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CONTSHIP/CMA CGM TO CHARTER SPACE TO SAFMARINE

CONTSHIP/CMA CGM TO CHARTER SPACE TO SAFMARINE

   Contship Containerlines Ltd. and CMA CGM have entered an agreement to charter space to Belgium’s Safmarine Container Lines in the trade between the U.S. East Coast, South East Asia, the Mediterranean and the Red Sea.

      Safmarine will charter space for 170 twenty-foot equivalent units per weekly sailing on eight vessels operated by Contship and CMA CGM.

   CMA CGM and Contship will each provide 50 percent of the space chartered to Safmarine.

   The space provided to Safmarine westbound is based on an average of 12 tons GWT per TEU or 2040 tons total, which ever is reached first. Eastbound, the space is based on an average of 14 tons GWT per TEU or 2,380 tons total, whichever is reached first.