Pacific International Lines Delivered Profit in 2017

Container vessel Kota CabarImage Courtesy: PIL

Singapore-based Pacific International Lines (PIL) returned to profitability in 2017 due to an increase in shipping revenue, container sales and initiatives which improved operational efficiency.

The company reported a net profit of USD 119.5 million for the twelve-month period ended December 31, compared to a net loss of USD 251.4 million seen a year earlier.

The company’s turnover for the period surged by 32 percent reaching USD 4.04 billion, compared to USD 3.07 billion reported in 2016, mainly driven by an increase in shipping volume, average freight rates and container sales.

The group’s container shipping business posted increases in shipping volume and average freight rates of 12% and 9%, year-on-year, respectively. This resulted in a 21.3% growth in the shipping business’ turnover. PIL also implemented initiatives which helped to increase operational efficiencies, with shipping expenses increased by only 9.3% in FY 2017 despite the much larger growth in revenue.

PIL informed that it is “encouraged by the recovery” that led to strong financial results, and expects overall market conditions to continue to improve in 2018, driving shipping volume, freight rates and container sales.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

The Smart Ship Exchange

The Exchange will look at the issues involved with increasing autonomy in shipping with an introduction to the concept…

read more >

Electric & Hybrid Marine World Expo Conference 2019

Electric & Hybrid Marine World Expo Conference is the world’s only international conference…

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >