Shipping agency hints at SA expansion

Sino-Global Shipping America, a non-state-owned provider of shipping agency services operating primarily in China, recently hinted at expansion in South Africa. Announcing its financial results, the company said in a statement: "Sino-Global continued to see fast revenue growth for agency services from both existing strong demand in China for imported iron ore as well as the revenues generated from expanding our shipping agency services for vessels uploading at a port in Australia since 2009. Our strategy of expanding overseas shipping services has been successful. One of China's largest steel manufacturers, Baosteel, has added Sino Global to its list of service providers and we are now providing uploading services for its vessels which carry iron ore and coal from Canada and Australia to China. In the nine months ended March 31, 2011, our Australia agency revenues accounted for 14.5% of our total revenues. We anticipate that we will provide additional agency services for Baosteel vessels at the ports in South Africa and Brazil, shortly," stated Cao Lei, Sino-Global's chief executive officer. Sino-Global Shipping America has offices in the United States in Flushing, New York, Perth, Australia and Hong Kong.