New York-listed Sino-Global Shipping America is buying a small oil/chemical tanker from Hong Kong's Rong Yao International Shipping.

Sino-Global announced its vessel purchasing intentions in January and has been carrying out due diligence on the ship interim.

This marks Sino-Global's entrance into shipowning. The company is already involved in shipmanagement, port agency and logistics.

Sino-Global will issue Rong Yao with US$2.2m worth of shares to fund the purchase of the vessel.