Harry Singh Banga's Caravel Group sets sail on a zero-carbon mission

Banga acknowledges that companies have no choice but to adapt, despite energy transition ships running on dual fuels costing up to 20 per cent more than conventional vessels

He is one of the richest Indian businessmen in Hong Kong. The Caravel group, run by Harindarpal ‘Harry’ Singh Banga (pictured) (net worth: $2.8 billion), operates the world’s second-largest third-party shipping management company, handling over 650 vessels and managing assets worth over $35 billion. In addition to running its fleet, the group trades in iron ore and invests in companies like Nykaa.

 

Banga is now preparing for a fundamental shift in the shipping industry, which will require hiring digitally savvy seafarers and undertaking large-scale reskilling and upskilling of existing crews. This is necessary as new ships will be required to