- MingZhu Logistics Holdings Ltd (NASDAQ:YGMZ) said the company had started the execution of a transportation cooperation agreement with Xinjiang Tianfu Yitong Supply Chain Management Co Ltd (the Tianfu).
- MingZhu signed the agreement with Tianfu in august 2022.
- The execution of the cooperation agreement has been delayed due to the covid restriction measures enforced by the government in Xinjiang, China.
- MingZhu has started dispatching its vehicles to Xinjiang, and it is expected that 200 vehicles will be put into operation before January 31, 2023.
- The agreement is expected to generate more than 240 million yuan (about $34 million) over the next 12 months in terms of revenue for the company.
- The main cargoes to be consigned will be fine coal and raw coal, with a total cargo volume of 240,000 tons per month.
- “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,” said CEO Jinlong Yang.
- Price Action: YGMZ shares are trading lower by 1.76% at $3.90 on the last check Thursday.
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