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PIL sells caper to Chinese leasing house
The Teo family’s shipping line has bolstered its bottom line with another sale to a Chinese leasing house. The Teos control Pacific International Lines (PIL), best known for its container business, but a company that has interests in other segments too. Brokers tell Splash that PIL has sold two seven-year-old capesizes – the Shagang Hongfa and Shagang Honchang – for $33m each to an unidentified Chinese leasing house. The deal comes with a time charter back to PIL at $20,000 a day. The ships are on charter to Shagang, a Chinese steel mill with shipping operations in Singapore, through to September 2021.
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