PIL hits out over ‘totally false’ bankruptcy rumours

The financial health of the privately-owned container line has become an increasing source of speculation in recent months.

In a strongly worded statement PIL said: “Recently, there have been rumours circulating on social media, making false claims about a potential bankruptcy of Pacific International Lines (“PIL”). PIL would like to clarify that these rumours are totally false and the information and content derived therefrom are unfounded.

“We urge the public not to spread such fake news and misinformation. PIL reserves the right to pursue legal actions against those who generate and spread these defamatory rumours during this Covid-19 pandemic period and related false information after this statement.”

PIL ranks as the world’s 10^th largest container line according to analyst Alphaliner. The company is owned by the Teo family and helmed by SS Teo, a highly respected figure in the Singapore shipping community.

“As the (COVID-19) situation in China continues to improve, PIL and all our China subsidiaries have fully resumed operations on 9th March. PIL has been making steady progress and is currently actively preparing for a strong rebound after the epidemic,” the company said.

“In the face of an increasingly complex and uncertain global market environment, PIL has remained resilient by embarking on a service rationalisation which will focus our efforts on key liner markets in Asia, the Middle East, Africa, Oceania and South America. Our strategic business integration has enabled us to be well-positioned in capturing market opportunities brought about by the Belt and Road Initiative (BRI), and moving forward, PIL will continue to strengthen our leading position in the North-South routes.”

Related:Wan Hai buys boxship pair from PIL at $187m