Acquisition of Polynesia line by Swire

The China Navigation Co (“CNCo”), the deep sea shipping arm of the Swire group, having held a minority shareholding of 13% in Polynesia Line Ltd (“PLL”) since 1979, has purchased all the remaining shares in the Line. CNCo has been an active and committed shareholder in PLL for the last 34 years and is fully committed to ensuring that the Line continues to serve the needs of its strong and loyal customer base in the South Pacific. “We have tremendous confidence in PLL’s position as the premier US West Coast to the Pacific Islands shipping service which has been established over many years” said Tim Blackburn, Managing Director, CNCo.
Following the purchase of the shares it will be “business as usual”. The management of the
service will remain in San Francisco, CA, Interocean Steamship Corporation will continue to
operate as the Line’s agent in the USA and there will be no change to the existing agency
representation in the key ports of the Pacific Islands. Jens Jensen, President of PLL, confirmed that “The existing Management and Agency teams have CNCo’s full support in continuing to provide the high level of service delivery that has come to be expected over the years.”
In conjunction with CNCo’s other Pacific based liner services, this development represents an
opportunity to grow and strengthen PLL’s longstanding customer relationships, regional
partnerships and extensive market coverage. Chris Daniells, General Manager, Swire Shipping, concludes that “CNCo, through its liner shipping division, Swire Shipping, has established an extensive network in the Pacific Islands over 75 years and PLL will enhance its position as the leading, independent regional carrier. We are committed to being “our customers’ partner of choice” and to ensuring that Polynesia Line continues to deliver value-added shipping
services.”
Source: Swire shipping