Pacific International Lines posts US$3 billion earnings for 2022

PACIFIC International Lines (PIL) posted US$3 billion in earnings for 2022 – the second year the shipping line has turned in a profit after staving off bankruptcy.

Financial statements that it filed with the Accounting and Corporate Regulatory Authority in May showed the Singapore group, which celebrated its 55th anniversary in 2022, generated a top line of US$6.1 billion.

The once-heavily-indebted shipping line made a spectacular turnaround in 2021 when it raked in US$2.6 billion in earnings – its first profit in years – on a turnover of US$5.8 billion. The containership sector as a whole has benefited from ocean freight rates that skyrocketed amid pandemic-induced maritime disruptions and e-commerce boom.