Strategic Bulk Coal Cargo Transport
Agreement Targets 240,000 Tons Per
Month
SHENZHEN, China, Dec. 22,
2022 /PRNewswire/ -- MingZhu Logistics Holdings
Ltd. (NASDAQ: YGMZ) (the "MingZhu" or "Company") today announced
the Company has started the execution of a major cooperation
agreement with Xinjiang Tianfu Yitong Supply
Chain Management Co., Ltd. (the "Tianfu" ), which is expected to
generate more than 240 million yuan
(approximately US$34 million) over
the next 12 months in term 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.
The Company entered the cooperation agreement with Tianfu
in August 2022. However, the
execution of the cooperation agreement has been delayed due to the
covid restriction measures enforced by the government in Xinjiang
China. With the recently lift of Covid restrictions, MingZhu has
started dispatching its vehicles to Xinjiang and it is expected
that 200 vehicles will be put into operation before January 31, 2023.
Under the cooperation agreement, the Company and Tianfu will
work together to establish a mutually beneficial long-term
transportation cooperation. Mingzhu has agreed to undertake the
transportation business of bulk coal cargo between Tianfu Yitong's
operations in Gansu, Qinghai and Xinjiang.
Founded in September 2015, Tianfu
is a wholly-owned holding company under Xinjiang Tianfu Group Co.,
Ltd. (the "Tianfu Group", the controlling shareholder of an A-share
company (Tianfu Energy, 600509)). Tianfu is a comprehensive
logistics service provider with long-term and stable cooperation
expertise in all kinds of coal mines and has a strong supply
guarantee capability. Focusing on building a complete logistics
data platform and management service platform, it focuses on
building "trade logistics finance" integrated supply chain services
for coal, ore and other bulk goods.
Mingzhu provides transportation services for bulk cargo foam
coal and raw coal for Tianfu, actively participates in global
energy transformation and reform, and deeply integrates into the
high-quality development of the "the Belt and Road" and the
strategic layout of building a community with a shared future for
mankind.
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."
Since 2022, the National Energy Administration of China has optimized and adjusted the coal mine
capacity replacement policy, accelerated the implementation of the
"Fourteenth Five Year Plan" coal plan, and made every effort to
ensure the safe and stable supply of coal. In the first three
quarters, the average daily output of raw coal remained above 12
million tons, with a year-on-year growth of 11.2%. 14 coal mine
projects have been approved, with an additional production capacity
of more than 62 million tons/year. The coal mine production
capacity of about 90 million tons/year has been put into joint
trial operation, further consolidating the production capacity
foundation of coal production and supply. Since September, the coal
storage of national unified power plants has remained above 170
million tons. In the first half of the year, affected by the policy
of guaranteed supply and stable price, China's coal production ran at a high level.
According to the data of the National Bureau of Statistics, in
October 2022, China's raw coal output was 370.095 million
tons, with a year-on-year growth of 1.2%; From January to October,
the cumulative output was 3685.397 million tons, with a
year-on-year growth of 10.0%.
Previously, Mingzhu passed the qualification review in the 2022
annual headquarters enterprise in Yantian District, Shenzhen, which further affirmed the Mingzhu's
contribution to the logistics field.
About MingZhu Logistics Holdings Limited (NASDAQ:
YGMZ)
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.
Forward-Looking Statements
The statements in this press release regarding the Company's
future expectations, plans and prospects constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include statements
regarding plans, goals, objectives, strategies, future events,
expected performance, assumptions and any other statements of fact
that have not occurred. Any statements that contain the words
"may", "will", "want", "should", "believe", "expect", "anticipate",
"estimate", "calculate" or similar statements that are not factual
in nature are to be considered forward-looking statements. Actual
results may differ materially from historical results or from those
expressed in these forward-looking statements as a result of a
variety of factors. These factors include, but are not limited to,
the Company's strategic objectives, the Company's future plans,
market demand and user acceptance of the Company's products or
services, technological advances, economic trends, the growth of
the trucking services market in China, the Company's reputation and brand, the
impact of industry competition and bidding, relevant policies and
regulations, fluctuations in China's macroeconomic conditions, and the
risks and assumptions disclosed in the Company's reports provided
to the CSRC (China Security Regulatory Commission) For these and
other related reasons, we advise investors not to place any
reliance on these forward-looking statements, and we urge investors
to review the Company's relevant SEC filings for additional factors
that may affect the Company's future results of operations. The
Company undertakes no obligation to publicly revise these
forward-looking statements subsequent to the filing of these
documents as a result of changes in particular events or
circumstances.
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SOURCE MingZhu Logistics Holdings Limited
