The board (the "Board") of directors (the "Directors") of Pacific Basin Shipping Limited (the "Company") announced that Mr. Michael Tonnes Jorgensen has been appointed as the Chief Financial Officer of the Company with effect from 17 July 2023 subject to the issuance of his Hong Kong employment visa, and upon his appointment he shall also become a member of the Company's Executive Committee. Mr. Jorgensen, aged 57, graduated from the Copenhagen Business School in 1994 with a Graduate Diploma in Financial and Management Accounting. In 2001, he completed a MSc at Copenhagen Business School in Business Economics and Auditing.

He also did the Young Manager Program organised by the INSEAD Business School in 1999, obtained an Executive MBA at IMD Business School in 2011 and completed the Board Leadership Program at Copenhagen Business School in 2016. Mr. Jorgensen started his career in shipping with A.P. Moller-Maersk in 1988 as a trainee. Between 1988 and 1994, he held various junior financial management positions in France and Denmark.

From 1994 to 1995, he was the general manager and chief financial officer of Maersk Russia. From 1995 to 2001, he was the general manager & director, Centre Finance, Maersk Line, a business audit group that had controller responsibility for global Maersk Line operations. From 2001 to 2003, he was senior director and deputy chief financial officer of Maersk Line.

From 2003 to 2005, he served as the vice president & chief financial officer of Maersk Air Group, after which he served until 2008 as the group senior vice president & chief financial officer of Maersk Container Business, a role with responsibility for Maersk Line, Safmarine, APM Terminals, Maersk Logistics and Damco. From 2009 to 2015, he served as executive vice president and chief financial officer of Dampskibsselskabet Norden A/S, a Copenhagen listed dry bulk shipping company (stock code: DNORD). After one year, from 2016 to 2017, he served as an independent management consultant and an external lecturer at Copenhagen Business School.

He subsequently joined ASYAD Shipping Company and ASYAD Drydock Company in 2017 as the group's chief financial officer until now. He also served as acting chief executive officer of ASYAD Shipping Company from 2019 to 2020. ASYAD Shipping Company owns and operates a diverse fleet comprising VLCCs, gas carriers, product & chemical tankers, bulk carriers and container ships.