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Teo Siong Seng News

16 Mar 2020

Neptune Pacific Acquires Pacific Direct

Neptune Pacific Line, the provider of ocean freight services between Australia, New Zealand and Fiji, said that it has acquired Pacific Direct Line(PDL) from its Singapore based parent holding company, Pacific International Lines (PIL).The acquisition makes Neptune the new owners of all of PDL’s regional and Fiji based companies. The combined business will seamlessly link transport, warehousing, depots and customs clearance services and fully integrate customers’ supply chains across 18 South Pacific markets, it said in a press note."This purchase supports our long-term vision of creating the strongest and best regional network of shipping and logistics services in the Pacific Islands…

23 Aug 2019

PIL Fleet Wins ESI Certification

Singapore’s leading containership operator Pacific International Lines (PIL) has successfully attained Environmental Ship Index(ESI) certification for its fleet comprising of half a million TEUs.According to the shipping company, this is a major milestone for the Singaporean shipowner ahead of the transition towards the Global Sulfur Cap 2020 from 1 January next year.ESI certification is an on-going initiative by the World Ports Sustainability Program (WPSP) and it is a voluntary program for ship owners to enroll their vessels – attesting that their vessels exceed the basic standard set by the International Maritime Organization (IMO).To qualify for certification…

15 May 2019

Cosco Eyes PIL Takeover

After buying several container factories from its smaller competitor Singapore-based shipping company Pacific International Lines (PIL), China’s Cosco Shipping Holdings Co. is eyeing it as a potential takeover target.The Chinese state-run ocean carrier  had bought part of debt-ridden PIL’s container-manufacturing business, and executives at the Chinese carrier believe they could wrap up a deal for the entire business if family-owned PIL’s owners decide to sell, reported WSJ.Cosco Shipping is looking  to expand its footprint in developing markets and a take over would be an edge towards deeper logistics services beyond conventional ocean shipping…

02 Apr 2018

PIL Founder Steps Down as Chairman

The founded and Chairman of Pacific International Lines (PIL) Chang Yun Chung announced that he is stepping down and the current Managing Director SS Teo will take over from him. In a statement he said, "I wish to inform you that as part of PIL’s ongoing renewal and succession plan, I will step down as Chairman with effect from 1 April 2018. The Board has selected SS Teo, current Managing Director, to lead the Company in the role of Executive Chairman & Managing Director. "At the same time, I will also retire from the Board and relinquish all my board responsibilities. However I will stay involved with the Company as Chairman Emeritus and will continue to advise the Board in certain strategic areas.

29 Mar 2018

Pacific International Lines Appoints SS Teo as Executive Chairman

Chang Yun Chung, the founding chairman of family-owned Pacific International Lines (PIL), has handed over the baton to his son, Teo Siong Seng after 51 years at the helm of the largest Singapore-owned shipping line. "I wish to inform you that as part of PIL’s ongoing renewal and succession plan, I will step down as Chairman with effect from 1 April 2018. "At the same time, I will also retire from the Board and relinquish all my board responsibilities. However I will stay involved with the Company as Chairman Emeritus and will continue to advise the Board in certain strategic areas," he added. "I have worked closely with SS for more than 30 years and I am confident that he can provide the executive leadership necessary to bring PIL forward," he concluded.

23 Feb 2018

PIL, PSA, IBM Conclude Successful Blockchain Trial on Chongqing-Singapore Route

Singapore’s Pacific International Lines (PIL), port operator PSA International, and technology giant IBM Singapore have concluded a successful blockchain trial, having signed a memorandum of understanding in August 2017. Following the signing of the MOU, the companies worked on a Proof Of Concept (POC) exercise, built on IBM Blockchain Platform, applying and then testing a blockchain-based supply chain platform to track and trace cargo movement from Chongqing to Singapore via the Southern Transport Corridor. The trial successfully achieved the following objectives: Transparent and trustworthy execution of multimodal logistics capacity booking…

15 Aug 2017

PSA, PIL, IBM on Blockchain Development

Ocean carrier Pacific International Lines (PIL), terminal operator PSA International and IBM plan to utilize blockchain for better security, efficiency and transparency in supply chain business networks and trade finance. Three companies signed a Memorandum of Understanding (MOU) today to explore and trial proof of concept (POC) blockchain-based supply chain business network innovations. The MOU was signed by Ms Lisa Teo, Executive Director (Corporate Development) of PIL; Mr Oh Bee Lock, Head of Group Technology, PSA; and Ms Janet Ang, VP Industry Solutions & Smarter Cities of IBM Asia Pacific. The three parties will work together to explore POCs using technologies like blockchain to achieve better security…

24 Mar 2015

Singamas Container: Profit Down in 2014, Bullish for 2015

The world’s second-largest container manufacturer Singamas Container reported 2014 net profit which is lower than the previous year, but is expecting a better 2015 bolstered by pent-up demand from shipping lines and the firm’s investment in a gateway province between China and Southeast Asia. The Hong Kong-listed box-maker saw net profit fall 21 per cent to US$28 million (HK$217miilion), falling short of an estimated US$36.5 million in a Bloomberg poll of three analysts. Revenue jumped 20 per cent to US$1.5 billion, but this failed to translate into a higher bottom-line due to the lower selling price of the standard 20-foot dry freight containers, the firm’s main product used to carry industrial and consumer goods such as apparel, rubber and toys.

22 Aug 2014

Container Manufacturer Reports Profit Plunge

World-leading container manufacturer and logistics services provider Singamas Container Holdings Limited (Singamas) has  announced its unaudited interim results for the six months ended 30 June 2014. Net profit were down almost 52 per cent to US$13.28 million for the six months to June from US$27.49 million a year earlier because of unstable demand. The Group recorded consolidated revenue of US$678,745,000 for the six months ended 30 June 2014, 16.9% higher than the corresponding period of last year (1H2013: US$580,854,000). Consolidated net profit attributable to owners of the Company amounted to US$13,275,000 (1H2013: US$27,492,000), while basic earnings per share were US0.55 cent (1H2013: US1.14 cents). Mr.