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

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.

Average…