Shanghai: Following returning 39 vessels to ICBC Leasing under a court ruling, CSC Phoenix announced today that the company has reached an agreement with Minsheng Financial Leasing on the termination of the financial leasing contracts signed by the two companies.
Under the agreement, CSC Phoenix will return 16 vessels to Minsheng Financial Leasing and pay overdue ship leasing fees and compensation of RMB87m in total.
CSC Phoenix said the return of the vessels will increase the company’s losses by RMB380m. [28/01/14]
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