MingZhu Logistics Holdings Ltd. announced the Company has started the execution of a major cooperation agreement with Xinjiang Tianfu Yitong Supply Chain Management Co. Ltd. which is expected to generate more than CNY 240 million (approximately $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.