Liner newcomer China United Lines (CUL) will cough up CNY 470m ($67m) in order to terminate long-term charters on up to a dozen boxships.
The payment of a penalty will enable the company to end a long-term arrangement with Shanghai-listed Antong Holdings.
CUL was on the hook for charters of 12 panamax ships of 4,100 teu to 4,700 teu that had been taken for $52,000 per day, as well as the lease of containers.
