Hong Kong’s Caravel Group announced today Angad Banga has taken over from his father, Harry Banga, as group CEO of the commodities and shipmanagement giant. 

Harry Banga will continue to lead the group as founder and executive chairman. 

“It is with immense pride—both as the founder of this company and as a father—that I extend my congratulations to Angad on this appointment. This transition marks the culmination of years of careful preparation. Angad has earned the respect of colleagues, clients, and industry peers through his own merit,” said the older Banga. 

The Caravel Group was founded 13 years ago, after Harry Banga parted ways with the Noble Group. Among its subsidiaries is Fleet Management, one of the world’s largest shipmanagers.