In the wood-panelled world of Hong Kong shipping, succession is often a story of shaking things up. But for Angad Banga, the newly minted CEO of Caravel Group, the mandate is different. Sitting in an office that is notably not the corner suite – a space still occupied by his father, the legendary Harry Banga – Angad is clear-eyed about his role. He isn’t here to reinvent the wheel; he’s here to ensure the wheel keeps turning with institutional precision.
As we enter the Year of the Horse, Banga discusses the shifting tides of 2026, the resurgence of Hong Kong, and what it’s like to lead one of the world’s most diversified maritime and commodity empires.
Banga’s outlook for 2026 is defined by “certainty,” even if that certainty comes from a volatile source. Unlike the anxiety that clouded early 2025, Banga feels the industry now knows the “playing field” of the second Trump administration.
“I think going into this year, it’s positive in that I think we know what we’re going to get from the White House,” Banga notes. While the newly published Maritime Action Plan and tariffs loom large, he argues that the removal of the “fear of the unknown” allows for better asset allocation across shipping, commodities, and even digital assets.
Despite the geopolitical cooling in some regions, Banga remains measured. “I wouldn’t use the ‘galloping horse’ analogy. I would use cautious optimism,” he says, pointing to the resilience of the US consumer and a China story that looks increasingly likely to hit its 5% growth target through a mix of domestic demand and exports. Hear more from Banga on this subject when he takes the stage at this year’s Geneva Dry conference on April 28, the latest high-profile speaker signup to the world’s premier commodities shipping summit.
Perhaps most striking is Banga’s bullishness on Hong Kong. For a city that many whispered had lost a decade, Banga sees a dramatic reversal. He points to the city’s reclaimed status as a top-three global financial centre and a revitalised IPO market.
“I am genuinely more optimistic today than I have been in a very long time,” he says. He views Hong Kong as the “nexus” where China’s massive commodity flows, accounting for over 50% of global dry bulk trade, meet international common law and depth of capital. “It’s not just about trading desks and warehouses,” he explains, highlighting the integration of the London Metal Exchange and the rise of the RMB as a clearing currency.
Caravel, which boasts Fleet Management, the world’s second-largest shipmanager as one of its businesses, has been very much in the news this week with both Bangas joining the board at dry bulk major Pacific Basin, having built up a stake in the listed company of more than 20%.
“Our combined experience across shipping and global markets will support the board as it continues to strengthen Pacific Basin’s strategic position in the global dry bulk market and create long-term value,” Banga said in a release issued on Monday.
The baton pass at the helm of Caravel—from founder Harry Banga to his son Angad—is a study in natural mentorship, refined by a decade of high-finance discipline Angad developed during his tenure at KKR. While Harry Banga was the pioneering entrepreneur who “invented entire trade lanes,” Angad sees himself as a bridge to a more institutional future.
“I inherited the privilege of stewarding it,” Banga says. “We’re evolving from this hugely successful founder-run company into a more institutional, family-owned, but perhaps less family-run, multi-generational business.”
For Banga, the focus is on refinement: strengthening governance and preserving a culture where your word is your bond. And as for the tie? Despite the modern shift toward casual boardrooms, the Caravel CEO isn’t budging. “The two subjects I’ve not broached yet [with my father] are the corner office and taking off the ties.”
