Pacific Basin Appoints Dr. Harindarpal S. Banga and Mr. Angad Banga to the Boardof Directors and Enters into a Shareholder Agreement with The Caravel Group

Pacific Basin Shipping Limited, one of the world’s leading dry bulk shipping companies, today announced that Dr. Harindarpal S. Banga, Founder and Executive Chairmanmmof The Caravel Group Ltd. (together with its subsidiaries, “Caravel”) and Mr. Angad Banga, Group Chief Executive Officer of Caravel, have been appointed to the Company’s Board of Directors effective 16^th February.
Stanley H. Ryan, Chairman of the Pacific Basin Board of Directors, said, “Following constructive engagement with Caravel, we are pleased to announce our agreement that brings two accomplished shipping and commodity industry leaders and representatives of our largest shareholder to our Board. Dr. Banga and Mr. Banga bring decades of experience in maritime services and commodities trading. We look forward to working alongside them and benefiting from their perspectives, entrepreneurial spirit and industry expertise as
the Board continues to uphold strong governance and safeguard the Company’s market leading position, while overseeing its strategic development and growth initiatives that drive shareholder value.”
“Caravel has long recognised Pacific Basin for its industry leadership and the strength of its people,” said Dr. Harindarpal Banga. “The Company’s ability to navigate volatility and continue delivering strong results reflects the calibre of the management team and Board. As representatives of Pacific Basin’s largest shareholder, we look forward to working together with the full Board to build on this success.”
“Our combined experience across shipping and global markets will support the Board as it continues to strengthen Pacific Basin’s strategic position in the global dry bulk market and create long term value,” said Mr. Angad Banga.
In connection with the appointments of Dr. Banga and Mr. Banga, the Company has entered into a shareholder agreement with Caravel and certain of its affiliates. Under the terms of the shareholder agreement, Caravel has affirmed its commitment to Pacific Basin’s core values, including operating as a truly independent, global shipping company focused on sustainable growth, cost-efficient access to major global markets and long-term shareholder value. Caravel has also agreed to certain ownership restrictions and standstill provisions.Pacific Basin Shipping Limited, one of the world’s leading dry bulk shipping companies, today announced that Dr. Harindarpal S. Banga, Founder and Executive Chairmanmmof The Caravel Group Ltd. (together with its subsidiaries, “Caravel”) and Mr. Angad Banga, Group Chief Executive Officer of Caravel, have been appointed to the Company’s Board of Directors effective 16^th February.
Mr. Stanley H. Ryan, Chairman of the Pacific Basin Board of Directors, said, “Following constructive engagement with Caravel, we are pleased to announce our agreement that brings two accomplished shipping and commodity industry leaders and representatives of our largest shareholder to our Board. Dr. Banga and Mr. Banga bring decades of experience in maritime services and commodities trading. We look forward to working alongside them and benefiting from their perspectives, entrepreneurial spirit and industry expertise as
the Board continues to uphold strong governance and safeguard the Company’s market leading position, while overseeing its strategic development and growth initiatives that drive shareholder value.”
“Caravel has long recognised Pacific Basin for its industry leadership and the strength of its people,” said Dr. Harindarpal Banga. “The Company’s ability to navigate volatility and continue delivering strong results reflects the calibre of the management team and Board. As representatives of Pacific Basin’s largest shareholder, we look forward to working together with the full Board to build on this success.”
“Our combined experience across shipping and global markets will support the Board as it continues to strengthen Pacific Basin’s strategic position in the global dry bulk market and create long term value,” said Mr. Angad Banga.
In connection with the appointments of Dr. Banga and Mr. Banga, the Company has entered into a shareholder agreement with Caravel and certain of its affiliates. Under the terms of the shareholder agreement, Caravel has affirmed its commitment to Pacific Basin’s core values, including operating as a truly independent, global shipping company focused on sustainable growth, cost-efficient access to major global markets and long-term shareholder value. Caravel has also agreed to certain ownership restrictions and standstill provisions.