• 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.

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Source: Caravelle International Group