Kota Cabar

Wan Hai Buys Two Boxships from PIL for USD 186 Mln

Taiwanese shipping company Wan Hai Lines has acquired two containerships from Singapore-based liner operator Pacific International Lines (PIL), the company said in a regulatory filing.

Illustration; Image Courtesy: PIL

The two containerships, named Kota Panjang and Wan Hai 805, feature 11, 923 TEU each and were sold for USD 186 million.

The duo forms part of twelve 11,800 TEU newbuilding vessels PIL took delivery of in 2017 and 2018.

The P-class vessels were constructed by Yangzijiang Shipbuilding (Holdings) Ltd and were the largest ships in PIL’s fleet.

The sale has been ascribed to financial troubles at PIL and comes on the back of another deal made earlier in February.

Namely, South Korean feeder operator Dongjin Shipping bought Kota Teguh feeder vessel on February 17 from PIL for an undisclosed price, according to VesselsValue. The 17-year old feeder features 736 TEU.