Sino-Global Shipping America (NASDAQ: SINO) shares are up 13% after the company said it has signed two project agreements with Sinotrans Guangxi Co. and COSCO Beijing International Freight Co., Ltd. The project agreements are extensions of an initial strategic cooperation framework agreement and inland transportation agreement signed in December 2016. Per the agreements, Sino-Global will continue its efforts to convert commodity in-bulk shipments to containerization of the commodities shipped between China and the United States. The company will also manage all ground logistics and custom declaration services in the U.S. for Sinotrans Guangxi and COSFRE Beijing. “We believe there is an opportunity that has been created by an imbalance in trans-pacific trade from China that has yet to be captured by the North American sector, particularly given the ongoing increase in Chinese demand. These Project Agreements allow the Company to capitalize on that opportunity and officially mark the continuance of its strategic partnerships with two leading China state-owned logistics and transportation companies, making Sino-Global a crucial partner in their U.S.-related business while further establishing our foothold in the U.S. logistics market, as a global logistics services provider,” Sino-Global CEO Lei Cao stated in the news release.
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About Sino-Global Shipping America, Ltd.
Sino-Global Shipping America, Ltd., a Virginia corporation, is a non-asset based global shipping and freight logistic integrated solution provider. Sino-Global provides tailored solutions and value added services to its shipping and freight customers to drive effectiveness and control in related links throughout entire logistic chain. Additional information about Sino-Global can be found on the company’s corporate website at www.sino-global.net.
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