Clarification on misinformation regarding PIL’s rumoured bankruptcy

Company Statement

14 April 2020

Recently, there have been rumours circulating on social media, making false claims about a potential bankruptcy of Pacific International Lines (“PIL”). PIL would like to clarify that these rumours are totally false and the information and content derived therefrom are unfounded.

We urge the public not to spread such fake news and misinformation. PIL reserves the right to pursue legal actions against those who generate and spread these defamatory rumours during this COVID-19 pandemic period and related false information after this statement.

Incorporated in 1967, PIL has grown to one of the world’s top 10 containership operators and is the largest shipowner in Southeast Asia.

As the (COVID-19) situation in China continues to improve, PIL and all our China subsidiaries have fully resumed operations on 9th March. PIL has been making steady progress and is currently actively preparing for a strong rebound after the epidemic.

In the face of an increasingly complex and uncertain global market environment, PIL has remained resilient by embarking on a service rationalisation which will focus our efforts on key liner markets in Asia, the Middle East, Africa, Oceania and South America. Our strategic business integration has enabled us to be well-positioned in capturing market opportunities brought about by the Belt and Road Initiative (BRI), and moving forward, PIL will continue to strengthen our leading position in the North-South routes.

Meanwhile, since the beginning of the COVID-19 outbreak, PIL has actively stepped up to aid the epidemic fight in China and around the world. Together with our subsidiaries, PIL has rallied our resources to ensure smooth transportation of various essential goods, as well as emergency and anti-epidemic supplies to China. Singamas, a subsidiary of PIL, has also successfully developed the first mobile container nucleic acid testing laboratory as well as mobile CT cabin for the diagnosis of COVID-19 in China, to help control the epidemic. At the same time, Singamas has donated 50 units of customised container cabins to aid the local frontline staff in their combat against the Outbreak.

With the introduction of various global quantitative easing programmes and the strong development of BRI, we believe the next few years will be an excellent opportunity for PIL to participate in any market upside.

PIL would like to take this opportunity to thank all local governments, industry peers, business partners and media for their long-term support. Going forward, PIL will continue to strive to bring quality services to our customers.

Pacific International Lines Pte Ltd. press release