Kastrup, who has led PIL through a period of financial recovery, fleet expansion and operational improvements, will remain with the company as Advisor to the Board after the transition.
The appointment comes as PIL moves beyond rebuilding its financial position and strengthening its shipping capacity. Its next challenge will be to make better use of its global network, assets and customer relationships to support long-term growth.
Wan’s appointment is significant because his experience extends beyond traditional shipping operations. His background covers ports, logistics, investment and corporate strategy, giving him a broader understanding of the maritime and supply chain industries.
A Career Spanning Ports, Logistics and Investment
Wan brings nearly three decades of experience in transportation, logistics and infrastructure-related businesses.
During his time at PSA International, one of the world’s leading port operators, he held several senior positions, including Regional CEO for the Middle East and South Asia, Group Business Development Director, and CEO of PSA BDP, PSA’s global supply chain solutions business.
These roles gave him experience in port operations, cargo movement, supply chain planning and international logistics. His work at PSA BDP also exposed him to services beyond traditional port operations, including wider supply chain management.
Wan also has a background in investment through Temasek, where he focused on transportation and logistics investments from 2003 to 2012. During this period, he was involved in the establishment of SeaTown Holdings. He currently serves as Managing Director of Corporate Strategy at Temasek.
His combination of operational, logistics and investment experience is relevant as shipping companies increasingly look beyond vessel operations to strengthen their position in the global trade industry.
PIL’s Transformation Under Lars Kastrup
Wan will take over a company that has undergone major changes under Kastrup’s leadership.
Kastrup joined PIL in 2020 as Senior Advisor before becoming Co-President and Executive Director in 2021. He was appointed CEO in July 2022, leading the company through a period of financial recovery and operational development.
PIL’s financial performance improved significantly during his tenure. According to company data, EBITDA rose from US$558 million in FY2023 to US$1.5 billion in FY2025. The company also recorded revenue of US$4.27 billion and profit after tax of US$1.04 billion in FY2025.
PIL also expanded and modernised its fleet, increasing container capacity by more than 50% to approximately 500,000 TEU.
By the first half of 2026, the company had received 10 LNG dual-fuel container vessels. Another 18 LNG dual-fuel newbuildings and 14 long-term chartered vessels are expected to be delivered by 2029.
These investments reflect PIL’s efforts to improve operating efficiency, strengthen its fleet and prepare for the industry’s transition towards lower-emission shipping.
The company has also expanded its own and controlled agency network. Around 98% of its cargo volume is now handled through these channels, allowing PIL to maintain greater control over customer relationships and service delivery.
With its financial position, fleet and operations strengthened, PIL is now entering a new phase focused on building on these improvements.
Why Logistics Experience Matters to Shipping
The appointment of Wan reflects the changing direction of the global shipping industry.
Major carriers such as Maersk, CMA CGM and MSC have expanded their businesses beyond ocean transportation by investing in ports, logistics, inland transport and integrated supply chain services.
Customers increasingly expect more than shipping capacity. They also want reliable services, better cargo visibility and solutions that connect different stages of the supply chain.
This presents an opportunity for PIL, which has built its presence through regional expertise, particularly in markets linking Asia with Africa, the Middle East, Latin America and other emerging economies.
Rather than competing solely on fleet size with the world’s largest carriers, PIL can focus on strengthening its regional network and developing closer relationships with customers in these markets.
Wan’s experience at PSA, PSA BDP and Temasek could help the company explore ways to connect its shipping operations with wider logistics and supply chain services. His background also provides experience in evaluating long-term investments and strategic business opportunities.
A New Chapter Ahead of PIL’s 60th Anniversary
Founded in Singapore in 1967, PIL will celebrate its 60th anniversary in 2027. Over the past six decades, the company has grown from a regional shipping operator into one of Southeast Asia’s recognised container carriers.
Today, PIL operates more than 100 container vessels and serves markets across Asia, Africa, the Middle East, Latin America, Oceania and the Pacific Islands.
The transition from Kastrup to Wan marks a new stage in the company’s development. Kastrup focused on improving PIL’s financial performance, modernising its fleet and strengthening its operations. Wan will be tasked with building on that progress and identifying new opportunities for sustainable growth.
As the shipping industry becomes more connected with ports, logistics and supply chain management, companies will need to strengthen their capabilities across the entire maritime value chain.
Wan’s appointment signals PIL’s intention to build on its existing strengths while adapting to the changing demands of global trade as it enters its seventh decade.
