The Hapag-Lloyd (sp?) contracts are like 4-year firm with like 8 annual renewals. But if H-L backs out on any renewal, there's a penalty. If I remember it right, it's a million a year times the remaining option term, per ship. If I remember right, that's four ships on the water.
Which means we would like H-L to back out, so I doubt they will.
That's the only issue I've ever seen, short of BK of a liner major. Then all bets are off. That's why SSW always talks about credit quality of their counterparties and why they won't do business with just anyone......Dave