Pacific Basin Shipping Limited announced that both Mr. David Muir Turnbull (Chairman of the Board and executive Director) and Mr. Robert Charles Nicholson (independent non-executive Director) have retired as a Director at the conclusion of the AGM. Following their respective retirement, Mr. David Muir Turnbull's membership of the Executive Committee and Mr. Robert Charles Nicholson's membership of the Audit Committee, chairmanships of the Remuneration Committee and Nomination Committee have ceased at the same time. Each of Mr. David Muir Turnbull and Mr. Robert Charles Nicholson has confirmed that he has no disagreement with the Board and there are no matters that need to be brought to the attention of the Shareholders in relation to his retirement.

The company's independent non-executive Director Mr. Stanley Hutter Ryan has succeeded from Mr. Turnbull the role of Chairman of the Board on April 18, 2023.