August 22 - Neptune Pacific Line (NPL) has reached an agreement with Polynesian Shipping Line's shareholders to purchase the business.
The shipping line says the agreement creates strong support for the recently revised shipping network and strengthens the company's position as a regional carrier to and from the south pacific islands.
NPL says that it brings together the strong Melanesian and Polynesian network of Neptune Pacific Line and Pacific Forum Line, together with Polynesian Shipping's strong customer and vendor relationships.
Chairman of Polynesian Shipping Line, Charlie Westerlund stated, "Polynesian Shipping Line was established out of the need to provide a regular, reliable and competitive shipping service to Pacific Island communities. Over the last nine years Polynesian Shipping Line has achieved these 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, like minded and well managed company in Neptune Pacific Line".
Neptune managing director, Rolf Rasmussen added, "this purchase supports our long term vision of creating the strongest and best regional network of shipping services in the Pacific Islands.
"Shipping in the Pacific Islands needs collaboration at the highest level, between cargo interests, governments and shareholders, as well as regional and global partnerships between carriers, in order to provide the sustainable and reliable shipping services that are needed."
According to a statement on Polynesian Shipping Line's website, the market has certainly changed since it started trading in 2005 and over the last two to three years, there has been considerable change to shipping services in the Pacific. Reef Shipping went into receivership with the assets and business subsequently sold to Matson Line of the USA. Polynesian Shipping Line's Ratstor suffered a major mechanical failure requiring the business to change from being a vessel operator to a slot charterer and shareholders of Pacific Forum Line sold their interests to the Samoan Government who in turn subsequently sold a 50 percent controlling interest to Neptune Pacific Line.
The statement adds: "Most recently there has been a further change to vessels and schedules and it is likely that further rationalisation will be required in some form in the future."
Neptune Pacific Line was established in 1997 to provide liner and bulk shipping services in the trades between Australia, New Zealand and Fiji, and today, is a ship owner and operator active in liner, bulk and project markets in the Pacific. It is part of Roll Global, a USD3 billion international company headquartered in Los Angeles, USA.
Neptune Pacific's Scarlett Lucy