Caravelle signs Bareboat Charter Agreement with Kanda Shipping

Caravelle International Group announced the signing of a Bareboat Charter Agreement with Kanda Shipping. The company said, “This strategic move is not merely a fleet expansion; it marks the company’s drive to retrofit its newly leased bulk transport ship with the transformative Co-Tech wood drying equipment. With a dedicated $4M investment for these cutting-edge upgrades, the vessel is set for a comprehensive two-month modification. Once these modifications are complete, it will embark on its first commercial shipping journey, promising a notable uptick in revenue. Additionally, the innovative Co-Tech wood drying model alone presents an opportunity to add a substantial $19M annually to Caravelle’s revenue stream. Remarkably, a significant portion of this is pure profit, as Co-Tech efficiently utilizes heat from the ship’s exhaust, ensuring minimal ongoing expenses. Maintenance costs, projected to be exceptionally low, are the only anticipated overheads for this operation.”