MingZhu Logistics Executes $34M Transportation Agreement With Xinjiang Tianfu

MingZhu Logistics Holdings Ltd 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.