Unauthorized redistribution of the newsletter is prohibited and readers are requested to quote ‘Alphaliner’ as source for all data derived from the newsletter. Alphaliner does not accept any liability for any errors or omission or opinion. Please refer to full user terms and copyrights at www.alphaliner.com/terms_of_use.php ALPHALINER Volume 2014 Issue 27 01.07.2014 to 07.07.2014 Weekly Newsletter Web: www.alphaliner.com | E-mail: [email protected] | Sales: [email protected] Alphaliner Weekly Newsletter is distributed every Monday. The newsletter is available upon subscription. Information is given in good faith but without guarantee. Please send your feedback, comments and questions to [email protected] Chart of the week Pacific International Lines (PIL) : Evolution of capacity operated 1996-2014 • PIL only started to transition from a • PIL has grown from the 34th largest 350,000 operator in 1996 to become the 14th largest liner operator as of January 2014. 300,000 • Although Owned TEU Market Share 2.5% ALPHALINER 2.0% 1.5% 200,000 ALPHALINER 150,000 1.0% • PIL largest ships in PIL’s fleet are units of only 6,600 teu and the carrier will have to consider its next fleet upgrade steps shortly. 0 17 14 18 19 19 20 19 19 19 19 21 21 20 20 21 24 23 25 50,000 27 however coming under significant pressure, as PIL’s fleet is increasingly dwarfed by the much larger ships which rivalling carriers introduce on most of its trades. 0.5% 34 • The shipping line’s niche trades are 100,000 0.0% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Jul-14 says it is focussed on growing its Africa and Red Sea/Middle East Gulf sectors which account for almost half of the carrier’s total liftings. Chartered TEU Global Rank 250,000 TEU its global ranking has slipped to 17th place currently as it scaled down some of its less profitable trades, PIL retains a significant newbuilding program with 12 geared 3,900 teu ‘Africamax’ units due to be delivered between 2014 and 2015. 17 400,000 Global Capacity Share predominantly breakbulk carrier into wholly containerised shipping operations in the 1990s. • The For the first time ever, Pacific International Lines (PIL), the Singapore-based carrier now ranked 17th in Alphaliner’s capacity top-list, has published its financial accounts. The disclosure is part of PIL’s efforts to tap the bond market for additional capital. INSIDE THIS ISSUE: Focus on PIL Corporate Updates Zim ‘Golden Share’ to stay Hanjin Shipping raises cash from asset sales 1 3 Bottom heavy idle fleet with large ships in demand Rates at both ends of the size spectrum enjoy summer rally 4 5 Service Updates 7 Maersk revises FE-North Europe network following P3 setback Evergreen adds a Japan-US service Wan Hai adds a further Far East-India service Maersk Line adds Beirut to ME-3 Delivery/New Order Updates June/July deliveries Arkas orders two more 2,500 teu ships PIL loss making in three out of last five years 9 PIL, which is controlled by the family of YC Chang, has always kept its financial accounts private, even though two of its subsidiary companies are publicly listed. Singamas, PIL’s container manufacturing business, has been listed in Hong Kong since 1993, with PIL holding a 39% share, while Pacific Shipping Trust (PST), PIL’s shipowning subsidiary, was listed on the Singapore stock exchange in 2007 until 2011, when it went private through a voluntary delisting. PIL is seeking to raise up to S$1 Bn ($801 M) through a bond issue, with proceeds to be used to refinance existing loans as well as for investments and working capital. Terms of the medium term note issue are still being finalised by the three arranging banks - Credit Suisse, DBS and Standard Chartered. PIL, which was last rated B1 by Moody’s in 2010, had its credit ratings withdrawn in December 2011. Total debt stood at $2.95 Bn as at the end of 2013, against total equity of $2.21 Bn. The company reported net losses in three of the last five years, with earnings coming under pressure in both its shipping and container manufacturing business last year when it posted a net loss of $101 M. ** The full newsletter is available by subscription. Please contact [email protected] **
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