New York: US-based ship agent Sino-Global Shipping America has signed a strategic cooperation agreement with Qingdao Zhenghe Shipping Group to jointly explore mutually beneficial business development opportunities.
With over RMB2bn in total assets and over 6,000 employees, Zhenghe is one of the largest shipping and transportation companies in China.
“While the precise nature of cooperation will be dictated by successful completion of due diligence, negotiation and analysis of each company’s respective strengths and business opportunities, Sino-Global expects that acquisition of assets or interests in one or more of Zhenghe’s entities could be possible outcomes,” the US-based firm said in a release.
Lei Cao, chairman and ceo of Sino-Global commented, “We are extremely excited about this unique opportunity to work with Zhenghe. We believe this strategic agreement lays the foundation for us to combine our strengths and resources for both parties’ benefit.”
Cao founded the agency in 2001. His prior work included stints with Chinese agency giant Penavico, while his shipping career started out at sea with Cosco Hong Kong. [02/06/14]