Pacific International Lines posts US7.6 million earnings for FY2023, expects to stay profitable in FY2024

Pacific International Lines posts US$277.6 million earnings for FY2023, expects to stay profitable in FY2024

April 17, 2024 / NYJ Editorial Desk /

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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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NYJ Editorial Desk

I am an editor for Ny Journals, focusing on business and entrepreneurship. I love uncovering emerging trends and crafting stories that inspire and inform readers about innovative ventures and industry insights.

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