July 1, 2013
Sino-Global Shipping America, Ltd. (Nasdaq: SINO),
a leading, non-state-owned provider of shipping agency services operating primarily in
, today announced that it signed a 5-year global logistic service agreement on
June 27, 2013
with TEWOO Chemical & Light Industry Zhiyuan Trade Co., Ltd and TianJin Zhi Yuan Investment Group Co., Ltd (together "Zhiyuan").
Under the terms of the agreement, Sino-Global will serve as Zhiyuan's exclusive global logistics service provider in charge of cargo import and export issues. Sino-Global will provide door-to-door chartering, agency and logistics services for Zhiyuan, taking care of everything from assistance with sales contracts, logistics planning, local agent and surveyor appointments, customs compliance, and arrangement of warehousing and land transportation for shipments. Zhiyuan will prepay 40% of total freight prior to a shipment. The agreement, which was unanimously approved by Sino-Global's Board of Directors, will last for 5 years, at which point Sino-Global has the right to renew for successive one-year terms.
, Sino-Global's Chief Executive Officer, stated, "When we asked our shareholders to approve the issuance of shares of common stock to Mr.
, we were excited not only about the cash sale of our common stock to an investor eager to share in our company's future, but also about the long-term opportunity to serve the shipping needs of Mr. Zhang's companies. We believe this exclusive arrangement offers an important new revenue stream to our company and offers economic upside to both Zhiyuan and our company."
About Sino-Global Shipping America, Ltd.
the United States
in 2001 and with operations in mainland
, Sino-Global is a leading, non-state-owned provider of high-quality shipping agency services. With local branches in most of
main ports and contractual arrangements in all those where it does not have branch offices, Sino-Global is able to offer efficient, high-quality shipping agency services to shipping companies entering Chinese ports. With a subsidiary in
, where it has a contractual relationship with a local shipping agency, Sino-Global provides complete shipping agent services to companies involved in trades between Chinese and Australian ports. Sino-Global also cooperates with companies in
Hong Kong, China
to offer comprehensive shipping agent services to vessels going to and from some of the world's busiest ports.
Sino-Global provides ship owners, operators and charters with comprehensive yet customized shipping agency services including intelligence, planning, real-time analysis and on-the-ground implementation and logistics support. Sino-Global has achieved both ISO9001 and UKAS certifications.