Indian Tycoon Harry Banga's Caravel Group Builds Largest Stake in Pacific Basin Shipping Ltd.

Indian tycoon Harry Banga's Caravel Group has acquired a 13% stake in Pacific Basin Shipping Ltd, making it the largest shareholder. The move reflects Caravel's confidence in Pacific Basin's future, given its bet on demand for dry bulk commodity transport. Pacific Basin owns and operates cargo vessels and had adjusted revenue of $2.6 billion last year. The Banga family has also invested in other ventures, including beauty site Nykaa.

Indian tycoon Harry Banga's Caravel Group has become the largest shareholder in Pacific Basin Shipping Ltd., acquiring a 13% stake in the company. The acquisition, announced on June 12, reflects Caravel's confidence in Pacific Basin's future, given its focus on the demand for dry bulk commodity transport [1].

Pacific Basin Shipping Ltd., a Hong Kong-listed company, owns and operates dry bulk cargo vessels. With an adjusted revenue of about $2.6 billion in 2024, the company is the sixth-largest marine shipping company in Hong Kong by market value [1]. The acquisition of a significant stake by Caravel Group indicates a long-term investment strategy, as Caravel has been steadily expanding its holding in Pacific Basin since March [1].

Harry Banga, the chairman and chief executive officer of Caravel Group, started the firm in 2013 after over two decades at one of Asia's biggest commodity traders. Caravel's business spans ship management, commodity trading, and asset management, currently operating, managing, or owning over 650 vessels [1]. The Banga family's investment portfolio also includes FSN E-Commerce Ventures Ltd., which operates the beauty site Nykaa and listed in Mumbai in 2021 [1].

The acquisition of a 13% stake in Pacific Basin Shipping Ltd. is part of Caravel's broader strategy to enhance its position in the global shipping industry. The company's commitment to digitalization and connectivity is further evidenced by its recent partnership with Inmarsat to install the NexusWave fully managed bonded connectivity service on board its vessels [2]. This service aims to improve both crew and business communications, ensuring a seamless connection to high-speed Internet and supporting the company's digital transformation efforts.

The global oil market has also been experiencing turbulence, with significant fluctuations in prices driven by trade tariffs and supply hikes. After reaching a high of $81/bbl in January 2025, the spot price of WTI crude fell sharply in April to below $60/bbl, the lowest level in four years. However, a breakthrough in US-China trade negotiations on May 11, 2025, led to a temporary reduction in tariffs, which improved market sentiment and caused an increase in oil prices [3].

Despite these market uncertainties, Caravel Group's investment in Pacific Basin Shipping Ltd. signals a strategic move to capitalize on the growing demand for dry bulk commodity transport. The company's focus on digitalization and connectivity, as well as its commitment to crew welfare, positions Pacific Basin as a forward-thinking player in the global shipping industry.

References:
[1] https://www.bloomberg.com/news/articles/2025-06-16/banga-family-s-caravel-builds-biggest-stake-in-pacific-basin
[2] https://www.marketscreener.com/quote/stock/VIASAT-INC-11323/news/Viasat-Pacific-Basin-Enhances-Fleet-Operations-and-Crew-Welfare-with-Inmarsat-NexusWave-50244521/
[3] https://www.ogj.com/general-interest/economics-markets/article/55296897/oil-markets-turbulent-amid-tariffs-opec-supply-hikes