Fleet Management Limited Appoints Chief Executive Officer

The world's second largest third-party ship management company announces the appointment of Captain Rajalingam Subramaniam

HONG KONG, Oct. 7, 2024 /PRNewswire/ -- Fleet Management Limited ("Fleet" or the "Company"), a part of The Caravel Group Limited ("Caravel" or the "Group"), announces the appointment of Captain Rajalingam ('Raja') Subramaniam as the new Chief Executive Officer. He joins the Company on Monday, October 21, 2024, as "CEO Elect," and officially assumes the role on Wednesday, January 1, 2025. Captain Subramaniam will report to Dr. Harry S. Banga, Chairman and CEO of The Caravel Group.

Captain Subramaniam will succeed Dr. Kishore Rajvanshy, who has served as Managing Director of Fleet Management Limited since the Company's inception thirty years ago. During his tenure, Dr. Rajvanshy has led Fleet Management Limited's growth into the world's second largest third-party ship management company. Dr Rajvanshy will transition to "Managing Director Emeritus" and remain as a "Non-Executive Director" in a senior advisory role. Mr. Angad Banga JP will continue to serve as the Group Chief Operating Officer of The Caravel Group, the parent company of Fleet, and actively support Fleet's leadership team during this transition.

A seasoned leader and a highly qualified maritime professional, Captain Subramaniam combines first-hand seafaring experience as a Master Mariner with strong business acumen. Formerly the President & Group CEO of the MISC Group, he strengthened the Group's standing as a dominant force in the global shipping and offshore industry, steering the company amid a shifting landscape of complex challenges, from economic uncertainty to evolving environmental regulation. Captain Subramaniam has demonstrated his adept ability to deliver growth, innovation, and champion excellence, all of which he will bring to Fleet Management Limited.

Dr. Harry S. Banga expressed his enthusiasm for the new appointment: "Captain Subramaniam's exemplary track record and visionary leadership make him the ideal choice to lead Fleet Management Limited into its next chapter of growth and innovation. We are confident that his strategic insight will elevate and reinforce our commitment to excellence in the maritime industry."

Additionally, Dr. Banga extended heartfelt gratitude to Dr. Rajvanshy: "Dr. Rajvanshy's leadership has been the bedrock of our success. His unwavering commitment to excellence has shaped the company into what it is today. We are profoundly thankful for his years of service, friendship and the lasting impact he has made on the maritime sector."

Reflecting on his 30 years of leadership, Dr. Kishore Rajvanshy said: "It has been an incredible journey to see Fleet Management Limited grow and thrive and I am deeply grateful for the support of our talented people and partners. We welcome Captain Subramaniam and look forward to working with him to steer the company towards new horizons, building on our legacy of safety and quality."

Captain Subramaniam said: "I am truly honoured to be entrusted with this responsibility and to work alongside a team renowned for its dedication and excellence. My thanks also to the founding family for their support of my professional aspirations for the progress of the maritime industry at large. Together, we will continue to innovate and uphold the highest standards in the maritime industry, guided by the solid foundation laid by Dr. Rajvanshy and the Banga family."

Fleet Management Limited will pursue a seamless transition as it continues to lead in maritime excellence and innovation. The company extends its heartfelt gratitude to Dr. Rajvanshy for his visionary leadership and commitment over the past three decades.

About Fleet Management Limited
Fleet Management Limited, part of The Caravel Group, is the world's second largest ship management company, managing more than 650 vessels. This rank bears testament to the resilience and commitment of 27,000+ seafarers and 1,200+ onshore maritime professionals, serving more than 130 world-class shipowners. Fleet manages a range of vessels, including bulk carriers, containers, car carriers, oil tankers, gas carriers and chemical tankers from 600 to 320,000 DWT in size – with many being young and energy-efficient with an age profile below the industry average. The company also has a dynamic newbuilding supervision department.

www.fleetship.com

About The Caravel Group Limited
The Caravel Group is a diversified conglomerate headquartered in Hong Kong SAR with three verticals: Maritime, Commodities and Investment Management. Within the Maritime vertical, the Group is focused on third-party ship management, and as well ship ownership – managing operating and/or owning more than 700 sea-going vessels across the dry bulk, chemical and gas tanker and container segments. Within Commodities, the Group is engaged in the trading and logistics of industrial dry bulk raw materials, namely iron ore and thermal coal. Within Investment Management, the Group is primarily focused on direct investments in global liquid markets including public equity and credit, across all industries. In addition, the Group invests in alternative investments – mainly private equity and hedge funds – to diversify risks and sustain long-term returns.

www.caravel-group.com