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Hits:Updated:2022-12-02 11:12:07【Print】
It is reported that on November 29, Antong Holdings announced that it had received a notification letter from China United Shipping and China United Hong Kong to terminate the strategic cooperation Agreement on joint foreign trade routes in advance.
The letter said: "The early cooperation between the two sides has achieved good results, but due to the dramatic changes in the international situation, the international shipping market which is closely related to it has all the way turned into an avalanche slump. In the face of such a major crisis, according to the actual calculation of China United Shipping and China United Hong Kong, it is difficult to maintain the normal operation of the joint operation of Europe and the United States, and we must timely adjust and take measures to stop the loss as soon as possible."
"In order to timely reduce and reduce the losses of both parties, China United Shipping and China United Hong Kong, based on the consideration of friendly consultation, please carefully consider the early termination of the Strategic Cooperation Agreement on Joint Foreign Trade Routes and the charter Party contract and the container charter Party, and sincerely discuss with us the settlement plan for the termination of relevant contracts."
Antong Holdings said that so far, it has not reached a settlement with China United Shipping and China United Hong Kong regarding the early termination of the strategic cooperation Agreement on joint foreign trade routes and related termination compensation.
It is understood that in order to continue to grasp the development opportunities brought by the foreign trade shipping market under the new situation, Antong Holdings signed a 34-month cooperation agreement with China United Shipping and China United Hong Kong (from June 1, 2022 to March 31, 2025). The company plans to operate foreign trade routes in the mode of joint operation. Actively layout of the United States, Europe and other international container shipping routes to improve the overall profitability.
Under the cooperation agreement, both parties will jointly invest resources to operate routes to Europe (excluding routes via India, Israel and the Black Sea region) and ports to the West Coast of the United States (excluding routes via Mexico). Other European and American routes can only be listed as "cooperative routes" or "joint routes" if both parties have reached an agreement through negotiation.
In terms of transport capacity arrangement, Antong Holdings is responsible for putting 10-12 ships of its own into operation of cooperative routes. The charter term of the above vessels is 34 months, which is generally consistent with the cooperation term of the agreement. The rent during the charter period is USD52,000/ day/vessel. The specific time of return of the vessels and the terms of chartering shall be subject to the specific provisions of the chartering contract between the two parties.
For the arrangement of containers for the joint operation line, both parties agree to invest 50% of the containers.
In terms of profit and loss allocation and operation mechanism of affiliated routes:
• Zhongunited Shipping shall be responsible for all operational decisions of the associated routes, and Antong may send personnel to participate in them. China United shall fully open to Antong the business data, financial data and operating system of the target airline.
• Both parties shall share 50% of the gross profit of the cooperative route according to the profit of the cooperative route. If there is a loss in the overall accounting of the cooperative routes during the cooperation period, the loss shall be borne by Zhonglian.
In addition, Antong Holdings also mentioned in the announcement of the proposed cooperation agreement released in April that it is estimated that the revenue of the cooperation agreement from June 1, 2022 to December 31, 2022 will be no less than 885 million yuan; Within the contract period agreed upon in the cooperation agreement, the revenue of the company will be no less than 4.258 billion yuan.
However, freight rates on European and US routes have fallen sharply and are expected to be less profitable than previously expected.
Regarding the early termination of the cooperation agreement, Antong Holdings said that if China United Shipping and China United Hong Kong terminate the Strategic Cooperation Agreement on Joint Foreign Trade Routes in advance, it may lead to a decrease in the revenue and profit of Antong's foreign trade related logistics business in the future, but it will not have a significant impact on the company's main domestic trade container logistics service business. Nor will it have a material adverse impact on the company's disclosed financial position and operating results for the year 2022.
Antong Holdings said that as of the date of this announcement (November 29), it is in discussions with China United Shipping and China United Hong Kong.
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