SINGAPORE, March 4,
2024 /PRNewswire/ -- Caravelle International Group
(Nasdaq: CACO), a trailblazing global ocean technology company, is
excited to announce a significant leap forward in its operational
capabilities with the full commissioning stage of its pioneering
wood drying ship. This innovative venture marks a significant
milestone in the company's commitment to leveraging sustainable
technologies and processes.
After meticulous planning and procurement, Caravelle
International Group has successfully acquired all necessary
components for the assembly of state-of-the-art wood drying
equipment. The company is poised to commence the assembly and
commissioning process in one month, heralding a new era in shipping
and wood processing.
The project, costing $2.8 million
for the remodeling of the ship, is not just an investment in
equipment but a testament to Caravelle International Group's
dedication to innovation and sustainability. Within a three-month
timeline, the wood drying system will be fully operational,
allowing the ship to enter service and revolutionize how wood is
processed at sea.
The wood drying ship utilizes a groundbreaking approach by
harvesting free energy from the heat of the engine's exhaust. This
not only makes the drying process highly efficient but also
significantly reduces the environmental impact, aligning with the
company's sustainability goals. The potential revenue increase from
this venture is substantial, with projections of up to $16.8 million per ship per year from the wood
drying operation alone, in addition to the regular freight revenue.
The high margins from this process underscore its financial
viability and its role in enhancing the company's
profitability.
This strategic initiative is set to dramatically improve
Caravelle International Group's financial outlook, providing a
buffer against the cyclical nature of the shipping industry. By
diversifying its revenue streams and incorporating sustainable
practices, the company is not only setting a new standard in the
industry but also paving the way for a more profitable and
environmentally responsible future.
"We are thrilled to embark on this transformative project that
stands at the intersection of innovation, sustainability, and
profitability," said Dr. Guohua Zhang, Chief Executive Officer
of Caravelle International Group. "This initiative is a testament
to our commitment to pioneering solutions that not only benefit our
bottom line but also contribute positively to the environment and
the global economy. We are confident that the wood drying ship will
mark a significant milestone in our journey towards a more
sustainable and profitable future."
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.
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SOURCE Caravelle International Group