Complete Maritime Profile & Reviews of Ngm-Honor

In a strategic move to strengthen its financial position, Pacific International Lines (PIL), under the stewardship of the Teo family, has finalized a deal involving the sale of two capesize vessels to a Chinese leasing company. Known primarily for its container shipping business, PIL has diverse interests across the maritime sector. Brokers reported that the company has sold the vessels Shagang Hongfa and Shagang Honchang, both seven years old, for a substantial $33 million each. As part of the arrangement, PIL will lease back the ships at a daily rate of $20,000. These vessels are currently chartered to Shagang, a prominent Chinese steel manufacturer with shipping operations based in Singapore, until September 2021.