HONG Kong-based maritime and commodities conglomerate Caravel has increased its stake in dry bulk operator Pacific Basin, but has no immediate plans to take over the company.

“The Caravel Group confirms that in recent weeks we have made a series of on-market purchases of shares in Pacific Basin, and as of close of business on June 23 our shareholding in the company is 817,528,401 shares, representing approximately 16% of the total issued share capital of the company,” Caravel said in a statement.

But it added that while it may continue to raise its stake with further share purchases, it had no intention to make an offer for the company or increase its shareholding to the level that would require a mandatory general offer under Hong Kong law. This would only change should a third party announce an offer for Pacific Basin.

“Caravel’s increased shareholding underscores our confidence in the company’s management team, its disciplined approach to fleet management, strong balance sheet, and commercial performance,” it said.

“Caravel aims to support Pacific Basin’s continued growth and creation of sustainable shareholder value over the long term as a committed, strategic shareholder.”