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New Horizons Fleet Management at 30
Evolution not revolution
Splash sits down with the top names at Fleet and Caravel to reflect on 30 years of shipmanagement
Angad Banga, chief operating officer of The Caravel Group, was just 10 when his father, Harry, and firm friend Kishore Rajvanshy founded Fleet Management in Hong Kong back in 1994.
The Bangas and the Rajvanshys both had families of a similar age. “The shippies are getting together,” the younger Banga recounts, smiling, as he recalls ‘Uncle Kishore’ coming round regularly to his father’s house back in the 1990s.
“That has been the ethos of the Fleet I’ve grown to love,” the younger Banga tells Splash. “It’s a family-centric organisation. Yes, we might be working 24/7, but we want to spend time with families out of work hours. There’s a lot of nostalgia that we should not forget.”
As Fleet, now the world’s secondlargest third-party shipmanager with more than 650 vessels on its books,
turns 30 this month, Rajvanshy, 76, its founding managing director, is preparing to step down, providing further reason for reflection on the evolution of an extraordinary company.
“When Fleet started it was not in my wildest dreams that 30 years hence the company would be where it is today,” Rajvanshy says, describing Fleet’s “humble” beginnings with a handful of ships and a staff composed of a secretary, an assistant and himself.
Business was very much driven by word of mouth in those early years with Fleet leaping from 10 vessels in year one to pass the 100 mark as it geared up to celebrate its 10th anniversary.
“Success is a byproduct of the work you perform,” Rajvanshy says.
Harry Banga, Caravel’s chairman, notes that among the big names in shipmanagement, Fleet stands out as the only one to have grown 100%
organically.
“We had the balance sheet to buy others, but we were so particular about our ethos and culture and I am glad we did not dilute that,” the shipping and commodities veteran tells Splash.
The older Banga has had plenty of time to consider how the business of shipmanagement has – and has not – changed over the years. There are three principles, three Ps, he says, that remain as relevant today as they did back in 1994: people, partnership and performance.
The challenge today is to source the right people, the chairman says.
“Shipping was a better career option back in 1994,” he concedes. Young people in leading crew nations such as China, India and the Philippines have so many more career options today.
“We must address that. To get talent you have to pay and you have to grow,”
Banga says.
Looking ahead, Angad Banga says that Fleet’s focus on people will not change.
“At the end of the day we we are a human capital management business,” the COO says, admitting that the type of people Fleet will need in the years ahead will need to change. A superintendent, for instance, might need to become more of a manager of a vessel.
Nurturing talent, investing to make a smooth transition from ship to shore has always been – and will continue to be – a core tenet of the organisation, Banga says.
Turning to partnerships, the COO reckons that these previously onedimensional relationships with owners have evolved. Adding value-added services is vital, as well as becoming a partner to a customer’s customer, Banga says, citing agricultural trading giants and oil majors as good examples.
Success is a byproduct of the work you perform
Partnerships also need to increasingly extend to regulators, he adds.
Last but not least, in terms of how the business of shipmanagement is changing, the COO touches on technology and the ability to manage assets better, and improve transparency with clients.
All of which brings the discussion to this month’s big news: the appointment of Malaysian national Captain Rajalingam Subramaniam to take over the day-to-day reins at Fleet.
Subramaniam, the former president and group CEO of Malaysian flagship MISC, became CEO Elect on 21st October, reporting to Harry Banga. Rajvanshy takes on the role of managing director emeritus and remains as a non-executive director in a senior advisory role.
“Kishore is as irreplaceable as my dad. They founded it from lightbulb to lightbulb,” says the younger Banga on the appointment process. “When we start with the premise that there is no way anyone can do the job the way our founders have done, then that actually makes the hunt for a replacement easier.”
The COO tells Splash that the two men in front of him – Fleet’s founders – were CEOs, COOs, CTOs – “frankly anything with a C in front of it.” This has been something the group has been changing over the last five years as the generational shift in leadership inexorably approached.
With Subramaniam in place, the aim, says the younger Banga, sounds simple. “Evolution not revolution. If it ain’t broke, don’t fix it.”
Dr Harry Banga: at the helm for 30 years
Big birthdays, the ones that end with a zero, have a habit of making us reflect on what has passed, and what might be to come. So it is with major corporate milestones as well.
“When we set up the business, we didn’t start out with a vision to become one of the largest ship management companies in the world. In fact, there was no such thing in 1994; it was just an idea we had. Fortunately, it turned out to be a good one!” Dr Banga reflected.
The company now operates all over the world and looks after more than 650 vessels in a portfolio that runs from bulk carriers to ultra large containerships, and cutting-edge 180,000-cbm LNG carriers.
Its client list has grown from two shipping companies willing to take a chance on a new business to 120 clients, and operations that span the world.
A long-term view and heavy emphasis on partnership has underpinned Dr Banga’s outlook: “I always felt that if you did right by the customer, they would do right by you. It turned out to be a good insight,” he said.
His approach is also shaped by a deep knowledge and care for the industry that
Dr Banga himself grew up in – rising from a junior rating to a Master Mariner before he had turned 30. Now a captain of the maritime industry, serving with distinction in business, public service and philanthropy, Dr Banga inspects each report or plan that crosses his desk with the same, rigorous attention to detail.
By Dr Banga’s side for Fleet’s 30-year journey has been his friend and colleague, Dr Kishore Rajvanshy. Also a mariner, albeit rising through the technical side as a Chief Engineer. The thirtieth anniversary is a bittersweet moment for the two gentlemen. After navigating the highs and lows of an industry more prone to the winds of change than many, Dr Rajvanshy will retire at the end of the year.
“Kishore’s visionary leadership has driven the success of our business, and his dedication has left an indelible
mark on our company and the maritime industry as a whole. But he has been more than just a leader of our business; he has been a wonderful friend, and a trusted advisor,” said Dr Banga.
As the business looks ahead to its next thirty years, it has found its next leader. Captain Rajalingam (‘Raja’) Subramaniam brings with him both seafaring experience as a Master Mariner, as well as strong business acumen acquired in his role as President and Group CEO of MISC Group, and he will be working very closely with Angad Banga, COO of The Caravel Group.
“This once-in-a-generation leadership transition is not just a change at the helm; it is a celebration of our shared journey and a bold step into the future,” said Dr Banga.
The company looks well set as it heads into its fourth decade.
I always felt that if you did right by the customer, they would do right by you. It turned out to be a good insight
An industry luminary: Dr Kishore Rajvanshy
Fleet Management Limited started life in 1994 in humble circumstances. The early days saw just three employees – Dr Kishore Rajvanshy, an assistant and a secretary – working hard to convince prospective customers to take a chance on them, and their new idea: third-party ship management.
As it celebrates its third decade, Fleet finds itself in rude health and that is in no small measure due to the endeavours of Dr Rajvanshy.
From the outset, he was a hands-on leader, taking control of virtually every aspect of the business. A former Chief Engineer, he found himself learning on the job about accountancy, contract law and business development while also ensuring each vessel was maintained, crewed and scheduled.
“I supervised every aspect of the business, from preparing bills of lading to accounts to crew rosters. It meant we could deliver a completely unique, personal touch and that level of service meant our reputation grew quickly,” said Dr Rajvanshy.
“I had so much to learn, and I had
I had so much to learn, and to do it the hard way through trial and error
to do it the hard way through trial and error. Luckily, we got most of it right and here we are, all these years later,” said Dr Rajvanshy.
That eye for detail has been passed onto the next generation of leaders in the business and is one of the reasons why Fleet is renowned for its customer service.
So too Dr Rajvanshy’s passionate advocacy of stringent safety measures and ethical practices. The company has a proud safety record in large part because it rigidly enforces safety training and protocols, such as the introduction of a compulsory three-day SafeR+ course that has led to an 80% drop in accidents.
Through the ‘Encompass’ sustainability strategy, the company is playing its part in reducing maritime carbon emissions and delivering positive impact for people and communities.
Its foundational principles are just one reason why the company is set for the next thirty years. Those principles – delivering
customer excellence every time; a fanatical approach to safety; and putting people at the heart of the business – are as keenly felt through the business as they were in 1994.
Fleet’s commitment to service excellence will last long after Dr Rajvanshy transitions into the role of senior advisor at the end of this year. After 30 years with the business, he will hand over the reins to Captain Rajalingam Subramaniam.
He leaves an indelible legacy both in terms of the company he has helped build but also in his contribution to the maritime industry where he has filled numerous roles including Chair of BIMCO’s Ship Manager Advisory Panel and Chair of Lloyd’s Register Asian Shipowners Committee.
Dr Rajvanshy has left big shoes to fill but his eye for detail has built an organisation that delivers for its customers today, and will continue to do so for decades to come.
The next horizon for Fleet Management Limited
Over 80% of global trade is transported by sea. But who moves those ships? They are powered by people.
Since the company’s founding thirty years ago, the welfare of seafarers has been at the heart of Fleet’s approach. We work in an industry where the stakes are high, and a “seafarer-first” mindset remains deeply engrained in our company’s culture and decision-making processes.
My father – a former Master Mariner – and Fleet’s Managing Director, Dr Rajvanshy – a former Chief Engineer – have long instilled the importance of concentrating on the fundamentals of safe practices and high standards. Dr Rajvanshy regularly reminds our leadership team: “Let’s not focus on growth. Let’s focus on doing our job correctly every single day – safely – and it will be a byproduct.” This philosophy underscores a belief that growth is a consequence of building a ‘trust bank’ with clients and partners. Under their leadership, the company was built customer by customer, relying on word-of-mouth referrals that stem from exceptional service and reliability.
In my ten-year tenure at Fleet, I have
learned the inner workings of a business built by former seafarers. It runs in the DNA of the company, through every decision. And it has reinforced my profound respect and sense of duty that Fleet’s future growth will be rooted in its unwavering dedication to its people –both seafarers and onshore employees.
In October, we welcomed Captain Rajalingam (‘Raja’) Subramaniam as “CEO Elect” and he formally takes the reins from January 1, 2025. With his proven track record and first-hand seafaring experience, the legacy of the ‘seafarer first’ mentality that has underpinned our growth will continue. By focusing on safety, wellbeing, and the delivery of quality operations, the company is cultivating an environment which positions us to deliver safe, efficient, and sustainable shipping operations for decades to come.
What will this look like in practice? First – and above all – an enduring
commitment and continual reinforcement of safe operations. Nothing could be more important. And then a renewed focus on recruitment and retention – a challenge shared across the shipping sector as we grapple to build a pipeline of nextgeneration talent to power the industry.
As Fleet looks to the future, we intend to focus on our value-added services. The maritime sector is undergoing significant transformation, driven by decarbonisation, regulatory compliance and technological advancements. Fleet recognises that its role now extends beyond traditional ship management; our clients need partners and innovators as we navigate increasingly complex industry challenges together.
Contributing insights, tools, and best practice sharing in areas such as decarbonisation, Fleet is committed to advancing a more sustainable future for maritime trade, aligned with global efforts to combat climate change.
Industry advancements in technology will have wide-ranging implications – let’s look beyond just the ‘hot topics’ such as autonomous ships. Technology has huge potential to deliver safer, more efficient and cost-effective means to better care for our clients’ vessels and cargo. By unlocking greater insight about the ships – from sensors to data sharing – we can improve connectivity dramatically. And we will continue to explore and adopt technologies to connect seafarers with their families back home during long voyages.
I am immensely excited about what lies ahead, as we deliver Fleet’s strategy to ensure that the “human capital” that sits at the heart of our operations is treated as our most precious asset. And in doing so, enhance the services that we provide to clients.
Fleet’s future growth will be rooted in its unwavering dedication to its people – both seafarers and onshore employees
Contributed by Mr Angad Banga JP, Chief Operating Officer, The Caravel Group (Fleet’s parent company); Chairman of the Hong Kong Shipowners Association
A people-first culture
“Investing in people is the right thing to do, particularly in an industry which changing as quickly as ours is,” said Dr Banga, Chairman and CEO of The Caravel Group, recently.
From ship to shore, the company now spans a workforce of more than 27,000 seafarers and 1,200 onshore staff so creating a culture that unites both is a major focus of the business.
While the company’s people-first, safety-focused culture is clear to see, its central importance will continue to grow as the maritime industry grapples with maintaining a strong pipeline of talent.
To quote former IMO SecretaryGeneral Kitack Lim: “If we do not ensure seafarers’ rights and wellbeing, we will not be able to retain the existing seafarers in the profession and will certainly not be in a position to attract any new ones, which would have huge and long-lasting consequences.”
“The industry is competing with attractive shore-based opportunities that don’t carry the same perils. And for young generations on their phones all the time, provisions such as internet connectivity and entertainment are so important,” explained Mr Angad Banga, COO.
The company is focussed on training programmes to attract and shape the future generation of maritime leaders in an industry that is evolving rapidly. Technical training is just one aspect of the company’s approach. There is significant investment in maintaining a safe working
environment through regular safety training, such as Fleet’s SafeR+ course.
In addition, the company incentivises seafarers who can earn credits for safe operations which is paid to their families at the end of a contract, alongside recognition for their diligence from the
including Captain Pankaj Singh, General Manager of Service Delivery, who joined as a cadet in 2001 and built his onshore career in the Personnel Division.
Elsewhere Captain Ranvijay Singh Rana, Director of Dry Operations, celebrates his own 30th anniversary this
Investing in people is the right thing to do, particularly in an industry which is changing as quickly as ours is
Fleet’s senior leaders.
Recognising the strain that months away at sea can place on both seafarers and their families, Fleet has also invested in welfare programmes including onstaff psychologists to support seafarers’ mental health. Local teams are also in regular contact with their families to offer support.
Offering careers – not jobs – is a core part of Fleet’s strategy. The company helps bright talent to transition from ship to shore and contribute their expertise and talents to support the ships and crew. Many have stayed with the company for their whole careers. This is exemplified by Captain Aga Nagarajan, the soon-to-retire Executive Director of the Fleet Personnel Division. After reaching the heights of Master, he came onshore in 1997 and rose through the ranks to become an Executive Director of the company and a Member of the Board. Others have followed in the same path,
year. He joined Fleet as a junior officer in 1994 and sailed on its very first ship. He now ensures technical excellence across this important portfolio segment.
Looking after people is not just the right thing to do; it makes sound business sense too.
Fit to succeed
Wellbeing in the workplace has become a management challenge for almost every organisation on the planet over the last few years. Given the stresses and strains – both physical and mental – placed on seafarers, though, it is mission critical for businesses in the maritime industry.
Launched 15 years ago, Fleet Care takes an innovative approach to seafarer wellbeing – whether they are at sea or at home – and extends the same care to their families too. Across the industry, progress on physical safety and wellbeing has outpaced other areas and the company is committed to progress with a holistic approach.
Fleet’s mental wellbeing support is anchored by three clinical psychologists who provide counselling services to seafarers in need, providing rapid diagnosis and treatment of mental, behavioural and emotional challenges. On the front line, the team has created a Crisis Response Network with the Sailor’s Society. Operating 24-hours a day, it provides counselling services via phone,
email, or chat messaging in 12 languages including English, Hindi, Tamil, Mandarin, Tagalog, Korean and Turkish.
The team has also innovated, with additional programmes that train crews with the skills to recognise and respond to mental health issues to help colleagues quickly and effectively.
Recognising the effect of limited social interaction, Fleet has put in place a range of sports and social initiatives to give crew members the chance to bond, as well as foster a sense of team.
This onboard care goes a step further with investment in better quality food options, gyms and entertainment systems that give crew members the chance to relax when they are not on duty.
With the influence of their time at sea, the senior management of the company has also insisted on including seafarer families in the Fleet Care programme. Social convenings of families hosted on virtual get-togethers offer an opportunity for a catch-up as well as some fun. With more personalised support available for the families that need it.
We need to cast our net as far as possible to find the best talent. That search should not be hindered by old-fashioned views of gender, religion, nationality or anything else
Medical insurance – Marine Benefit –is provided to seafarers’ families, as well as seafarers on leave, to ensure that their health and wellbeing is looked after when they sail with Fleet.
“We need to cast our net as far as possible to find the best talent. That search should not be hindered by oldfashioned views of gender, religion, nationality or anything else,” said Dr Harry Banga, Chairman.
A raft of programmes have been put in place, from gender sensitisation training for seafarers to peer group support, dedicated counsellors and even bespoke PPE for women to address their specific needs. The kernel of change is beginning to emerge, with Fleet announcing the promotions of two women seafarers to the rank of Master this year.
Connecting to the future
For nearly 25 years, Fleet’s signature PARIS platform has delivered realtime data to clients on nearly every aspect of vessel performance, condition, operating cost and even crew.
The cloud-based monitoring system plays a major role in the company’s growth but also underlines its commitment to using technology to stay ahead of the competition in a sector which has for too long been characterised by traditional, manual, paper-based processes.
“Our industry is not renowned for its cutting-edge use of technology but there are changes afoot which will allow us to take a leap forward,” said Angad Banga, Chief Operating Officer.
At the forefront of those changes are low-earth orbit satellite services (such as Starlink) enabling low-latency, fast access that will allow much greater connectivity between ship and shore. The more-than 6,000 operational satellites mean vessels can finally be connected in ways similar to land-based businesses and homes.
At least, then, the Internet of Things may, finally, reach the open seas. Monitoring every aspect of vessel performance will produce a treasure trove of data which will help ship owners better understand how their assets are performing while also giving those onboard access to never-before dreamed of information in near real-time.
The challenge, as we have seen in other industries, is how to turn that information into insight so the team, through our NOVA platform, has worked
on dashboards to deliver just that.
The data will also allow the team to follow the example of other sectors and start to put in place predictive maintenance schedules, rather than having to rely on time-consuming manual inspections. Digital twins – the concept of comparing the predicted state of a vessel with the reality – will also help shore-based staff accurately predict what maintenance needs to be carried out, and when.
for the better, it will not all be plain sailing. In particular, bringing the internet of things to ships will create many more data gathering points that in turn provide more entry locations for malicious actors. It means that cybersecurity –particularly onboard vessels – will need to keep pace with innovation to ensure that risks are mitigated.
Training and even talent acquisition will also need to match the changes in technology. Staff will need to learn the
Our industry is not renowned for its use of technology but there are changes afoot which will allow us to take a leap forward
That connection between ship and shore is also crucial to foster even greater levels of collaboration. Chat services means crew and office staff can, for example, interact on a daily basis to improve team working and address issues efficiently.
But it is not just connectivity that is fuelling innovation; the effects of artificial intelligence are also starting to be felt. For Fleet, this is not about the slightly far-fetched idea of autonomous ships but a heavy focus on day-to-day initiatives. Ships manuals, for example, could be made significantly more accessible with a generative AI-powered search function, tailored to respond in multiple languages. That could drive huge performance improvements at all levels.
While these types of innovation will undoubtedly change the shipping industry
skills necessary to handle the greater volume and types of data that new technologies will deliver. For some, particularly those who have spent their entire careers at sea, this will need careful nurturing and may mean a new approach to training that can be delivered at sea as well as onshore.
It may also mean that ship management companies need to recruit staff who are more technology savvy, or at least more adept with technology than has traditionally been the case.
Technology will filter into our industry in the next few years. It will help us do things quicker and better than we have ever been able to do but it will also bring challenges. With the breadth of our operation and unique way of doing things, we are well set to help our clients navigate the way ahead.
Partnering for success 3
0 years is a long time in any business, let alone one that is so subject to the vagaries of weather, economies, wars and even global pandemics.
So, to have not just survived but thrived, even while chaos has ensued, is a testament to the perseverance of Fleet’s senior leadership, and the trust that its many clients and partners have bestowed on them.
Setting out 30 years ago, neither the Chairman nor Dr Rajvanshy dreamt of a business that managed more than 650 vessels. In the early days, the two leaders were involved in every interaction with every client – a relatively easy feat when you’re dealing with a client in the Netherlands and another in Norway. As the business – and fleet – expanded, a laser-like focus on partnering with clients was replicable by others in the business, and in an increasingly large number of locations.
How did growth happen? The first priority was to find like-minded people to join their endeavours. That meant finding people who would do anything to support a client, treating their assets as if they were their own. The second was to create
a culture that puts partnering with clients at its very heart.
The combination of the two places primacy on transparency and accountability, knowing that the company’s 250-strong technical team are on-hand to provide knowledge and insight whenever it is needed.
Delivering customer excellence every time needs people that not only know their stuff but are willing to truly partner with their clients,” said Kannan Soundararajan, Executive Director, Dry Division. “Our clients know that if they have to extricate themselves from a challenging situation, we’ll be right by their sides.”
The results? Partnerships that, in many cases, have lasted decades. Partners and friends that span a wide portfolio of vessels includes bulkers, chemical tankers, MR product carriers, ultra large containerships, and cutting-edge 180,000-cbm LNG carriers.
“I would like to extend our gratitude to all our partners and clients. Your trust and collaboration have been vital to our success,” said Fleet’s Managing Director, Dr Rajvanshy.
“We understand that trust is not given
lightly— it is earned through consistent performance, transparency, and a genuine commitment to delivering the highest standards of service. We will continue to uphold this promise.”
Looking to the next horizon, Dr Harry Banga paid tribute to the people that power Fleet each day: “I would like to extend my heartfelt thanks to the entire Fleet team. Your dedication, expertise, and passion have been the driving force behind our achievements, and we look forward to reaching even greater heights together.”
Our clients know that if they have to extricate themselves from a challenging situation, we’ll be right by their sides.
