ROSLYN, N.Y., June 19, 2019 /PRNewswire/ -- Sino-Global Shipping America, Ltd. (SINO) ("Sino-Global", the "Company" or "us"), a non-asset based global shipping and freight logistics integrated solution provider, today announced an update to its strategy regarding the expansion of its shipping agency business through the expansion of a physical network development throughout China. This will be a key part of the Company's developmental strategy over the next five years.
As the only China-based international shipping company listed on a major U.S. Exchange, Sino-Global has closely monitored the changes and development of its industry since its listing on Nasdaq in 2008. Due to margin pressures and overcapacity, Sino-Global found that China's international shipping agency industry has dropped from its peak in 2008. However, the industry has now reached an inflection point where the establishment of an industry network is the only means for independent agencies to attain sufficient scale.
Sino-Global has been engaged in the shipping agency business for many years, with a strong business relationship network along with leadership and visibility in all Chinese ports. These advantages provide Sino-Global with the ability and foundation to establish a nationwide entity network that would integrate all facets of the logistics industry in the country.
Currently, customers of the shipping agency industry are international ship operators, and revenues generated by the shipping agency industry are settled in U.S. dollars. Considering these industry characteristics, given Sino-Global is a NASDAQ listed company with offices in the United States, it has the natural advantage of integrating the industry and establishing the first true nationwide shipping agency network in China.
Sino-Global plans to establish a nationwide shipping agency entity network in China over the next five years and gradually expand it internationally. This soon-to-be-established shipping agency network will establish Sino-Global's U.S. headquarters as the global marketing settlement centers, with the newly-joined international shipping agency companies as the operational fulcrum.
The controlling owners of newly-joined agencies will join this network and work together with Sino-Global to build a shipping agency network, in order to seek common development and achieve a win-win goal.
About Sino-Global Shipping America, Ltd.
Founded in the United States in 2001, Sino-Global Shipping America, Ltd. is a company engaged in shipping, chartering, logistics and related business services. Headquartered in New York, Sino-Global has offices in Los Angeles, mainland China, Australia, Canada and Hong Kong. Additional information about Sino-Global can be found on the Company's corporate website at www.sino-global.com. The Company routinely posts important information on its website.
Forward Looking Statements
No statement made in this press release should be interpreted as an offer to purchase any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties as identified in Sino-Global's filings with the Securities and Exchange Commission. Actual results, events or performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as the date hereof. Sino-Global undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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