Nasdaq-listed Sino-Global Shipping America has struck a deal to move into the bulker arena after giving up on tankers five years ago.
It has agreed to buy 75% of Mandarine Ocean from Chinese shipowner Kelin Wu, who owns 88.5%.
It will pay up to $3.75m, through a combination of cash and stock.
The final price is dependent on the takeover target's financial performance over the next two to three years.
