Sino-Global Broadens Ownership Scope

New York-based shipping agency Sino-Global Shipping America has broadened its ownership scope with the signing of a deal for its first tanker. 

The company has entered into a Memorandum of Understanding (MoU) with Hong Kong corporation Rong Yao International Shipping Limited to acquire a second-hand small oil/chemical tanker.

The purchase price for the vessel is said to be RMB 65 million (or approximately USD 10.5 million).

The vessel in question is 2010-built Rong Zhou flying the Hong Kong flag. It was previously chartered out by Rong Yao for the transportation of crude palm oil, olein, refined bleached deodorized palm oil and motor gasoline from ports in Indonesia to ports in India and Bangladesh.

The move into tanker ownership comes in the wake of Sino-Global’s acquisition of ship management company Longhe Ship Management (Hong Kong) from September last year, as the company paved the way to expand its service capabilities up the industry chain.