Caravelle's New Ship & Proprietary Carbon Reduction Tech Set To Surge Revenue And Profit Margins; Company Is Thrilled To Announce The Signing Of A $4M Investment Bareboat Charter Agreement With Kanda Shipping Co. Ltd
Portfolio Pulse from Benzinga Newsdesk
Caravelle International Group (NASDAQ:CACO) has signed a $4M Bareboat Charter Agreement with Kanda Shipping Co. Ltd. The company plans to retrofit its newly leased ship with Co-Tech wood drying equipment, which is expected to add $19M annually to Caravelle's revenue stream. The Co-Tech model utilizes heat from the ship's exhaust, ensuring minimal ongoing expenses.
October 12, 2023 | 1:53 pm
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Caravelle's new agreement and retrofitting plans with Co-Tech technology could significantly boost its annual revenue by $19M. The low maintenance cost of the technology could also increase profit margins.
The signing of the $4M agreement with Kanda Shipping and the retrofitting of the ship with Co-Tech technology is a strategic move by Caravelle. The technology is expected to add $19M to the company's annual revenue and its low maintenance cost could increase profit margins. This could potentially have a positive impact on the company's stock price in the short term.
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