Pacific International Lines (PIL) managing director Teo Siong Seng has given a firm denial on rumours that have recently been circulating that the Singapore-based mid-sized liner operator was the next potential industry takeover candidate.
Speaking at the Marine Money conference in Singapore yesterday, Teo attributed the rumours to articles that appeared after Cosco’s takeover of OOCL suggesting that PIL was the most vulnerable of the four remaining mid-sized liner companies because unlike Zim, Yang Ming, and Hyundai Merchant Marine, it did not enjoy government support.
