Business
CARAVELLE INTERNATIONAL GROUP SIGNS $25 MILLION SUPPLY AGREEMENT TO DELIVER 50,000 CUBIC METERS OF WOOD TO SOUTH AFRICA
SINGAPORE, May 25, 2023 /PR Newswire/ -- Caravelle International Group (Nasdaq: CACO), a global ocean technology company, today announced it has signed a
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[{"type":"text","content":"SINGAPORE, May 25, 2023 /PR Newswire/ -- Caravelle International Group (Nasdaq: CACO), a global ocean technology company, today announced it has signed a supply agreement with South African company Best Polystyrene. Over the next two years, Caravelle will supply 50,000 cubic meters of wood from its processing facility in Gabon, West Africa, with an estimated revenue of $25 million.\nCaravelle will ship the wood products from Gabon, and in line with its innovative practices, will use its proprietary CO-Tech system to dry the wood in transit, offering significant cost savings and reducing lead times. The wood will then be delivered directly to Best Polystyrene in South Africa.\nYang Liu, CEO of Best Polystyrene, commented on the agreement, \"Our decision to partner with Caravelle for our wood sourcing was a strategic one. Their significant cost advantage, resulting from sourcing wood from Gabon and drying it in transit, not only cuts down on costs but also reduces lead times. This allows us to better serve our customers by offering quality products in a timely manner.\"\nDr. Guohua Zhang, CEO of Caravelle International Group, expressed his enthusiasm about the agreement, stating, \"This partnership with Best Polystyrene highlights our commitment to providing high-quality, cost-effective products and services globally. We look forward to working closely with Best Polystyrene over the next two years.\"\nCaravelle International Group continues to reinforce its commitment to innovative, efficient, and sustainable practices in all its operations.\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 historical operations and has not generated reve...