Sino-Global Shipping America, Ltd. (NASDAQ: SINO) is having an incredibly strong start to the trading session in the pre-market hours this morning, and for good reason. The company announced that it has entered into a key strategic collaboration agreement. Of course, this led to investor excitement, sending the stock skyward and prompting our partners at Trade Ideas to alert us to the trend. At the moment (9:08), SINO is trading at $3.21 per share after a gain of $0.18 per share or 5.94% thus far today.
SINO Enters Strategic Collaboration Agreement
As mentioned above, Sino-Global Shipping is having a strong start in the market this morning after announcing that it has entered into a strategic collaboration agreement. The agreement was signed with COSCO Xinyang and is a continuation of the company’s ongoing partnership with China Ocean Shipping Company.
According to the agreement, SINO will receive a percentage of the total amount of each transportation fee. In exchange, the company will be in charge of arrangement of inland transport services for COSCO Xinyang’s container shipments into United States ports. This is great news as it shows that the company’s efforts with regard to expanding its logistics business are becoming fruitful. In a statement, Mr. Lei Cao, CEO at SINO had the following to offer…
“This agreement is a testament to the Comapny’s ongoing efforts to provide logistics services that best meet the needs of our customers. We are pleased to work again with COSCO and management will continue to seek similar and new partnerships that will further strengthen our business and reinforce our long-term strategic vision of becoming a global logistics services provider.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on SINO. In particular, we’re interested in the company’s continued work with regard to expanding its logistics service, as well as following the collaboration agreement above. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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