SINGAPORE container carrier Pacific International Lines (PIL) posted US$277.6 million in net profit for FY2023 – about 10 per cent of its FY2022 earnings of US$3 billion – as freight rates tumbled.
PIL’s revenue for FY2023 to December was 53 per cent lower at US$2.9 billion, compared with US$6.1 billion a year earlier.
The carrier’s results are in line with peers at a time when container shipping rates began their downward trajectory, after pandemic-induced supply chain disruptions and a slowdown in the e-commerce boom.
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