Banga Family’s Caravel Builds Biggest Stake In Pacific Basin

Indian tycoon Harry Banga’s Caravel Group has become the biggest shareholder in Pacific Basin Shipping Ltd, in a major bet on demand for transport of dry bulk commodities.

Caravel owned 672.7 million shares in Pacific Basin as of June 12, representing a just over 13% stake in the company, according to filings to the Hong Kong stock exchange. Caravel disclosed a 7.5% stake in late March, and since then it has steadily expanded its holding in Pacific Basin, which has a market capitalization of about $1.3 billion.

Caravel Group “is a committed long-term shareholder, and the position reflects the company’s confidence in Pacific Basin’s future,” the firm said in an emailed statement to Bloomberg News.

Banga is Caravel’s chairman and chief executive officer. He started the firm in 2013 after more than two decades at one of Asia’s biggest commodity traders. Caravel’s business spans ship management, commodity trading, and asset management. It currently operates, manages or owns over 650 vessels, according to its website.