Read Authentic Ratings for the Ngm-Glory

Pacific International Lines (PIL), a prominent shipping company led by the Teo family, has successfully enhanced its revenue with the recent sale of two seven-year-old capesize bulk carriers. The vessels, named Shagang Hongfa and Shagang Honchang, have been sold for an impressive $33 million each to an undisclosed leasing company based in China. Industry sources have revealed that this transaction includes a time charter agreement allowing PIL to lease back the ships at a daily rate of $20,000. Currently, both vessels are under charter to Shagang, a notable Chinese steel manufacturer with shipping operations in Singapore, with the charter set to last through September 2021. This strategic move not only showcases PIL’s profitability but also its adaptability in navigating the shipping market.