Sino-Global Shipping America, Ltd. (NASDAQ: SINO) is off to an overwhelmingly strong start to the trading session today, and for good reason. The company announced that it has signed two key agreements that will surely help to boost revenue. Of course, this led to excitement among investors, sending the stock skyward and prompting our partners at Trade Ideas to alert us to the gains. At the moment (9:47), SINO is trading at $3.27 per share after a gain of $0.47 per share or 16.93% thus far today.
SINO Enters Two Project Agreements
As mentioned above, Sino-Global Shipping America is off to an incredibly strong start to the trading session today after announcing that it has signed 2 project agreements. The first agreement was signed with Sinotrans Guangxi Co., a subsidiary of Sinotrans Limited. The second was signed with COSCO Beijing International Freight Co., LTD.
According to the agreements, SINO will continue its efforts with Sinotrans Guangxi as well as COSFRE Beijing. These efforts are to convert commodity in-bulk shipments to containerization of the commodities that are shipped between the United States and China. This will ultimately lead to increased speed and flexibility in the transportation of commodities. In a statement, Dr. Lei Cao, CEO of SINO, had the following to offer…
“We are very excited to extend our Project agreements with Sinotrans Guangxi and COSFRE Beijing. Containerization has key advantages over bulk shipments, which include containers being easily moved from one mode of transportation to another. We believe there is an opportunity that has been created by an imbalance in trans-pacific trade from China that has yet to be captured by the North American sector, particularly given the ongoing increase in Chinese demand. These Project Agreements allow the Company to capitalize on that opportunity and officially mark the continuance of its strategic partnership with two leading China state-owned logistics and transportation companies, making Sino-Global a crucial partner in their U.S.- related business while further establishing our foothold in the U.S. logistics market, as a global logistics service 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 following the productivity surrounding these agreements and watching as it turns to a profitable venture. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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