Business
Caravelle International Group Announces 3-Year Procurement Contract with Bestwood Joinery Worth $60 Million
This deal marks the commercial launch of Caravelle's revolutionary CO-Tech lumber drying in transit serviceSINGAPORE, April 3, 2023 /PRNewswire/ -- Caravelle
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[{"type":"text","content":"This deal marks the commercial launch of Caravelle's revolutionary CO-Tech lumber drying in transit serviceSINGAPORE, April 3, 2023 /PRNewswire/ -- Caravelle International Group (Nasdaq: CACO), a global ocean technology company, today announced that the Company, through its Singapore Garden Technology subsidiary, has signed a 3-year procurement contract with Bestwood Joinery worth $60 million.\nAccording to the terms of the procurement contract, Caravelle will source 120,000 cubic meters of various species of lumber from Indonesia, transport the lumber to Bestwood Joinery in Cape Town, South Africa, and dry the wood in transit using Caravelle's revolutionary CO-Tech technology using only recycled heat from the ship's engine.\nBestwood Joinery is a leading South African manufacturer of custom hardwood doors and windows and will be using the wood supplied under this contract to build those products.\n\"This partnership aligns perfectly with our values,\" said Naldema Hardenberg, Chief Executive Officer of Bestwood Joinery. \"With Caravelle's innovative CO-Tech technology, we can continue to provide our customers with premium quality wood products while also doing our part to protect the planet for future generations.\"\n\"It's inspiring to see companies like Bestwood Joinery prioritizing sustainability and taking action to reduce their carbon footprint,\" said Dr. Guohua Zhang, Chief Executive Officer of Caravelle. \"We are proud to have them as our first major client for CO-Tech wood drying in transit, and we look forward to continuing to work together towards a more sustainable future.\"\nAbout Caravelle International Group\nCaravelle 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...