MingZhu Logistics Holdings Enters $34 Million Agreement And Furthers Its Position As A Strategic Bulk Coal Cargo Transportation Provider By Faith Ashmore, Benzinga
Shenzhen, China
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December 22, 2022 08:30 AM Eastern Standard Time
MingZhu Logistics Holdings Ltd. (NASDAQ: YGMZ) (“MingZhu”) announced a $34 million agreement with Xinjiang Tianfu Yitong Supply Chain Management Co, Ltd. (“Tianfu”). The agreement states that both companies will work together to establish a mutually beneficial and long-term transportation relationship. MingZhu will use its transportation and logistics expertise to handle the transportation of bulk coal cargo between Tianfu Yitong’s operations in Gansu, Qinghai, and Xinjiang.
Tianfu is a logistics service provider with a specialty in coal, ore, and other bulk goods. The company has focused on building a complete logistics data platform and integrated supply chain but is in need of the transportation services that MingZhu is known for.
MingZhu is a 4A-Grade trucking service provider with a large fleet of more than 1500 trucks in 29 regions throughout China. The company also recently acquired transportation service provider Feipeng to expand its service to include intermodal transportation. MingZhu has experience providing transportation for bulk cargo foam coal and raw coal for Tianfu. The agreement was a natural progression of the relationship between the two companies.
MingZhu has been in the transportation and logistics business for 19 years and has worked hard to be a recognizable name in the global energy transformation, transportation, and reform.
2022 saw an adjusted coal mine capacity replacement policy as part of the “Fourteenth Five Year Plan” from the National Energy Administration of China. While the country balances environmental considerations and energy requirements, coal storage and transportation are a large part of the national conversation. MingZhu is a key player in China’s “Belt and Road” initiative, which will help link key economic sectors throughout the country’s regions through strong transportation channels.
Mr. Jinlong Yang, Chairman and Chief Executive Officer of MingZhu Logistics Holdings Limited, commented, “This is a timely agreement for both the Tianfu Group and MingZhu. We continue to align with strong partners capable of driving business expansion and revenue growth. Efficient transport of coal has been a mainstay of China’s economic growth as a source of reliable energy for manufacturers, heating and many other uses. Our successful long-track record gives the Tianfu Group confidence in working with MingZhu as we embark on this important strategic relationship. We look forward to building a mutually beneficial transportation business as we unlock value for all of our shareholders.”
Established in 2002 and headquartered in Shenzhen, China, MingZhu Logistics Holdings Limited is a 4A-rated professional trucking service provider. Based on the Company’s regional logistics terminals in Guangdong Province, MingZhu Logistics Holdings offers tailored solutions to our clients to deliver their goods through our network density and broad geographic coverage across the country by a combination of self-owned fleets, tractors and trailers and subcontractors’ fleets. For more information, please visit ir.szygmz.com.
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