Sino Global Shipping America Ltd News

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 (the "MOU"), between the Company and Rong Yao International Shipping Limited, a Hong Kong corporation (the "Vessel Seller") pursuant to which the Company has agreed to acquire a small oil/chemical tanker (the "Vessel") from the Vessel Seller. Pursuant to the terms of the MOU, the purchase price for the Vessel is RMB 65 million (or approximately US $10.5 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. Builder/Yard: Zhejiang Chenglu Shipbuilding Co., Ltd.

Sino-Global Shipping America an international shipping agency & logistic services provider, says it has signed a one-year strategic agreement with Jiangsu Lianyungang Port Logistics Holding Co. to jointly develop and promote each other's shipping agency and logistic service businesses both in China and overseas. Under the terms of the Agreement, each party will promote the other party's services to its existing customers and will share profits generated from such cross-referral activities on a contract-by-contract basis. With 35 berths and annual cargo throughput of 185 million tons, the Lianyungang Port is one of the 10 largest ports in China.

Sino-Global Shipping America, Ltd. (Nasdaq: SINO), an international provider of shipping agency services, today announced its selected financial results for fiscal year ended June 30, 2013. Revenues decreased by 48.85% to US$17.3 million, from US$33.9 million in the fiscal year ended June 30, 2012. Gross margin increased to 11.13% in the current fiscal year compared to 7.96% in the prior fiscal year. Total general and administrative expenses were reduced by $1.36 million during the year, representing a decrease of 25.93% compared to the last fiscal year. Net loss was US$2.58 million compared to net loss of US$2.81 million in fiscal 2012. Basic and diluted losses per share were US$0.38 and US$0.61 for fiscal 2013 and fiscal 2012, respectively.

Sino-Global Shipping America, Ltd. establishes Sino-Global Shipping Canada Inc., to provide ship services in Canadian ports. Sino-Global Shipping Canada is already providing shipping services to Baosteel's vessels in Canada. Baosteel, based in Shanghai, China, is the second largest steel producer in the world with huge demands for iron ore and other commodities. Mr. Cao Lei , Sino-Global's Chief Executive Officer, stated, "As we have noted in the past, Sino- Global Shipping America Ltd. has always sought to expand its geographical reach by developing relationships and activities worldwide. The new wholly-owned Canadian subsidiary is another step in establishing Sino-Global as the pre-eminent provider of shipping services worldwide.

China mainland shipping agency provider Sino-Global announce increased revenue in fiscal year 2012 results. Sino-Global Shipping America, Ltd. a leading, non-state-owned provider of shipping agency services operating primarily in China, report that Fiscal 2012 was a difficult year for the Company as the economic slowdown in China had a significant impact on the volume of iron ore imported into China and, consequently, on the Company's results. By aggressive marketing activities that resulted in new customers that load iron ore in overseas ports, Sino-Global was able to manage a small increase in revenues. The number of ships served increased from 421 in fiscal 2011 to 477 in fiscal 2012.

Sino-Global Shipping America, Ltd. (NASDAQ:SINO) a non-state-owned provider of shipping agency and forwarder services operating primarily in China, announced that it has signed an exclusive partnership agreement with India-based, Forbes & Company Limited. "As a reputable and established company, Forbes is the ideal partner for Sino-Global as we look to expand our customer base," said Mr. Cao Lei, Sino-Global's chief executive officer. "Under this agreement, we expect to provide agency services in China-based ports to a significant number of Forbes' existing shipping-related clients. Under the terms of the agreement, Forbes will recommend…

Sino-Global Shipping America, Ltd. (NASDAQ:SINO), a non-state-owned provider of shipping agency and forwarder services operating primarily in China, announced the establishment of a new subsidiary in Shanghai, China. The subsidiary, Trans Pacific Logistics Shanghai, Ltd., increases Sino-Global's presence to nine ports in mainland China and will enable the Company to provide a full range of shipping agency services as well as freight forwarder services. Sino-Global has contractual arrangements with local shipping agencies in all mainland Chinese ports in which it does not have a branch office. "While the economic downturn has taken a toll on China's shipping industry…

Sino-Global Shipping America, Ltd. (NASDAQ:SINO) a non-state-owned provider of shipping agency services operating primarily in China, announced its selected unaudited financial results for its third fiscal quarter of 2009 ended March 31, 2009. •    Revenues were $3.3m, an increase of 8.4% from $3m in the third quarter of 2008. •    Gross margin was 24.2%, compared to 12.3% in the third quarter of 2008. •    Operating margin was -7.5% in the third quarter of 2009, compared to 9.3% in the third quarter of 2008. •    On April 27, 2009, Sino-Global announced that it had established branch offices in the ports of Yantai and Yingkou, enabling the Company to offer a full range of shipping agency services in two additional ports that serve approximately 8.7 million people.

Sino-Global Shipping America, Ltd. (NASDAQ:SINO), a leading, non-state-owned provider of shipping agency services operating primarily in China, announced new cost-cutting measures in response to the weakened global shipping industry. "We are operating in an industry that has been particularly hard-hit by the global financial crisis," said Mr. Cao Lei, Sino-Global's chief executive officer. "While we have been successful in continuing to improve our revenues, our costs in recent quarters have significantly impacted our bottom line. The company noted that it is considering additional cost-cutting measures to continue to improve competitiveness in the future.

Sino-Global Shipping America, Ltd. (NASDAQ:SINO) a leading, non-state-owned provider of shipping agency services operating primarily in China, announced selected unaudited financial results for its second fiscal quarter of 2009 ended December 31, 2008. Revenues were US$4.5 million, an increase of 7.7% from $4.2m in the second quarter of 2008. Gross margin was 9.4%, compared to 20.9% in the second quarter of 2008. Basic and diluted losses per share were US$0.30, compared to basic and diluted earnings per share of US$0.20 in the same period in 2008. Despite the global economic downturn, the number of ships served increased to 47 from 44 in the second quarter of 2008.

Sino-Global Shipping America, Ltd. (NASDAQ:SINO) ("Sino-Global"), a non-state-owned provider of shipping agency services operating primarily in China, announced the appointment of Mr. He Yi Min as chief technical officer, effective January 1, 2009. As chief technical officer, Mr. He will direct standards formulation, process optimization, quality assurance and a number of other technical areas. "Our commitment to investing in top talent enables us to offer a comprehensive set of consistently high-quality shipping agency services even as we expand the geographical reach of our business," said Mr. Cao Lei, Sino-Global's chief executive officer. "Mr.