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CUEX Metal AG and Caravelle International Group Sign Innovative Manganese Ore Purchase Agreement to Advance Wood Drying Business
SINGAPORE, April 18, 2024 /PRNewswire/ -- Caravelle International Group (Nasdaq:CACO), a leading global marine technology group of companies, today announced
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[{"type":"text","content":"SINGAPORE, April 18, 2024 /PRNewswire/ -- Caravelle International Group (Nasdaq:CACO), a leading global marine technology group of companies, today announced the signing of an innovative manganese ore sourcing agreement with CUEX Metal AG (\"CUEX\"), a leading provider of services to the global steel, foundry and smelting industries.\n\n \n \n \n \n \n \n\n \nThis partnership not only ensures CUEX's stability in the global manganese ore supply chain, but also marks a substantial step forward in the cooperation between the two companies in the wood drying business. CUEX has built an outstanding reputation in the metals market for its insistence on quality and pursuit of innovation, and with a wide range of services that include not only the supply of key raw materials for steel manufacturing, but also cover a wide range of segments such as casting and smelting, CUEX is committed to providing comprehensive metals solutions to its customers around the world.\nUnder the agreement, Caravelle will supply a total of 4.5 million tons of high-quality manganese ore to CUEX through its subsidiary, Singapore Garden Technology Pte Ltd (\"SGT\"), with supply schedules of 1.0 million tons in 2024, 1.5 million tons in 2025 and 2.0 million tons in 2026. The manganese ore must be of stringent quality, with manganese content (Mn content) at or above 38% to meet CUEX's high standards for raw materials. Prices will be negotiated based on international market prices and a written single purchase and sale agreement will be formed to ensure transparency and fairness of the transaction.\nCUEX will pay the full amount through an irrevocable letter of credit, demonstrating its financial strength and trust in its partners. The delivery terms follow the CnF (Cost plus Freight) clause of Incoterms 2024, which guarantees the smooth delivery of the goods to the port designated by CUEX, SGT will be responsible for the transportation of the goods to the designated port and bear all the costs and risks in the process of transportation, and CUEX will need to take out full marine insurance for the goods to ensure the safety of the transportation process. CUEX is required to insure the goods with sufficient marine insurance to protect the safety of the goods during transportation.\nThe highlight of this cooperation is an innovative business model that the two compan...