Bulker owner and operator Pacific Basin said Monday that Dr. Harindarpal S. Banga, founder and executive chairman of The Caravel Group Ltd. and Angad Banga, group chief executive officer of Caravel, have been appointed to Pacific Basin’s board of directors.

Stanley H. Ryan, chairman of the Pacific Basin board of directors, said, “Following constructive engagement with Caravel, we are pleased to announce our agreement that brings two accomplished shipping and commodity industry leaders and representatives of our largest shareholder to our board. Dr. Banga and Mr. Banga bring decades of experience in maritime services and commodities trading.”

From his side, Dr. Harindarpal Banga added: “Caravel has long recognised Pacific Basin for its industry leadership and the strength of its people. The company’s ability to navigate volatility and continue delivering strong results reflects the calibre of the management team and board. As representatives of Pacific Basin’s largest shareholder, we look forward to working together with the full board to build on this success.” 

“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,” noted Angad Banga, Caravel’s CEO.

In connection with the appointments, Pacific Basin entered into a shareholder agreement with Caravel and certain of its affiliates, under which Caravel has affirmed its commitment to Pacific Basin’s core values, including operating as an independent shipping company. Caravel has also agreed to certain ownership restrictions and standstill provisions. 

The Caravel Group’s maritime division includes Fleet Management Limited, a global third-party ship manager with over 600 vessels under management, and strategic investments. The Group is a privately held and globally diversified group with operations across maritime services, dry bulk commodity trading, institutional investment management, and philanthropy.

On the other hand, Pacific Basin – an owner and operator of handysizes, supramaxes and ultramaxes – operates around 250 dry bulk ships of which over 100 are owned and the rest chartered. Its fleet growth commitments currently include orders for four ultramax and four handysize newbuild vessels.