22 February 2024, Hong Kong – Fleet Management Limited (FLEET), the world’s largest third-party ship management company, has begun implementing a phased succession plan to ensure continuity, sustained innovation and success as it enters a new era.
After three decades as Managing Director since the company’s inception, Dr Kishore Rajvanshy is transitioning from his current role, with a global search for a new MD underway.
As part of this transition, Mr Angad Banga, the Chief Operating Officer of FLEET’s parent company, The Caravel Group, will co-lead FLEET with Dr Rajvanshy – where Dr Rajvanshy will continue to manage the technical, seafarer personnel, quality, health, safety and environmental departments, and Mr Banga will oversee all other divisions.
The Chairman and CEO of The Caravel Group, Dr Harry Banga, said “Under Dr Rajvanshy’s leadership, FLEET has thrived, achieving significant year-on-year growth while steadfastly upholding our core values of Family, Entrepreneurship, Partnership and Integrity, and driving our focus on safety, quality, operational excellence and efficiency, and innovation.”
“Our success is a testament to our valued clients, partners, and highly skilled and dedicated seafarers and employees, who remain the pillars of our past achievements and the impetus for our next chapter of growth.”
“As we celebrate our 30th anniversary, we are steering toward a horizon filled with new opportunities, bolstered by a legacy of excellence and a commitment to technology and innovation. Our ship is set for the future, guided by the lessons of the past and the optimism for what lies ahead.”
“During the transition, we will remain squarely and resolutely committed to the delivery of industry-leading service to our customers, partners, seafarers and all of those who rely on us. Our succession planning and transitional steps have been designed to ensure there are no interruptions to service levels.”
Dr Kishore Rajvanshy stated: “As I prepare to pass the baton to the next generation, I am confident that the company’s future is bright and that it will continue to set industry standards for years to come. This is a landmark strategic move to mark our 30th anniversary year, to build on our rock-solid foundations and take the company to the next level.”
Mr Angad Banga, who will co-lead FLEET during the transition period and oversee the new management team under the mentorship of Dr Banga and Dr Rajvanshy, brings a wealth of experience across the maritime industry and a strong respect for the company’s history. He joined his father at The Caravel Group a decade ago, is the current Chairman of the Hong Kong Shipowners Association and rotational Chairman of the Asian Shipowners Association, and has served actively as a FLEET board director for a number of years.
“I am driven to build on the robust legacy established by my father, Dr Harry Banga, and Dr Rajvanshy, in working with our colleagues, partners and investing in FLEET to meet our clients’ needs now and into the future, ” Mr Banga said.
“Our company stands at the intersection of tradition and innovation. Leading our extraordinary team is a privilege, and we stand poised to continue to lead safety standards, embrace innovation and pursue new opportunities to serve our clients and the broader industry.”
About Fleet Management Limited and The Caravel Group
Fleet Management Limited (FLEET), part of The Caravel Group, is the world’s largest ship management company. This rank bears testament to the resilience and commitment of 27,000+ seafarers and 1,100+ onshore maritime professionals, serving more than 130 world-class shipowners. FLEET manages a range of vessels, including bulk carriers, containers, car carriers, oil tankers, gas carriers and chemical tankers from 600 to 320,000 DWT in size – with many being young and energy-efficient with an age profile below the industry average. The company also has a dynamic newbuilding supervision department.
The Caravel Group is a diversified conglomerate headquartered in Hong Kong SAR with three verticals: Maritime, Commodities and Investment Management. Within the Maritime vertical, the Group is focused on third-party ship management, and as well ship ownership – managing, operating and/or owning more than 700 sea-going vessels across the dry bulk, chemical and gas tanker and container segments. Within Commodities, the Group is engaged in the trading and logistics of industrial dry bulk raw materials, namely iron ore and thermal coal. Within Investment Management, the Group is primarily focused on direct investments in global liquid markets including public equity and credit, across all industries. In addition, the Group invests in alternative investments – mainly private equity and hedge funds – to diversify risks and sustain long-term returns.
Learn more: www.fleetship.com and www.caravel-group.com
For further enquiries, please contact:
Emily Dunn, General Manager, Corporate Communications
emily.dunn@fleetship.com or phone +852 5211 2152
South Island Place, 27/F, 8 Wong Chuk Hang Road, Hong Kong
