Sino-Global Shipping America, Ltd. (NasdaqCM: SINO) (“Sino-Global” or the “Company”), an international shipping agency and logistic services provider, today announced that it has signed a strategic cooperation agreement (the “Agreement”) with state-owned enterprise, China Ocean Shipping Agency (“PENAVICO”) to jointly develop their shipping agency business both in China and overseas through a cross-referral and collaboration arrangement.
Under the terms of the Agreement, Sino-Global and PENAVICO will leverage each other’s strengths at different ports to explore cross-referral and profit sharing opportunities among existing clients. The Agreement has a one-year term and will automatically renew for another year unless a written notice of termination is given by either party at least 30 days before the end of the term.
“We are thrilled to work with PENAVICO, an industry leader with over 60 years of rich history of providing international shipping agency, freight forwarding and logistics services to customers all over the world,” commented Mr. Lei Cao, Chairman and Chief Executive Officer of Sino-Global. “We believe both parties will benefit from the cross-selling and upselling opportunities that this Agreement is expected to generate.”