In a bold strategic pivot, Hong Kong-based Caravel Group, led by the Banga family, has sold two Chinese-built Kamsarmax bulk carriers—Explorer Oceania and Explorer Asia—for approximately USD 41 million, exiting the Kamsarmax segment to sharpen its fleet focus on Ultramax vessels.
These two ships, constructed at Jiangsu Hantong Shipbuilding in 2015 and 2016, were originally acquired from Japan’s Nisshin Shipping in 2018 for USD 48.5 million. The latest sale signals a shift in Caravel’s capital allocation strategy—away from asset-heavy exposure and toward influential equity positions.
Meanwhile, Caravel has ramped up its stake in Pacific Basin Shipping (HKEX: 2343)—one of the world’s largest operators of Supramax and Handysize bulk carriers—now holding 16% of its issued share capital. This makes Caravel the largest single shareholder of Pacific Basin.
Founded by Harry Banga, a veteran of global commodity trading and ship operations, Caravel is now co-led by Angad Banga, the group’s COO and current Chairman of the Hong Kong Shipowners Association as well as Chairman of the Asian Shipowners’ Association. The family’s influence in the regional shipping landscape continues to grow—both through capital markets and maritime governance.
With Pacific Basin operating a fleet of over 270 vessels and launching a methanol-fueled fleet renewal plan, the partnership opens new opportunities in green shipping, scale efficiency, and long-term value creation.
As the shipping industry undergoes major transformation—Caravel's strategic moves are not just about assets, but positioning for leadership in a decarbonizing, consolidating global market.
by Xinde Marine News Chen Yang
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