Sino-Global Shipping America, Ltd. (Nasdaq: SINO), a leading non-state-owned provider of shipping agency services operating primarily in China, today announced that it has signed a memorandum of understanding (MOU) with King & Sons, a subsidiary of Grindrod Limited, a public company listed on the JSE Securities Exchange South Africa (JSE: GNDP).
Under the terms of the MOU, Sino-Global will appoint King & Sons as an agent to attend Sino-Global vessels in all applicable South Africa ports and King & Sons will recommend Sino-Global to act as its agent in China for the vessels loading in South Africa and discharging in China.
“As one of the oldest and most prestigious ships agencies, King & Sons is the ideal partner for Sino-Global to expand our business in Southern Africa,” said Mr. Cao Lei, Sino-Global’s Chief Executive Officer. “This MOU should benefit both companies by generating incremental revenues and profits. We are looking forward to a mutually rewarding long term business relationship with King & Sons and will seek to complete other such agreements at other major shipping ports in the future.”
Mr. Stephen Pike, New Business Development of King & Sons, added, “The substantial and increasing volume of business conducted by our clients between Southern Africa- and Cina-based ports requires a strong partner in China. During our discussion with Sino-Global about the terms of this MOU, we were pleased to provide our quality service to the first vessel appointed by Sino-Global. We expect to serve more ships from China and believe that Sino-Global’s history of high-quality service and ability to provide shipping agency services to ships in China’s ports will add tremendous value to our existing offering of logistics, brokering and chartering services.”
