Hong Kong conglomerate Caravel Group has sold two of its Chinese-built kamsarmax bulk carriers in a deal valued at about $41m.

The Banga family’s dry bulk owner has let go of the 81,073 dwt Explorer Oceania and the 81,093 dwt Explorer Asia, with both ships built at Jiangsu Hantong in 2015 and 2016, respectively, heading to Chinese buyers as part of an en-bloc transaction.

Caravel originally acquired the pair in July 2018 from Japan’s Nisshin Shipping for a combined $48.5m.

The group has one of the world’s largest third-party shipmanagers, Fleet Management, under its wing, but it also owns a dry bulk business focused on the supramax through kamsarmax segments.

On the ownership side, the move will see Caravel exit the kamsarmax space and be left with three Japanese-built ultramaxes in its owned fleet.

Caravel’s last reported ship purchase was in October 2022, and it has since been focused more on investing in other shipping players. The Harry Banga-led group recently revealed it has become the top shareholder in Pacific Basin Shipping and now owns about 16% of the fellow dry bulk giant’s stock.