China Navigation Acquire US-based Polynesia Line

MarineLink.com
Monday, July 15, 2013
PLL Vessel: Image courtesy of China Navigation

China Navigation Co (“CNCo”), the deep sea shipping arm of the Swire group, having held a minority shareholding of 13% in Polynesia Line Ltd (“PLL”) since 1979, has purchased all the remaining shares in the line.

CNCo has been an active and committed shareholder in PLL for the last 34 years and is fully committed to ensuring that the Line continues to serve the needs of its strong and loyal customer base in the South Pacific. “We have tremendous confidence in PLL’s position as the premier US West Coast to the Pacific Islands shipping service which has been established over many years” said Tim Blackburn, Managing Director, CNCo.

Following the purchase of the shares it will be “business as usual” according to Swire Group. The management of the service will remain in San Francisco, CA, Interocean Steamship Corporation will continue to operate as the Line’s agent in the USA and there will be no change to the existing agency representation in the key ports of the Pacific Islands. Jens Jensen, President of PLL, confirmed that “The existing Management and Agency teams have CNCo’s full support in continuing to provide the high level of service delivery that has come to be expected over the years.”

In conjunction with CNCo’s other Pacific based liner services, this development represents an opportunity to grow and strengthen PLL’s longstanding customer relationships, regional partnerships and extensive market coverage. Chris Daniells, General Manager, Swire Shipping, concludes that “CNCo, through its liner shipping division, Swire Shipping, has established an extensive network in the Pacific Islands over 75 years and PLL will enhance its position as the leading, independent regional carrier. We are committed to being “our customers’ partner of choice” and to ensuring that Polynesia Line continues to deliver value-added shipping services.”

About Polynesia Line:
Polynesia Line, established in 1967, provides ocean transportation services between US West Coast and Tahiti, American Samoa, Western Samoa and other Pacific Islands. The Company operates a fortnightly frequency and direct ports of call include Oakland, Los Angeles, Papeete, Apia and Pago Pago. Polynesia Line also owns a 50% interest in Polynesia Shipping Services (Pago Pago) and Samoa Maritime Services (Apia).
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Sellick Equipment to Open New Facility

On April, 20, 2016, at the young age of 97 years, Walter Sellick along with sons Howard Sellick - President, David Sellick - Vice President and grandson Colin Sellick - Systems Manager,

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

EU Clears CMA CGM, NOL Merger, with Conditions

The European Commission said on Friday it had cleared French shipping group CMA CGM's $2.4 billion takeover of Neptune Orient Lines on condition that NOL pulls out from a rival shipping alliance.

Container Ships

EU Clears CMA CGM, NOL Merger, with Conditions

The European Commission said on Friday it had cleared French shipping group CMA CGM's $2.4 billion takeover of Neptune Orient Lines on condition that NOL pulls out from a rival shipping alliance.

Matson Announces Q2 Dividend of $0.18/Share

The Board of Directors of Matson, Inc. today declared a second quarter dividend of $0.18 per common share. The dividend will be paid on June 2, 2016 to all shareholders

Fitch: M&A, Not Alliances to Help Revive Container Shipping

The following statement was released by the rating agency: Mergers and acquisitions, rather than the historically more popular alliances, are inevitable to address

Mergers & Acquisitions

EU Clears CMA CGM, NOL Merger, with Conditions

The European Commission said on Friday it had cleared French shipping group CMA CGM's $2.4 billion takeover of Neptune Orient Lines on condition that NOL pulls out from a rival shipping alliance.

Fitch: M&A, Not Alliances to Help Revive Container Shipping

The following statement was released by the rating agency: Mergers and acquisitions, rather than the historically more popular alliances, are inevitable to address

ST Engineering Injects $66m into VT Systems

Singapore Technologies Engineering Ltd (ST Engineering) today announced that it has injected US$66m (approximately S$89m) into the capital of its US Headquarters, Vision Technologies Systems, Inc.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0906 sec (11 req/sec)