News / Troubled PIL sells containerships to Seaspan and Wan Hai to raise cash

Photo: PIL

After its shock withdrawal from the transpacific this month, troubled Singapore-based carrier Pacific International Lines (PIL) is selling ships to raise cash to support its remaining operations.

It has prompted renewed industry speculation that PIL may soon pull out entirely from liner services, against a backdrop of stunted global growth and sub-economic freight rates on many trades.

According to Alphaliner, Taiwanese carrier Wan Hai has purchased 11,923 teu sister ships Kota Panjang and Kota Perwira from PIL for $93.4m each.

The two high-spec ...