SINGAPORE, Oct. 12,
2023 /PRNewswire/ -- Caravelle International Group
(Nasdaq: CACO), a trailblazing global ocean technology company, is
thrilled to announce the signing of a Bareboat Charter Agreement
with Kanda Shipping Co. Ltd. This strategic move is not merely a
fleet expansion; it marks the company's drive to retrofit its newly
leased bulk transport ship with the transformative Co-Tech wood
drying equipment.
With a dedicated $4 million
investment for these cutting-edge upgrades, the vessel is set for a
comprehensive two-month modification. Once these modifications are
complete, it will embark on its first commercial shipping journey,
promising a notable uptick in revenue. Additionally, the innovative
Co-Tech wood drying model alone presents an opportunity to add a
substantial $19 million annually to
Caravelle's revenue stream. Remarkably, a significant portion of
this is pure profit, as Co-Tech efficiently utilizes heat from the
ship's exhaust, ensuring minimal ongoing expenses. Maintenance
costs, projected to be exceptionally low, are the only anticipated
overheads for this operation.
Caravelle International Group's Chairman shared his thoughts on
this groundbreaking initiative, stating, "This venture signals a
transformative chapter for Caravelle. The integration of our
Co-Tech system is not only a strategic financial move but also
showcases our unwavering commitment to innovative and sustainable
solutions. Our dual aim of substantial financial growth coupled
with an active role in the global battle against climate change
showcases the essence of Caravelle's mission."
Caravelle's emphasis on its Co-Tech technology, beyond its
evident commercial advantages, accentuates the company's mission of
environmental stewardship, merging profitability with a green
initiative.
About Caravelle International Group
Caravelle is a global ocean technology company. Its business
comprises of two sectors: the traditional business in international
shipping, operated by the Topsheen Companies (Topsheen Shipping
Group Corporation (Samoa) and its
subsidiaries) and the new CO-Tech business under Singapore Garden
Technology Pte. Ltd. As the traditional business, Caravelle's
international shipping business has generated all revenues. The
CO-Tech business is a new development building upon the existing
shipping business. It enables wood desiccation during the maritime
shipping process, with full utilization of the shipping time,
space, and the waste heat of exhaust gas from the shipping vessels.
Caravelle's CO-Tech industry has no historical operations and has
not generated revenue. Caravelle is headquartered in Singapore.
Forward Looking Statements
This announcement contains "forward-looking" statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical fact, including, without
limitation, those with respect to the objectives, plans and
strategies of the Company set forth herein and those preceded by or
that include the words "believe," "expect," "anticipate," "future,"
"will," "intend," "plan," "estimate" or similar expressions, are
"forward-looking statements". Such statements include, but are not
limited to risks detailed in the Company's filings with the U.S.
Securities and Exchange Commission, including its Annual Report on
Form 20-F for the fiscal year ended October
31, 2022. These forward-looking statements involve a
number of risks and uncertainties, which could cause the Company's
future results to differ materially from those anticipated. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated or anticipated by such
forward-looking statements. All information provided in this press
release is as of the date of the publication, and the Company does
not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
View original
content:https://www.prnewswire.com/news-releases/navigating-future-profits-caravelles-new-ship--proprietary-carbon-reduction-tech-set-to-surge-revenue-and-profit-margins-301955003.html
SOURCE Caravelle International Group