- Preliminary unaudited revenue for 2022 of $200 million, a 64% growth over 2021
- Preliminary unaudited earnings for 2022 of $40 million, a 290% growth of 2021
- Company has several exciting new business opportunities that
will generate substantial revenue in 2023
NEW
YORK, Jan. 17, 2023 /PRNewswire/
-- Caravelle International Group ("Caravelle"), a global ocean
technology company, today announced preliminary unaudited
financials for its fiscal year ending October 31, 2022, with revenue of approximately
$200 million and earnings of
$40 million representing a growth of
64% and 290% respectively over 2021 results. Caravelle benefited
from strong fundamentals for the shipping industry in 2022 as
shipping rates were attractive and volumes were high.
The company has several growth initiatives for 2023. It will be
starting a new shipping route this year to deliver lumber from
Gabon in Africa to the United
States. The African Growth and Opportunity Act allows lumber
to be imported to the United
States duty-free from sub-Saharan Africa making plywood and
some other wood products from Africa much cheaper than American and Canadian
counterparts.
In 2023 Caravelle will also begin using its proprietary
technology to dry wood in-transit, using heat from its ships'
engines rather than sinking that energy into the ocean. The service
is highly desirable for lumber companies as it not only saves them
money, but it also reduces the time from harvesting the lumber to
delivery to customers by an average of 6 weeks. The company is
finalizing negotiations with a major existing customer to expand
its wood shipping business with Caravelle by adding this new
service and will update shareholders when this contract is
finalized.
"I am proud of our teams' accomplishments during 2022 as it was
really a breakout year for Caravelle," said Caravelle's CEO Dr.
Zhang. "But the best times for our company lie ahead, as we embark
on two major new market opportunities that we believe will add over
a billion of revenue to the company over the next several years,
but importantly significantly increase the profitability of the
company as well. We look forward to giving investors more insight
into these exciting developments when we put out the full financial
results."
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.
SOURCE Caravelle International Group