taken the decision as part of a wider strategic review of its business. Henceforth, PIL will focus on further strengthening its position in the North-South Trade such as Africa, Middle East / Red Sea, India Sub-Continent, Latin America and Oceania.
PIL is one of the world’s top 10 container ship operators and is the largest shipowner in Southeast Asia. It owns and operates a fleet of around 150 container ships, bulkers and multi-purpose vessels, serving more than 500 locations in over 90 countries worldwide.
The company was incorporated in Singapore in 1967, foundered by the Chinese entrepreneur Chang Yun Chung. In 2017, PIL and COSCO entered into a mutual chartering agreement to supply and exchange vessels during shipping demand peak times.