Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 69

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 69
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arrangements. We are an IATA-accredited cargo agent and entitled to make direct bookings with air freight carriers without any third-party
agent. We generally procure cargo spaces through the block space agreements we entered into with air freight carriers for a period of
time at pre-agreed costs, and we occasionally procure additional cargo spaces from air freight carriers through direct bookings.

As part of the services
we provide, we also arrange third-party service providers to provide the necessary supporting and ancillary logistics services, such
as customs clearance companies for customs clearance in Australia and New Zealand, cargo screening service providers to carry out the
necessary aviation security measures, and local delivery service providers in destination cities to carry out the last-mile delivery.
Ground transportation companies will also be engaged if customers request for parcel pick-up.

We purchase cargo
space from our suppliers either through (i) direct booking from air freight carriers, or (ii) block space arrangements.

  (i)      Direct booking  
 ───────────────────────────

We purchase air cargo
spaces through direct booking with air freight carriers or other freight forwarders on a demand basis, without entering into any fixed-term
agreements. For the years ended September 30, 2022, 2023 and 2024, the value of direct bookings for cargo spaces made with air freight
carriers and other freight forwarders amounted to approximately US$12.3 million, US$7.1 million and US$3.5 million, respectively.

For direct bookings
with air freight carriers, we negotiate with air freight carriers for a fair price to secure the required cargo space for the consignment.
This involves determining the necessary type of aircraft, the volume of cargo space required, and the destination. With our established
relationships with various air freight carriers, we are able to secure satisfactory rates for our consignments.

Furthermore, we will
co-load with other freight forwarders to secure air cargo spaces. This arrangement allows multiple freight forwarders to share a single
air cargo space and split transportation costs. To ensure a cost-effective arrangement is attained, we consider various factors, such
as price terms, schedule of flights, availability of cargo spaces, and the destination, when booking directly with other freight forwarders.

To maintain our status
as an IATA-accredited cargo agent so as to entitle us to make direct bookings with air freight carriers. As of September 30, 2022, 2023
and 2024, we maintain bank guarantee of $232