Pacific Basin Shipping Limited dated 20 November 2023 in relation to the appointment with effect from 2 January 2024 of (1) Mr. Alexandre Frederic Akira Emery as an independent non-executive Director and a member of each of the Audit Committee and the Remuneration Committee of the Company; and (2) Mr. Mats Henrik Berglund as a non-executive Director and a member of the Nomination Committee of the Company. Unless otherwise defined, capitalized terms used herein shall have the same meanings as defined in the Announcement. The Board would like to further supplement that Mr. Emery has confirmed (a) his independence as regards to each of the factors contained in Rule 3.13(1) to (8) of the Listing Rules; (b) that he had no past or present financial or other interest in the business of the Company or its subsidiaries or any connection with any core connected persons of the Company; and (c) that there are no other factors that may affect his independence at the time of his appointment.

Following the establishment of a sustainability committee (the "Sustainability Committee") on 2 January 2024, the Board would like to further supplement that Mr. Berglund will be appointed as a member of the Sustainability Committee with effect from 2 January 2024.