The North Korean authorities will pay $666,666 for the release of the Chong Chon Gang, the DPRK vessel stopped for carrying military equipment from Cuba through the Panama Canal, in addition to freeing 32 of the 35 strong crew.

Panama’s foreign minister, Fernando Nunes said on Thursday that the vessel, which is owned and managed by Pyongyang based Chongchongang Shipping, will be released 'immediately' after receipt of the payment.