Pacific Basin Shipping Limited (the Company) has confirmed the formation of a shareholder agreement with The Caravel Group Ltd. and Caravel Maritime Ventures Inc. (Caravel Parties) on 16 February 2026. The agreement acknowledges the Company’s core values of long-term sustainable growth, independent Board decision-making, and ongoing commitment to facilitating global trade.

Under the agreement, Caravel Parties’ interests in the Company’s securities will not exceed 23.00% of the Company’s issued shares while a Caravel-nominated director sits on the Board and for three months following that director’s departure. Caravel Parties and certain representatives will also refrain from proposing or supporting any takeover offers or proxy contests during this period, although they may accept or vote in favor of a takeover proposal from an independent third party.

The shareholder agreement permits one Caravel-nominated non-executive director if Caravel holds at least 10.00% of the Company’s shares and two non-executive directors if Caravel holds at least 15.00%. The arrangement is intended to support the Company’s continued operation as an independent global shipping business and to enable constructive engagement with Caravel as a major shareholder.