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International Cooperation Department
Tel.: (+86-21) 65853850-8034
Fax: (+86-21) 65373125
E-mail: ICDept@sisi-smu.org
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International Shipping |
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| PIL's FY2024 net profit quadruples to US$1.3b |
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Date:2025-05-28 Readers:
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SINGAPORE's Pacific International Lines (PIL) has posted a net profit of US$1.3 billion for the FY2024 ended December 31, 2024, more than quadrupling from US$306.9 million the previous year.
This was attributed to a significant growth in its operating revenue as well as effective cost management.
Earnings before interest, taxes, depreciation and amortisation jumped to $1.7 billion, from $566.2 million.
Meanwhile, revenue grew 49 per cent year on year to US$4.3 billion, according to Singapore's Business Times.
This was led by its container shipping business, which saw revenue increase $1.3 billion to $3.8 billion on the back of stronger freight rates and high asset utilisations. A volume growth of 9.6 per cent in a highly disrupted market environment also helped to boost revenue.
For its container manufacturing business, revenue rose $163.4 million to $541.1 million. Gains were primarily driven by a surge in demand for dry freight containers due to disruptions from the Red Sea crisis.
Restocking activities in the US prior to the country's 2024 presidential election and the delivery of new container vessels to shipping lines during the year also increased demand for containers.
To support its goal of operating a more modern, fuel-efficient and environmentally sustainable fleet, the company said it has ordered 18 new liquefied natural gas dual-fuel vessels, of which six have been delivered. These are in addition to PIL's current fleet of eighty-nine owned vessels and twelve chartered-in vessels.
https://www.shippingazette.com/news?news_id=9250500000847
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