High-Trend International Group

We are an exempted company that was incorporated under the laws of the Cayman Islands on February 28, 2022, as a holding company. On January 31, 2025, our name change from Caravelle International Group to High-Trend International Group became effective and our Class A Ordinary Shares began to trade on the Nasdaq Capital Market under the symbol “HTCO” We are headquartered in Singapore and currently derive substantially all of our revenues from international shipping and logistics support services for customers in Asia, mostly in Singapore, Dubai, Korea, Japan, and India.

Our international shipping revenue derives mainly from transportation services under voyage contracts and to a lesser degree from vessels services for and on behalf of ship owners. Under a voyage contract, we are engaged to provide the transportation of cargo between specific ports for payment of an agreed-upon charge per ton of cargo. We charter vessels from various shipping companies and ship owners and primarily handle bulk cargo shipments of iron ore, manganese ore and grain from both sides of the Atlantic to East Asia. We also contract with various customers to carry out vessel services as agents for and on behalf of ship owners. These services include lease of vessels on behalf of the ship owners, and commercial management.

We previously planned to launch a business that would enable wood desiccation during the maritime shipping process, with full utilization of the shipping time, space, and the waste heat of exhaust gas from vessels. Despite its initial promise, the business faced significant delays due our inability to confirm that the business would be successful and a lack of funding. In 2024, our new management team decided to withdraw from this business. In 2025, we decided to investigate our entry into the business of providing carbon neutrality solutions for the shipping industry. To that end, we began to provide onboard carbon capture (“OCC”) consulting services in 2025, providing advisory support for clients with needs for full-vessel carbon capture or energy-saving retrofitting projects. Due to the uncertainty about the viability of this technology and the underdeveloped OCC technologies and their applications, we decided not to aggressively pursue this opportunity at this time.

On August 7, 2025, we effected a reverse stock split of our Class A Ordinary shares, par value $0.0001 (the “Reverse Stock Split”). Pursuant to the Reverse Stock Split, every twenty-five (25) Class A Ordinary shares issued on the effective date of the Reverse Stock Split was combined into one (1) share of Class A Ordinary share, par value $0.0025. All references to our ordinary shares in this Report have been restated to give effect to the Reverse Stock Split, as if the Reverse Stock Split had occurred by the relevant earlier date.

Our website is www.htcointl.com. The information on our website is not incorporated by reference into this annual report. As used in this annual report, the terms “we,” “us,” “our,” “High-Trend” and “the Company” refer to High-Trend International Group and its subsidiaries.