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.