High-Trend International Group

What High-Trend International Group does

High-Trend International Group (NASDAQ: HTCO), formerly Caravelle International Group, is a Singapore-headquartered global ocean technology company that has been publicly listed since December 2022. The company operates two interlocking business pillars. The first is international ocean freight — primarily dry bulk shipping of coal, lithium (spodumene), manganese, and timber across Asia-Pacific corridors (Australia-Asia, Indonesia-Southeast Asia, Vietnam) and 30+ ports across 18 countries from East/West Africa to South America, executed through wholly-owned subsidiaries Topsheen Shipping Group (Samoa) and Top Wisdom ship management. The second is a "CO-Tech" decarbonization stack: a proprietary Onboard Carbon Capture (OCC) system for ship exhaust gases, a blockchain-based digital carbon asset management and trading platform, an AI/big-data ship operations optimization system, and ancillary green-shipping consulting. Total revenue grew 98% YoY to approximately US$214.4M in FY2025 (year ended October 31, 2025), with ocean freight revenue up 103% YoY to US$214.0M and voyage days more than doubling to 7,470 from 3,496 in FY2024.

The company's go-to-market is sales-led B2B, securing long-term transportation contracts with industrial commodity shippers on chartered bulk carrier vessels. Pricing is quote-based and negotiated per voyage and cargo type, not publicly disclosed. Revenue is geographically and commodity-diversified across Asia-Pacific, West Africa, South America, and (newly expanding) the United States, with management in March 2026 launching a formal U.S. Strategic Initiative under Chairman Christopher Nixon Cox. Margin economics remain thin (3.17% gross margin in FY2025), driving a strategic pivot toward higher-margin spodumene/lithium cargo and AI-enabled operational efficiency, funded in part by a $20M strategic financing facility (initial $3M tranche closed November 2025), a $15M registered direct offering to global institutional investors in May 2026, and a board-authorized $5M share repurchase program through August 2027.

Customer segments include industrial bulk commodity shippers (coal, lithium, manganese, timber), green-shipping/maritime decarbonization customers (OCC consulting and carbon asset management), and institutional/sovereign investors engaged via equity offerings. Recent leadership additions — Chairman Christopher Nixon Cox (appointed March 2025), CCMO Shahryar Oveissi (January 2026), and former Chief of Navy of Singapore Chew Men Leong as Director (January 2026) — reflect a strategic emphasis on U.S. capital markets access, sovereign/institutional capital engagement, and maritime/defense-grade advisory depth as part of the company's 2026–2030 plan to evolve from traditional shipping into an integrated global maritime infrastructure platform.

Name

High-Trend International Group

Legal name

High-Trend International Group

Website

https://htcointl.com

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

High-Trend International Group (NASDAQ: HTCO) is a Singapore-based global ocean technology company providing dry bulk shipping alongside proprietary onboard carbon capture systems, blockchain-based carbon asset management, and AI-powered fleet optimization for industrial commodity shippers across Asia-Pacific, West Africa, and South America corridors.

Ownership category

akta.pro rank

Product category

Ocean Freight / Dry Bulk Shipping

NAICS

Deep Sea Freight Transportation (483111), Freight Transportation Arrangement (488510), Support Activities for Water Transportation (4883)

SIC

Deep Sea Foreign Transportation Of Freight (4412), Arrangement Of Transportation Of Freight & Cargo (4731), Water Transportation (4400)

akta.pro primary industry

NVOCC Operations & Ocean Consolidation (TLACABAC)

akta.pro secondary industry

Ocean Import Forwarding (Destination Handling/DO/ISF) (TLACABAE)

Keywords

• Dry bulk shipping
• Ocean freight services
• Maritime decarbonization
• Carbon capture technology
• Carbon asset management

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Ocean Freight Revenue: Primary revenue stream from dry bulk shipping services for coal, lithium (spodumene) and other mineral commodities across Asia-Pacific and West Africa corridors. Revenue increased 103% YoY to approximately US$214.0 million in fiscal 2025 from US$105.4 million in fiscal 2024. Recurring/contract-based chartering of bulk carrier vessels.
2. Vessel Service Revenue and Others: Ancillary vessel service revenue (e.g., $422,840 in fiscal 2025 vs. $2.79 million in fiscal 2024) and consulting revenue from ship exhaust gas capture technology (e.g., $0.4M in H1 2025). Includes green shipping consulting services.
3. Capital Markets and Equity Financing: Capital raised through registered direct offerings (e.g., $15M at $6.50/share to institutional investors in May 2026), private placements (e.g., $4,452,999 from Dong Zhang at $2.62/share in March 2025), and strategic financing facilities (up to $20M with $3M initial tranche). Not an operating revenue stream but supports fleet expansion and growth.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Core offering

High-Trend International Group operates international dry bulk ocean freight shipping across Asia-Pacific and West Africa trade corridors, transporting coal, lithium (spodumene), manganese, timber and other bulk commodities for industrial shippers. The company also provides ship management services through its Top Wisdom subsidiary (TransparenSEA) and is building an integrated maritime decarbonization platform that combines Onboard Carbon Capture (OCC) systems with blockchain-based carbon asset digitalization, carbon trading, and AI-driven fleet optimization.

Product overview

High-Trend International Group (HTCO) operates a platform-plus-modules architecture spanning international ocean transportation and digital decarbonization. The foundation is the Ocean Freight / Dry Bulk Shipping core business (supplemented by the Lithium Resources Transportation strategic expansion and Topsheen Atlantic liner operations, with ship management delivered through TransparenSEA / Top Wisdom). On top of this physical-asset base sits an "Innovative Carbon Economy" platform comprising three integrated decarbonization modules — Onboard Carbon Capture (OCC), Carbon Utilization & Storage, and a Carbon Asset Digitalization Platform that wraps carbon emission trading and blockchain-backed "trusted carbon assets." A cross-cutting AI Platform for Operational Efficiency (funded by a $20M strategic financing, $3M initial tranche closed Nov 2025) ties together ship-operations optimization, route scheduling, and digital transformation, while supplementary digital tools (the Eco Calculator carbon-footprint tool, an MIT En-roads climate scenario link, and roadmap-stage Clean Energy Propulsion Systems and Intelligent Logistics Platforms) extend the offering into decision-support and future propulsion domains.

Differentiator

Problem solved

Functional benefit

Brands

• TransparenSEA: Branded initiative/page on the company website relating to ship management and business operations transparency.

Products and services

• Ocean Freight / Dry Bulk Shipping HTCO's core revenue-generating business, transporting bulk commodities such as coal, spodumene, manganese ore and timber across Asia-Pacific corridors (Australia-Asia, Indonesia-Southeast Asia, Vietnam) and West Africa. Total voyage days grew from 3,496 in FY2024 to 7,470 in FY2025.
• Lithium Resources Transportation Ocean transportation of lithium resources (spodumene); voyages doubled year-on-year in 2026 vs 2025, generating margins that significantly outperform traditional cargo types and positioned as a core high-margin business.
• Onboard Carbon Capture (OCC) Decarbonization System Flagship onboard carbon capture technology applied to ship exhaust gases to permanently reduce CO2 emissions, integrated with carbon storage and utilization pathways; HTCO positions itself as a leading OCC technology provider partnering with top-tier global resources.
• Carbon Asset Digitalization Platform Blockchain-based digital platform for carbon asset management and trading, combining carbon emission trading, carbon asset management and blockchain-backed 'trusted carbon assets' to ensure transparency and credibility of carbon-reduction data.
• Carbon Emission Trading Service Carbon trading services connecting maritime decarbonization needs with the carbon finance market through a technology ecosystem, creating a new paradigm for maritime sustainability.
• Carbon Utilization & Carbon Storage Services Services extending the value chain from onboard carbon capture to downstream CO2 utilization and permanent storage, building a complete value chain from carbon capture to carbon trading.
• TransparenSEA Ship Management (Top Wisdom) Ship management service operated via Top Wisdom; manages total transport capacity of 450,000 tons with average vessel age of 7.3 years and holds DOC certificates for Hong Kong and Marshall Islands issued by the China Classification Society (CCS).
• Green Shipping Consulting (Ship Exhaust Gas Capture Consulting) Consulting services for ship exhaust gas capture technology, providing shipowners and maritime operators with decarbonization advisory aligned with IMO MARPOL Annex VI compliance and verified carbon credit generation; generated approximately $0.4M in H1 2025.

Quantifiable outcome

• 98% YoY revenue growth to US$214.4 million in FY2025 (FY ended Oct 31, 2025)
• +6 more outcomes

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability1 record

Feature5 records

Partnerships

Seven partnerships are on record, tiered core, minor and flagship.

• U.S. Operations Independent Governance Committee (internal committee with Christopher Renn and Jinyu Chang as members)coreOthers · 13 March 2026Newly established governance body chaired by Christopher Nixon Cox with members Christopher Renn and Jinyu Chang; oversees U.S. strategy, capital market initiatives, major investments and strategic projects in the United States, providing governance support for HTCO's U.S. expansion.
• GE (General Electric)minorStrategic or Co-development Partner · 4 August 2025Historical strategic cooperation signed at the 6th China-US Energy Efficiency Forum (2015) to build China's first large-scale smart streetlight IoT platform project with total investment of 200 million RMB; cooperation results were successfully replicated in the Brazilian market in 2019. Indirectly linked to the Company's evolution but not an active shipping relationship.
• U.S. Administration / President Donald J. TrumpminorOthers · 18 June 2025President Trump responded to correspondence from HTCO's Independent Director Brian Su (June 18, 2025), reaffirming commitment to revitalizing American defense readiness and strategic dominance. Mr. Su advocates for rebuilding America's shipbuilding capabilities and Indo-Pacific leadership. Used as a strategic positioning lever rather than a formal commercial partnership.
• DigiFT Technology Group (Singapore)minorStrategic or Co-development Partner · 14 January 2025Singapore-based on-chain capital market operation and service provider where newly appointed independent director and Audit Committee Chair Xuanhua Xi serves as Chief Risk Officer since December 2024. Implies potential digital/carbon asset infrastructure partnership given High-Trend's blockchain carbon asset digitalization focus.
• Baker HughesflagshipStrategic or Co-development Partner · 1 January 2025Baker Hughes is featured as a 'trusted partner' on High-Trend's homepage with a Collaboration/Innovation/Experience narrative. Baker Hughes brings 100 years of energy industry experience and emissions abatement technologies that High-Trend integrates into its OCC (Onboard Carbon Capture) decarbonization platform. The collaboration centers on cost-effective emissions abatement tech, scalable solutions for shipping operators, and shared industry initiatives to tackle maritime emissions.
• Qiyao Environmental Protection (QIYAO ENVIRON TEC)flagshipTechnology or Integration · 1 January 2025Qiyao supplies marine environmental systems integrated into High-Trend's decarbonization platform: (1) Marine desulfurization EGCS systems (~300 sets delivered across bulk carriers, oil tankers VLCC/VLOC, container ships); (2) Marine denitrification SCR systems (1,400+ orders as of June 2024, suitable for engines up to 60MN); (3) LNG supply system FGSS (33+ ocean-going vessel orders); (4) Marine Carbon Capture System (OCCS) achieving up to 80% CO2 emission reduction.
• CUEX Metal AGminorStrategic or Co-development Partner · 18 April 2024Signed an innovative manganese ore sourcing agreement in April 2024 for 4.5 million tons of manganese ore to be supplied over three years (2024-2026) for the wood drying business via Singapore Garden Technology subsidiary. Agreement terminated by mutual agreement on October 24, 2024.

Scale indicators14 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• Star Bulk Carriers: NASDAQ-listed pure-play dry bulk shipper with a fleet of Newcastlemax/Capesize/Panamax/Supramax vessels transporting iron ore, coal, grain and similar commodities across global trade lanes. Directly comparable to HTCO on the dry bulk ocean freight core business, though at materially larger scale.
• Genco Shipping & Trading: NYSE-listed dry bulk shipping company operating a fleet of Capesize, Ultramax and Supramax vessels across global routes. Directly comparable as a U.S.-listed dry bulk peer with similar exposure to coal, grain, and minor bulk trades relevant to HTCO's Asia-Pacific and West Africa lanes.
• Eagle Bulk Shipping: NASDAQ-listed owner-operator of Supramax/Ultramax dry bulk vessels focused on the 'minor bulk' segment. Closely comparable to HTCO in vessel class mix and minor bulk cargo focus, though at a larger and more established scale.
• Safe Bulkers: NYSE-listed international dry bulk shipping company with a fleet of Panamax, Kamsarmax, Post-Panamax and Capesize vessels transporting coal, grain and iron ore. Comparable to HTCO on dry bulk ocean freight across international corridors.
• Pangaea Logistics Solutions: NASDAQ-listed dry bulk shipping company specializing in niche commodities and high-margin specialty cargoes. Comparable to HTCO's strategy of targeting higher-margin cargo (lithium/spodumene) versus pure commodity shipping.
• Diana Shipping: NYSE-listed global shipping company providing dry bulk transportation via Capesize, Kamsarmax, Panamax and Ultramax vessels. Comparable dry bulk ocean freight peer at a larger scale with similar long-term time charter exposure.
• Grindrod Shipping: Hong Kong/Singapore-based dry bulk owner-operator focused on smaller-tonnage Handysize and Supramax vessels in regional trades including Africa. Highly comparable to HTCO's Topsheen Atlantic and West Africa operations.

Broad incumbents

• Costamare: NYSE-listed global shipping company operating container vessels plus a dry bulk platform. Comparable as a broad ocean shipping incumbent with overlapping dry bulk exposure, though containers are the core focus.

Emerging players

• CarbonCure Technologies: Canadian CCUS technology company with proprietary CO2 utilization processes for industrial applications. Comparable to HTCO's OCC technology business as an emerging player in carbon capture and digital carbon asset infrastructure.
• Carbon Clean Solutions: UK-based carbon capture technology provider for industrial and maritime emissions. Directly comparable to HTCO's OCC initiative as an emerging CCUS player focused on scalable point-source CO2 capture with adjacent applicability to maritime.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about High-Trend International Group