Top Penny Stock Performer Sino-Global Shipping America Ltd. (SINO), Stock Soars after Company Announces MOU with Southern Africa’s Shipping Agency Leader
(November 2, 2011) Shares of Sino-Global Shipping America Ltd. (NASDAQ: SINO), a China-based company, are soaring in trading today. At last check, the Sino-Global Shipping stock was trading 87.50% higher at $3.15 on above average volume of 526,111.
Sino-Global Shipping shares are soaring in trading today after the company announced the signing of a memorandum of understanding (MOU) with King & Sons. Under the terms of the MOU, Sino-Global Shipping will appoint King & Sons as an agent to attend the company’s vessels in all applicable ports in South Africa. King & Sons will also recommend the company to act as its agent in China.
Sino Global’s CEO, Cao Lei, said that as one of the oldest and most prestigious ships agencies, King & Sons is the ideal partner for the company to expand its business in Southern Africa. Lei also said that the MOU shpuld benefit both companies by generating incremental revenues and profits.
Stephen Pike, who looks after new business development at King & Sons, said that the significant and increasing volume of business conducted by the company’s clients between Southern Africa and China-based ports requires a strong partner in China.
About Sino-Global Shipping America Ltd.: Sino-Global Shipping America Ltd. is a provider of high-quality shipping agency services. The company primarily operates in mainland China.
- The Sino-Global Shipping stock has a 52-week range of $1.20-$9.16.
- The stock trades on a daily average volume of 20,950.
- The stock is currently trading above its 50-day and 200-day moving averages, which is a bullish signal.
- The stock’s MACD has crossed the signal line on the upside, which is a strong bullish signal.
Sino-Global Shipping has signed a MOU with a leading South African shipping agency. The company’s shares are soaring following the announcement.