Hong Kong conglomerate Caravel Group has increased its shareholding in Pacific Basin Shipping, strengthening its position as the largest shareholder in the dry bulk major while stressing it has no intention of launching a takeover of the company.
The Angad Banga-led group confirmed it now holds 1.04bn shares in the Hong Kong-listed owner, representing about 20.06% of Pacific Basin’s issued share capital.
Caravel Maritime Ventures, part of the Banga family’s Caravel Group, first bought into Pacific Basin in March last year and subsequently increased its holding later in 2025 to become the company’s single largest shareholder.
While Caravel said it may continue to buy shares on the market, it underlined that it does not intend to make an offer for Pacific Basin or raise its stake to a level that would trigger a mandatory general offer under Hong Kong’s takeovers code.
The group added it reserves the right to set aside those restrictions if there is a material change in circumstances, subject to regulatory consent, or if a third party announces or signals a possible offer for the company.
Pacific Basin operates a fleet of more than 250 bulk carriers across the handy, supramax and panamax segments and is a leading operator in the global minor bulks and coal trades.
Caravel’s investment comes with significant shipping firepower behind it. The group owns Fleet Management, one of the world’s largest third-party shipmanagement companies, and also runs its own dry bulk business focused on the supramax and kamsarmax segments.
Last year, Pacific Basin announced plans to relocate its headquarters and around half of its fleet to Singapore. The move, revealed in October 2025, was aimed at limiting exposure to higher US port fees targeting vessels with Chinese, including Hong Kong, ownership or management. The company is reflagging affected ships to Singapore and shifting key commercial and technical management functions to the city-state.
