Sino-Global Shipping America, Ltd. , a shipping agency, logistics and ship management services company, today announced that it has entered into a Memorandum of Understanding, by and between the company and Rong Yao International Shipping Limited, a Hong Kong corporation pursuant to which the Company has agreed to acquire a small oil/chemical tanker. Pursuant to the terms of the MOU, the purchase price for the vessel is RMB 65 million (or approximately US '0.5 million), which may be paid in any combination of cash, debt financing and/or the issuance of securities of the company to the vessel seller, that the parties so agree to in the definitive purchase agreement.
About Sino-Global Shipping America, Ltd.
Founded in the United States of America in 2001, Sino-Global Shipping America, Ltd. is a shipping agency, logistics and ship management services company. The Company is headquartered in New York with offices in China, Australia, Canada and Hong Kong. Its current service offerings consist of shipping agency services, shipping and chartering services, inland transportation management services and ship management services.