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The Caravel Group CEO urges global shipping to accelerate green transition

Angad Banga, at a Hong Kong forum, urged shipowners, regulators, and financiers to act decisively in the wake of the IMO’s recent postponement of its Net-Zero Framework.

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The Caravel Group CEO urges global shipping to accelerate green transition

Angad Banga, Chief Operating Officer of The Caravel Group, the parent company of Fleet Management Limited, on Tuesday (18 November) called for urgent and coordinated investment to accelerate the maritime industry’s transition to net-zero emissions.

He spoke at the World Maritime Merchants Forum during Hong Kong Maritime Week 2025.

Banga is also Chairman of the Hong Kong Shipowners’ Association and Chairman of the Promotion and External Relations Committee of the Hong Kong Maritime and Port Development Board.

“If we wait for perfect clarity, we will lose ground,” Banga urged in his keynote address Unlocking Global Maritime Capital: Hong Kong’s Role in Leading the Green Transition

He urged shipowners, regulators, and financiers to act decisively in the wake of the IMO’s recent postponement of its Net-Zero Framework. “This creates a leadership opportunity — and Hong Kong is ready to lead”.

Banga positioned Hong Kong as a gateway between China and the global market, combining its role as an international maritime hub and financial powerhouse to fund decarbonisation as well as explore innovative financial tools — from sustainability-linked loans to Stablecoins and the digital yuan — to drive the transition.

Hong Kong shipowners control nearly 10% of the global merchant fleet by deadweight tonnage, with four of the world’s top 10 ship management companies headquartered in the city. 

Banga reaffirmed Hong Kong’s push to expand capacity for alternative fuels — ammonia, methanol, hydrogen, biofuels, and LNG — supported by the Hong Kong Government’s Action Plan on Green Maritime Fuel Bunkering.

By the end of Hong Kong Maritime Week, Banga said the city will have completed three LNG bunkering operations alongside cargo handling.

“Our location in the Greater Bay Area, near Mainland China’s renewable fuel production hubs, gives us a unique advantage as one of the most practical and efficient green fuel supply centres,” he told delegates.

Addressing the recent postponement of the IMO’s Net-Zero Framework, Banga warned that fragmented regulations such as CII, EEXI, EU ETS, and FuelEU create a “patchwork” of overlapping requirements that slow investment and risk stranded assets.

“Without clear incentives and predictable frameworks, the risk of stranded assets is real,” he said, urging shipowners, regulators, and financiers to “work together to harmonise frameworks, build supply chains, and share costs.”

 

Photo credit: Fleet Management Limited
Published: 19 November, 2025

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Bunker Fuel

Singapore: Bunker fuel sales down by 3.8% on year in July 2026

4.73 million mt of various marine fuel grades were delivered at the world’s largest bunkering port in July, up from 4.92 million mt recorded during the similar month in 2025.

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Singapore: Bunker fuel sales down by 3.8% on year in July 2026

Sales of marine fuel at Singapore port fell by 3.8% on year in July 2026, according to data from the Maritime and Port Authority of Singapore (MPA).

In total, 4.73 million metric tonnes (mt) (exact 4,731,900 mt) of various marine fuel grades were delivered at the world’s largest bunkering port in July, up from 4.92 million mt (4,918,000 mt) recorded during the similar month in 2025.

Deliveries of marine fuel oil, low sulphur fuel oil, ultra low sulphur fuel oil, marine gas oil and marine diesel oil in July (against on year) recorded respectively 1.95 million mt (zero from 1.95 million mt), 2.33 million mt (-2.1% from 2.38 million mt), 1,600 mt (+100% from zero), 700 mt (-82% from 3,900 mt) and zero (from zero).

Singapore: Bunker fuel sales down by 3.8% on year in July 2026

Bio-blended variants of marine fuel oil, low sulphur fuel oil, ultra low sulphur fuel oil, marine gas oil and marine diesel oil in July, (against on year) recorded respectively 8,200 mt (-83.7% from 50,300 mt), 29,900 mt (-62.9% from 80,500 mt), zero (from zero), zero (from zero) and zero (from zero). B100 biofuel bunkers, introduced in February last year, recorded 1,400 mt (-46.2% from 2,600 mt). 

LNG and methanol sales were 58,700 mt (+41.4% from 41,500 mt) and zero (from zero) respectively. There were no recorded sales of ammonia for the month and so far since 2025.

 

Photo credit: Maritime and Port Authority of Singapore
Published: 17 August, 2026

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Alternative Fuels

Ammonia, methanol bunkering workshops to be held at 13th Singapore Safety@Sea Week

Three workshops on ammonia bunkering, methanol bunkering, and crew safety awareness are part of MPA’s Safety@Sea Week, which will be held from 17 to 21 August.

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Singapore

The Maritime and Port Authority of Singapore (MPA), together with industry partners, on Monday (17 August) launched several new initiatives to enhance maritime safety. 

Announced at the opening of the 13th Singapore Safety@Sea Week, these initiatives will support shared learning, strengthen operational capabilities, and prepare the industry for the safe adoption of new technologies.

Organised by MPA from 17 to 21 August, this year’s Safety@Sea Week is themed “All Hands on Deck – Safety First!”. About 1,500 participants from across the maritime community are expected to take part in 18 events organised by MPA and its partners. 

These include the Safety@Sea Symposium, featuring seven speakers across two panel sessions, and three workshops on ammonia bunkering, methanol bunkering, and crew safety awareness. 

Speaking at the opening, Mr Murali Pillai, Senior Minister of State for Law and Transport, highlighted three priorities for strengthening maritime safety: harnessing technology responsibly, preparing early for emerging risks, and keeping people at the centre of safety. He also underscored the importance of strong partnerships across the maritime community in building a strong safety culture.

At the opening of Safety@Sea Week, the National Maritime Safety at Sea Council and the Singapore Shipping Association launched the Singapore Near Miss Reporting System to encourage the reporting and sharing of lessons from near miss incidents.

Modelled on the internationally recognised Confidential Human Factors Incident Reporting Programme (CHIRP), the system provides sea space users with a confidential online channel to report near misses. CHIRP will independently receive the submissions and provide anonymised information to the Council, which will distil key safety lessons for sharing with the wider maritime community.

Note: More information about the event can be found here

 

Photo credit: Peter Nguyen on Unsplash
Published: 17 August, 2026

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Bunker Fuel

Alkagesta highlights key insights on European choke point pressures in August

Update covers dual supply crisis currently shaping global bunker markets — a stalled Strait of Hormuz peace process and Rhine water levels at a 140-year record low — and the implications for Singapore.

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Alkagesta

Malta-based global commodity trading house Alkagesta recently shared latest market insight examining the dual supply crisis gripping global energy markets as diplomatic efforts to reopen the Strait of Hormuz stall and Rhine water levels fall to record lows, creating what the company describes as a “state of emergency” for European inland fuel distribution.

In an article published on Alkagesta Market Insights on 11 August, the company’s trading and market intelligence teams outlined how the convergence of two simultaneous logistical crises is tightening prompt fuel availability across Singapore, Northwest Europe, and the Mediterranean:

Strait of Hormuz transits fell to a near-one-month low of 13 ships on August 9 following an attack on an ADNOC-linked tanker, as both the US and Iran demand war reparations before any reopening agreement can be reached. Simultaneously, Rhine water levels at the Kaub chokepoint fell to 16 cm on August 10 — the lowest since records began in 1880 — with forecasts pointing to a further drop to just 4 cm by August 14, effectively halting barge traffic and trapping fuel oil stocks at the ARA hub.

The supply picture across both key hubs has deteriorated sharply. In Singapore, Middle Eastern fuel oil imports nearly tripled week-over-week to 328,878 mt by July 29 — the highest volume since March — providing some relief as onshore commercial heavy distillate stocks rose to a five-week high of 19.58 million barrels by August 5. However, July bunker fuel sales are estimated to have fallen 3.7% month-over-month to 4.44 million mt, with elevated premiums redirecting prompt demand toward alternative ports including Zhoushan and Port Klang.

In Europe, the VLSFO market remains acutely undersupplied as refiners continue to prioritize high-margin diesel over low-sulfur blending components, while the Rhine crisis has forced barges to operate at just 15–20% of normal capacity — with freight rates from Rotterdam to Karlsruhe rising more than 400% in two months.

Alkagesta’s strategic outlook points to a potential total breakdown in Rhine-linked inland distribution by mid-August, a VLSFO Hi-5 spread likely to remain above $200/mt through Q3, and a global crude market that analysts warn requires an additional 2.1 million b/d for 18 months to rebuild depleted inventories.

Note: The full article can be read here.

 

Photo credit: Alkagesta
Published: 17 August, 2026

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