After 9 years, the shareholders of Polynesian Shipping Line (PSL) have sold their business to Neptune Pacific Line Ltd.
“When looking at the trade today compared with nine years ago, there has been a significant increase in the level of service provided. There is sufficient capacity in the main trade lanes and frequency is at acceptable levels. In addition to service, capacity and frequency, rates are competitive and the services provided by the various operators are sustainable.
Taking these factors into account, the Board of Polynesian Shipping Line Limited has decided that the trade is well placed and that there is no longer a requirement for them to be involved in shipping and that the time is now right to sell the company,” the company notes in a statement.
PSL was formed in 2005 to provide reliable and fair cargo transport services to the Polynesian island of Samoa and has since expanded to services including Australian and New Zealand trades to Fiji, the Samoas and the Kingdom of Tonga as well as the interisland trade. The company notes that over the past few years however, considerable changes have been made to shipping services in the Pacific, specifically:
- Reef Shipping went into receivership with the assets and business subsequently sold to Matson Line of the United States
- Polynesian Shipping Line vessel (M.V. Ratstor) suffered a major mechanical failure requiring the business to change from being a vessel operator to a slot charterer.
- Shareholders of Pacific Forum Line sold their interests to the Samoan Government who in turn subsequently sold a 50% controlling interest to Neptune Pacific Line.
Although the company ownership has changed, PSL notes that “it’s business as usual with our customers and service providers. No change is envisaged to existing arrangements in the immediate future.”
In announcing the sale of the business, the Chairman of Polynesian Shipping Line Limited, Charlie Westerlund stated;
‘Polynesian Shipping Line was established out of a need to provide a regular, reliable and competitive shipping service to Pacific Island communities. Over the last nine years Polynesian Shipping Line Limited has achieved those goals.
The time is now right for the shareholders to withdraw from shipping, and we are pleased to be able to sell the business to a professional and well managed Company in Neptune Pacific Line Limited.
In selling the business to Neptune Pacific Line Limited we are confident they will ensure the Company’s loyal supporters, service providers and employees will benefit from this transaction both now and in the years to come.”