Events

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.

Published

8 months ago

November 19, 2025

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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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Singapore-based ONE celebrates maiden voyage of methanol-and-ammonia ready boxship

Following the successful deployment of “ONE Singapore” and its sister vessels, “ONE Solidarity” will be deployed on the Mediterranean Pacific South 2 (MS2) service.

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Singapore-based ONE celebrates maiden voyage of methanol-and-ammonia ready boxship

Singapore-based container shipping company Ocean Network Express (ONE) on Thursday (3 July) said it celebrated the maiden voyage of containership ONE Solidarity as the ship made its first-ever arrival in Shekou, China.

“As one of our S-series methanol and ammonia ready container vessels, ONE Solidarity is another demonstration of ONE’s commitment to sustainable shipping,” the company said in a social media post.

Following the successful deployment of ONE Singapore and its sister vessels, ONE Solidarity will be deployed on the Mediterranean Pacific South 2 (MS2) service.

“Her deployment will boost our service capacity, ensuring faster, more reliable, and highly efficient shipping offerings across key global trade lanes,” the company added.

Photo credit: Ocean Network Express
Published: 3 July, 2026

Alternative Fuels

“Lucia Cosulich” enters final preparation ahead of bunkering operations

Following delivery of the ship in China, it will now enter the final preparation phase ahead of its next operational steps, strengthening Fratelli Cosulich’s ability to provide reliable bunkering solutions.

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July 3, 2026

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“Lucia Cosulich” enters final preparation ahead of bunkering operations

Fratelli Cosulich Marine Energy on Thursday (2 July) celebrated the delivery of Lucia Cosulich at Taizhou Maple Leaf Shipyard in China.

The vessel is the second of four sister methanol-ready IMO II bunker tankers developed within the Group’s fleet expansion programme and follows the launching ceremony held on 2 May 2026.

Designed to support the Group’s bunkering operations and future fuel requirements, Lucia Cosulich is part of the new generation of vessels developed by Fratelli Cosulich Marine Energy to combine operational reliability, safety and fuel flexibility.

Lucia Cosulich will now enter the final preparation phase ahead of its next operational steps, further strengthening the Group’s ability to provide reliable bunkering solutions.

“We wish Lucia Cosulich and her crew fair winds on the next stage of her journey,” the company said.

Photo credit: Fratelli Cosulich
Published: 3 July, 2026

Business

Glencore backs FincoEnergies’ biofuel growth with majority stake acquisition

With Glencore’s support, FincoEnergies is well positioned to continue expanding its offerings in biofuels across multiple transport segments and to increase its presence in new geographies.

Published

19 hours ago

July 3, 2026

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Dutch biofuel supplier FincoEnergies on Thursday (2 July) announced the completion of global commodities trader Glencore’s acquisition of a majority stake in the company, forming a partnership with Coloured Finches.

FincoEnergies said its fuel distribution and logistics infrastructure, customer relationships and expertise in downstream fuel transportation will be complemented by Glencore’s global scale, sourcing capabilities and experience across the energy value chain.

With Glencore’s support, FincoEnergies added it is well positioned to continue expanding its offerings in biofuels and decarbonisation solutions across multiple transport segments and to increase its presence in new geographies.

Jan-Willem van der Velden, FincoEnergies CEO and Founder, said: “Today marks an exciting next step for FincoEnergies. Glencore already knows our business well, and this builds on years of collaboration, trust and shared ambition. With Glencore’s support and global reach behind us, we are in a strong position to continue growing our business and supporting our customers as demand for lower-carbon fuel solutions continues to evolve.”

Maxim Kolupaev, Head of Glencore Energy UK, said: “Glencore’s investment in FincoEnergies strengthens the presence of our business in Northwest Europe and creates a strong platform for future growth. We are looking forward to continuing to work closely with the FincoEnergies team and building on the successful relationship we have already developed together.”

Manifold Times previously reported FincoEnergies signing an agreement with Glencore for the acquisition of a majority shareholding in the FincoEnergies Group in a partnership with Coloured Finches.

Photo credit: FincoEnergies
Published: 3 July, 2026