ROSLYN, N.Y.,
June 29, 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 that it
has signed bareboat charter contracts with two "Handysize" vessels
capable of carrying between 40,000 – 50,000 deadweight tons of
dry-bulk. Both vessels were built in the 1990s and will serve
the purpose of carrying dry-bulk products, such as fertilizer raw
materials and sulfur, to and from ports in the United States and China.
Mr. Lei Cao, Chief Executive Officer of Sino-Global, stated, "In
recent weeks, we have signed an important MOU with Yunnan
Jingyifeng Supply Chain Management ("JYF") to meet the increase in
export demand. While we are ramping up exports under that
agreement, we felt it was prudent to secure vessels that would
help to meet that demand and also provide Sino-Global
versatility to sub-charter these vessels for immediate revenue
as necessary. We expect we can deploy both vessels on the spot
market at approximately $7,500 -
$8,500 per day based on given rates,
which given the recent increase in the Baltic-Dry Index made
prudent financial sense. In addition, this provides the Company
with the option to operate these vessels directly as we accelerate
shipments under the MOU in the second half of calendar 2020. We
will continue to position the Company to take advantage of a
relatively unique situation following the trade agreement earlier
this year."
About Sino-Global Shipping America, Ltd.
Founded in 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.
Contact Information
The Equity Group Inc.
Adam Prior
Senior Vice-President
(212) 836-9606 / aprior@equityny.com
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SOURCE Sino-Global Shipping America, Ltd.