On November 29, Antong Holdings announced that China United Lines required early termination of the strategic cooperation framework agreement.
In May this year, Antong Holdings and China United Lines signed a 34-month (June 1, 2022 to March 31, 2025) strategic cooperation framework agreement to jointly operate foreign trading shipping service, the two sides plan to jointly invest resources to operate the European route, the west coast of the United States port routes.
The early cooperation between the two sides has achieved good economic benefits. Due to the sharp decline of the international shipping market, according to the actual calculation of China United Lines, the joint operation of European and American routes has been difficult to maintain normal operation.
At present, Antong Holdings has not reached a settlement with China United Lines regarding the early termination of the contract and related compensation.