HONG
KONG, Oct. 31, 2024 /PRNewswire/ -- Caravelle
International Group (Nasdaq: HTCO), a global ocean technology
company, today announced its Condensed Interim Unaudited financial
results for the period ended April 30,
2024.
During the reported period, Caravelle achieved revenue of
approximately $35 million with income
from operation of approximately $150,000, which is a significant improvement
compared to an operational loss of $7
million for the same period in the financial year of
2023.
Mr. Hanxi Chang, CEO of Caravelle, stated, "In 2024, through
optimizing our business structure and enhancing operational
efficiency, we successfully turned around operational losses
despite continued weak demand in the freight sector. As
governments, particularly in the EU, further strengthen their
commitment and regulations to reduce carbon emissions in the
shipping industry, we believe that the market value for addressing
these emissions will approach $10
billion over the next five years. The new directors and
officers are in discussions with leading companies in the fields of
carbon capture, usage and storage (CCUS) to explore collaboration
on the application of the technology on ships.
Drawing on our years of experience and extensive network in the
shipping industry, we are confident in our ability to become a
leading provider and operator of on-board carbon capture (OCC)
solutions. We are committed to pioneering innovative and viable
methods for reducing greenhouse gas emissions while creating
long-term value for our shareholders."
About Caravelle International Group
Caravelle is a global ocean technology company with businesses
in international shipping and marine carbon neutrality. The company
is committed to improving shipping efficiency through innovative
technologies and promoting sustainable development in the industry.
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