COSCO and PIL sign time-charter agreement

COSCO Shipping Lines and Pacific International Lines (PIL) have signed a time-charter agreement involving 12 vessels worth more than US$4.25m.

COSCO will spend more than US$2.5m leasing PIL’s 6,500 teu Kota Cantik, which has shore supply, at a daily rate of US$7,266 and five 4,250 teu ships at a daily rate of US$4,675 between September 2017 and April 2018.

The additional five vessels are the Kota Laju, the Kota Layar, the Kota Lambang, the Kota Lumayan, and the Kota Latif.