Singapore liner company Pacific International Lines has reported a near 90% decline in full-year profit for 2023, newly released figures show.

The company made a profit last year of $306.8m against the $3bn reported in the prior year period, according to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).

The Lars Kastrup-led shipowner saw revenue for 2023 slide by 53% year on year from $6.1bn