Greater China

Banga’s Caravel iron ore ops trade 1.5m tons in first month

Hong Kong: Caravel Group, the new Hong Kong headquartered trading and shipping company founded by former Noble high flier, Harry Banga and his two sons, is making progress. 
“Last year has been very busy, setting up of our global footprint and getting the management and staff on board,” Banga told SinoShip News in an exclsusive interview. “This process is still very much ongoing and we think by the end of March, we should be pretty set to start the business in full scale,” he added.
So far, only Caravel’s iron ore business has got off the ground and in its first month of operations, the company did about 1.5m tons which Banga described as being “very much within our targeted figures”.  
On the shipping side, discussions on newbuildings are still ongoing.  
Banga broke the news of the establishment of Caravel Group to our sister title, Maritime CEO magazine in a world exclusive last September.  [08/01/14]

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