Guided by the four pillars of its Encompass strategy—Navigating Responsibly, Evolving Environmental Stewardship, Safeguarding People and Working Together—the report demonstrates how the Group has embedded ESG principles into everyday operations across its global maritime and shore-based activities.
Dr. Harry S. Banga, Founder and Executive Chairman of The Caravel Group, said the fifth annual report reflects the organisation’s commitment to responsible business practices and long-term resilience in an increasingly volatile maritime industry. He stated that ESG metrics have now been formally integrated into performance reviews for all onshore employees, while strategic initiatives such as the Group’s liquefied natural gas bunkering joint venture have ensured that responsibility and business performance are closely aligned.
A major highlight of the report is the Group’s accelerated progress in environmental sustainability and decarbonisation. The Caravel Group achieved a 42 per cent reduction in managed ship greenhouse gas emission intensity compared to its 2008 baseline, substantially surpassing its 2030 target of a 30 per cent reduction. The report also states that 74 per cent of the managed fleet is now equipped with advanced Energy Saving Devices, including high-performance hull paint, Propeller Boss Cap Fins and variable speed motors. The Group remains on course to equip its entire managed fleet with such technologies by 2030.
Further strengthening its commitment to cleaner maritime operations, The Caravel Group entered a strategic joint venture with Celsius Shipping to co-own and operate a new fleet of high-specification liquefied natural gas bunkering vessels. The initiative is intended to support the maritime industry's transition toward lower-emission fuels.
The report also highlights continued advancements in safety and digital innovation. The Group expanded pilot deployment of Captain’s Eye, an artificial intelligence-powered maritime safety solution that uses onboard closed-circuit television systems to detect smoke, leaks and other safety hazards in real time. In addition, upgrades to the PARIS integrated fleet management platform and NOVA data analytics system now provide vessel owners with real-time financial reporting as well as compliance monitoring for the European Union Emissions Trading System and FuelEU Maritime regulations, enhancing transparency and risk management capabilities.
Safety performance across the managed fleet recorded significant improvement. Port State Control detentions declined sharply from 22 cases in 2023 to only five cases in 2025, reflecting strengthened safety protocols and enhanced reporting discipline. Employee welfare also showed strong results, with the Group recording a wellbeing score of 91 per cent in its annual employee survey, exceeding its 2028 target of 78 per cent ahead of schedule.
Talent development and workforce engagement formed another key area of progress. Following the acquisition of the International Maritime Institute in India, The Caravel Group integrated a dedicated talent development pipeline and welcomed more than 500 job-ready cadets into Fleet Management during 2025. Employee engagement reached 92 per cent, while the Diversity, Equity and Inclusion score stood at 93 per cent.
The Group also reaffirmed its social responsibility commitments. In line with its pledge to allocate at least two per cent of average net profits from the previous three years toward social causes, The Caravel Group contributed USD 1,529,993 to community partnerships, educational programmes and disaster relief initiatives.
Angad Banga, Group Chief Executive Officer of The Caravel Group, said sustainability has become a core operational requirement rather than a future objective. He noted that regulatory frameworks such as FuelEU Maritime and the European Union Emissions Trading System have significant commercial implications, making it essential for clients to have access to advanced systems, industry expertise and operational support. He added that the combination of digital innovation and a strengthened talent pipeline through the International Maritime Institute is helping the Group build organisational capabilities ahead of future industry demands.
Headquartered in Hong Kong, The Caravel Group operates across maritime services, dry bulk commodity trading, institutional investment management and philanthropy. Its maritime division includes Fleet Management Limited, one of the world’s largest third-party ship management companies with more than 500 vessels under management. The Group also maintains strategic investments, including a major stake in Pacific Basin, and operates the International Maritime Institute in India to support maritime talent development. Through Caravel Asset Management, the company invests globally across public markets and private equity, while The Caravel Foundation supports educational and welfare initiatives for underprivileged youth in Hong Kong, China and India.
Fleet Management Limited continues to rank among the world’s largest third-party ship managers, overseeing a fleet of more than 500 vessels across multiple categories, including bulk carriers, container vessels, car carriers, oil tankers, gas carriers and chemical tankers ranging from 600 to 320,000 deadweight tonnes. The company also operates a dedicated newbuilding supervision division and manages a relatively young and energy-efficient fleet with an age profile below the industry average.
The release of Encompass 2025 underscores The Caravel Group’s growing role in shaping a more sustainable, technologically advanced and resilient maritime sector. With measurable environmental achievements, enhanced safety standards, significant investments in talent development and continued community contributions, the report highlights the Group’s strategy of integrating sustainability into every aspect of its global operations.
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