Sino-Global Shipping America has announced that it has finalised bareboat charter contracts for two Handysize vessels.
The two vessels have a capacity to carry 40,000 to 50,000 deadweight tonnes (dwt) of dry bulk.
The vessels were constructed in the 1990s and will be used to carry dry-bulk products, including fertiliser raw materials and sulphur between the ports in the US and China.
Sino-Global CEO Lei Cao said: “In recent weeks, we have signed an important MoU with Yunnan Jingyifeng Supply Chain Management (JYF) to meet the increase in export demand.
“While we are ramping up exports under that agreement, we felt it was prudent to secure vessels that would help to meet that demand and also provide Sino-Global versatility to sub-charter these vessels for immediate revenue as necessary.”
The company expects to deploy the vessels for rates of approximately $7,500 to $8,500 a day.
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In addition, this provides Sino-Global with the option to operate the vessels directly as the company will accelerate shipments in the second half of this year.
Sino-Global is a shipping and freight logistic integrated solution provider based in New York, US.
In April, Sino-Global Shipping America announced plans to acquire majority stakes in Marshall Islands-registered shipping company Mandarine Ocean (MO).
The company signed a share purchase agreement with Kelin Wu who owns 88.5% of Mandarine Ocean.
The company bought 75% majority position in Mandarine Ocean in a transaction worth $3.75m.