PSL chairman Charlie Westerlund said: “The time is now right for 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.”
The Auckland-based company operates four feederships between Australia, New Zealand, Fiji, Samoa and other islands.
It also owns 50% of Pacific Forum Line with the government of Samoa.
The line is a subsidiary of Petroleum Products Supplies of Samoa
NPL is part of US-owned Roll Global.