Polynesian Shipping Sold to Neptune Pacific Line
The Board of Polynesian Shipping Line Limited, Apia informed that the business and the Company’s associated investments have been sold to Neptune Pacific Line Limited. The sale is as a going concern and will continue to provide services in the Australian and New Zealand trades to Fiji, the Samoas and the Kingdom of Tonga as well as the interisland trade. In addition, the existing global freight services to the Samoas and Tonga will continue and be developed further.
It is informed that the relationships Polynesian Shipping Line Limited has established with customers and service providers over the last nine years are valued and the new owners will be working diligently with the Polynesian Shipping Line team to maintain and strengthen those relationships.
A key aspect of the sale is the signing of a contract of affreightment between Polynesian Shipping Line Limited shareholder interests and Neptune Pacific Line Limited. This Agreement will see Polynesian Shipping Line limited shareholder interests continue to support the business for many years to come.
In announcing the sale of the business, the Chairman of Polynesian Shipping Line Limited, Charlie Westerlund stated, "Polynesian Shipping Line was established out of a need to provide a regular, reliable and competitive shipping service to Pacific Island communities.
Over the last nine years Polynesian Shipping Line Limited has achieved those goals. The time is now right for the shareholders to withdraw from shipping, and we are pleased to be able to sell the business to a professional and well managed Company in Neptune Pacific Line Limited. In selling the business to Neptune Pacific Line Limited we are confident they will ensure the Company’s loyal supporters, service providers and employees will benefit from this transaction both now and in the years to come."