ROSLYN, N.Y., June 8, 2020 /PRNewswire/ -- Sino-Global Shipping
America, Ltd. (NASDAQ: SINO) ("Sino-Global", the "Company" or
"we"), a non-asset based global shipping and freight logistic
integrated solution provider, today announced the signing of
General Agency Service Agreement (the "Agreement") to provide
comprehensive shipping agency services with Mandarine Bulk Ltd, a
ship owner and operator company registered in Marshall Islands. The Agreement began on
June 1, 2020 and is valid for two
years, with initial revenues from the agreement beginning in the
Company's current fourth quarter. As previously disclosed, the
Company has entered into a purchase agreement with Mr. Kelin Wu, the controller of Mandarine Bulk Ltd,
under which the Company will purchase 75% of the equity of
Mandarine Ocean Ltd from Mr. Wu.
Pursuance to the Agreement, Mandarine Bulk has appointed
Sino-Global as the Sole General Shipping Agency for all its owned
and operated ships with services including ship management
services, shipping agency services, ship brokerage services and
other services required for ship operation. Sino-Global anticipates
annualized revenue to the Company of approximately $12.0 million. In the last six weeks, the Company
has signed separate shipping services agreements that it expects
will add $19.0 million in revenue on
an annualized basis.
Mr. Lei Cao, Chief Executive Officer of Sino-Global, stated,
"Throughout the past year, we have worked diligently to continue
building a solid customer base that can lead to favorable top-line
growth as we transitioned into providing shipping agency services
globally. We are very pleased with the progress our Company has
made, and this agreement is evidence of our ability to scale our
agency services despite challenging operating conditions brought
about by U.S. / China trade
relations and then the COVID-19 pandemic. In 2020, we strengthened
our management team and have utilized our relationships in the U.S.
and China to secure agency
contracts that we expect will add approximately $19.0 million in revenue from what we expect to
be stable, long-term customers. Mandarine Bulk is predominantly
focused on operating its own and chartered ships for global
transportation of drybulk commodities among major ports. We expect
to utilize this agency relationship to continue building out our
platform of global logistics solutions."
About Sino-Global Shipping America, Ltd.
the United States in 2001,
Sino-Global Shipping America, Ltd. is a company engaged in
shipping, chartering, logistics and related services. Headquartered
in New York, Sino-Global has
offices in Los Angeles, Mainland
China, Australia, Canada and Hong
Kong. The Company's current service offerings consist of
shipping agency services, shipping and chartering services, inland
transportation management services and ship management services.
Additional information about Sino-Global can be found on the
Company's corporate website at www.sino-global.net. The Company
routinely posts important information on its website.
Forward Looking Statements
No statement made in this
press release should be interpreted as an offer to purchase any
security. Such an offer can only be made in accordance with the
Securities Act of 1933, as amended, and applicable state securities
laws. Any statements contained in this release that relate to
future plans, events or performance are forward-looking statements
that involve risks and uncertainties as identified in Sino-Global's
filings with the Securities and Exchange Commission. Actual
results, events or performance may differ materially. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as the date hereof. Sino-Global
undertakes no obligation to publicly release the results of any
revisions to these forward-looking statements that may be made to
reflect the events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
The Equity Group Inc.
Adam Prior, Senior Vice
(212)-836-9600 / email@example.com
SOURCE Sino-Global Shipping America, Ltd.