PIL delivers strong FY2024 financial performance with net earnings of US$1.342 billion

Singapore, 16 May 2025 – Pacific International Lines (PIL) achieved a net profit after tax of US$1.342 billion for FY2024 compared to US$306.93 million for FY2023. This strong performance was attained from the significant growth in operating revenue for 2024 and effective cost management.

In 2024, PIL recorded a revenue of US$4.305 billion, which was a 49% year-on-year growth arising from the strong results delivered by the container shipping business. EBITDA for the year also improved US$1.126 billion from US$566.17 million to US$1.692 billion.

In terms of business segments, PIL’s container shipping business saw its FY2024 revenue rise to US$3.764 billion, an improvement of US$1.258 billion from FY2023, driven mainly by stronger freight rates, high asset utilisations and a volume growth of 9.6% year-on-year in a highly disrupted market environment. As a result of these factors, the FY2024 EBITDA of the container shipping business was US$1.654 billion and EBIT was US$1.329 billion.

For the container manufacturing business, the FY2024 revenue was US$541.14 million, an increase of US$163.44 million from FY2023. This was primarily driven by a surge in demand for dry freight containers due to the disruptions caused by the Red Sea crisis, and restocking activities in the US prior to the US presidential election, as well as deliveries of new container vessels to shipping lines during the year which further stimulated demand for containers. As a result, the FY2024 EBITDA of the container manufacturing business was US$47.26 million and EBIT was US$33.66 million.

As at 31 December 2024, PIL continued to maintain a strong balance sheet position with healthy cash balances at US$2.330 billion.  PIL’s fleet of owned vessels was 89, with another 12 chartered-in vessels. To date, PIL has ordered 18 newbuild LNG dual-fuel vessels, with six having been delivered, supporting PIL’s goal of operating a more modern fuel-efficient and environmentally sustainable fleet.

Mr Lars Kastrup, CEO of PIL, commented, “Thanks to the effective initiatives which we have put in place since 2022, we continued to perform well in 2024 amidst the challenging external environment.  During the year, our teams worked hard in navigating disruptions with the evolving Red Sea situation and increased port congestions.

“As our fundamentals continued to strengthen during the year, and with agile asset optimisation, we were able to capture the strong volumes in the regions which we serve.

“I’m also pleased that we achieved a healthy increase in EBIT as we continued our strong focus on cost management and efficiency optimisation. We are committed to pressing ahead to maintain our discipline in being cost-effective and cost-conscious in our operations.

“2024 also gave us a full year to inculcate in our global teams our refreshed values of people-centric; pushing boundaries and future-focused, which are integral to our journey of being a customer-centric shipping line. I am proud to see how our global teams embrace and operationalise our continued transformation journey.

“The twin naming and deliveries of our first two newbuild 14,000 TEU LNG dual-fuel vessels, Kota Eagle and Kota Emerald, in October 2024, injected confidence and optimism for all of us at PIL as we sail into the future.

“The year ahead is expected to be filled with uncertainty and heightened challenges. The additional capacity brought on by newbuild vessels coming on stream in 2025 is expected to outpace the market demand for goods, but continued port congestions may absorb some of the capacity growth. 

“At PIL, we are monitoring these developments closely, and we will remain nimble and flexible to quickly adapt to the changing market conditions and volatilities. Our strong cash position is bolstering our financial stability and resilience, and enabling us to continue to seek business growth.

“Looking ahead, we will double down on the strategies and initiatives which have worked well for us, and we will continue to work towards achieving our purpose of putting customers first by leveraging expertise and technology to provide efficient and sustainable solutions.”

About Pacific International Lines:

Pacific International Lines (PIL) is among the top 12 container shipping lines in the world. Established in Singapore in 1967, we are the largest home‑grown carrier in Southeast Asia.

We serve customers in over 500 locations, with a focus on Asia, China, Africa, the Middle East, Latin America, Oceania and the Pacific Islands. Operating a fleet of around 100 container vessels, we provide shipping services and solutions to customers in more than 90 countries worldwide.

We provide shipping services across a variety of products, including dry, refrigerated, breakbulk or special cargo. We harness our network of owned agencies and intermodal services, to bring value to our customers with end-to-end transportation solutions.

At PIL, our people-centric approach puts customers first, by leveraging expertise and technology to provide efficient and sustainable solutions. Guided by a future-focused vision, we are committed to sustainability and making a positive impact on communities.