PIL forced to defend its late payments, again

Fresh from the pain of having to quit the transpacific box shipping trade, Singapore-headquartered Pacific International Lines has been rushed into further discussions with creditors, according to Splash247. The maritime news site reports that container manufacturer Singamas was forced to issue a warning to its shareholders that the 10^th largest global shipping line owes it around $150m. In response to Splash247 enquiries, PIL said it was “committed to enter into a commercially feasible agreement with Singamas in relation to the repayment of these trade receivables as soon as reasonably practicable”.