Sino-Global becomes a shipowner, paying $2.2m for a small tanker

New York: Fast evolving New York-listed Sino-Global Shipping America is buying a small oil/chemical tanker from Hong Kong-based Rong Yao International Shipping.

Sino-Global first announced its vessel purchasing intentions in January and has been carrying out due diligence on the ship interim.

This marks Sino-Global’s entrance into shipowning. It is already involved in shipmanagement, port agency and logistics.

It will issue Rong Yao with $2.2m worth of shares to fund the purchase of the vessel.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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