Pacific International Lines (PIL) has posted a net profit of $1.34 billion for FY2024, a significant increase from $306.93 million in FY2023.
PIL’s 2024 revenue reached $4.30 billion, a 49 per cent year-on-year (YoY) increase, with EBITDA rising from $566.17 million to $1.69 billion.
The container shipping segment contributed $3.76 billion in revenue, up $1.25 billion from FY2023, driven by higher freight rates, strong asset utilisation, and a 9.6 per cent increase in volume.
READ: PIL names first 8,200 TEU LNG dual-fuel containership
EBITDA for the segment was $1.65 billion, and EBIT was $1.32 billion.
The container manufacturing segment saw revenue grow to $541.14 million, a $163.44 million increase, fueled by high demand for dry freight containers amid the Red Sea crisis and US restocking ahead of the presidential election.
EBITDA for this segment was $47.26 million, with EBIT at $33.66 million.
READ: Pilbara Ports launches ship WiFi support initiative
PIL CEO, Lars Kastrup, stated: “During the year, our teams worked hard in navigating disruptions with the evolving Red Sea situation and increased port congestions.
“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.”
