High-Trend International Group
htcointl.comWhat Do They Do?
Transports cargo by sea for shippers and commodity traders, and provides vessel services for ship owners.
20-F for FY2025, filed Jan 23, 2026Our international shipping revenue derives mainly from transportation services under voyage contracts and to a lesser degree from vessels…View ↗
Under a voyage contract, we are engaged to provide the transportation of cargo between specific ports for payment of an agreed-upon charge…View ↗
Additionally, we, through the Topsheen Companies, contract with various customers to carry out vessel services as agents for and on behalf…View ↗
Our marketing team is focused on serving participants in the Asian regional trade chain, including small and medium-sized importers and…View ↗
How Do They Make Money?
Most revenue comes from ocean freight: cargo customers pay an agreed charge per ton to move goods between ports, and the company earns it over the voyage as cargo is transported.
20-F for FY2025, filed Jan 23, 2026
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20-F for FY2025, filed Jan 23, 2026
FY2025 revenue by product or service ↗
$214.4M
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20-F for FY2025, filed Jan 23, 2026
$214.4M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Ocean freight revenue
Usage-based
20-F for FY2025, filed Jan 23, 2026 |
100%
FY2022: 96%
|
Ocean freight revenue, FY2025
$214M Sources
|
Usage-based |
|
Vessel service revenue and others
|
0.2%
FY2022: 3.9%
|
Vessel service revenue and others, FY2025
$422.8K Sources
|
Who Are Their Customers?
Shipping customers include importers and exporters, manufacturers, bulk commodity traders and overseas infrastructure contractors; the company reaches them through online booking and local port-agent and freight-forwarding partners.
20-F for FY2025, filed Jan 23, 2026Our marketing team is focused on serving participants in the Asian regional trade chain, including small and medium-sized importers and…View ↗
20-F for FY2025, filed Jan 23, 2026
For the fiscal year ended October 31, 2025, one customer accounted for approximately 15% of the Group’s total revenues. For the fiscal year…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $21.5M in FY2025, but brought in more cash than it spent: $4.6M of free cash flow.
20-F for FY2025, filed Jan 23, 2026
−$19.9MView ↗
20-F for FY2025, filed Jan 23, 2026
−$21.5MView ↗
20-F for FY2025, filed Jan 23, 2026
$4.6MView ↗
How Are They Changing?
Growing. Revenue grew 76% in 4 years, from $122M in FY2021 to $214.4M in FY2025, about 15% a year.
From wood drying to carbon-capture consulting
The older report planned shipboard wood-drying services and dried-wood sales; the latest report says that plan was withdrawn and describes carbon-capture advice for clients instead, an opportunity the company is not aggressively pursuing.
20-F for FY2022, filed Aug 28, 2023 20-F for FY2025, filed Jan 23, 2026While establishing a strong foothold in the international shipping services business, we previously intended to launch a carbon-neutral…View ↗
We are an international shipping company which has accounted for all our revenues to date. We previously planned to launch a business that…View ↗
In 2025, we decided to investigate our entry into the business of providing carbon neutrality solutions for the shipping industry. To that…View ↗
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