Pacific Basin Shipping Limited (Pacific Basin) has announced the appointments of two Non-executive Directors, effective 16 February 2026. The newly appointed directors are Dr. Harindarpal (Harry) Singh Banga and Mr. Angad Banga, both linked to The Caravel Group Ltd. (Caravel Group), a substantial shareholder holding approximately 1.04 billion shares of Pacific Basin, equivalent to 20.06% of its total issued share capital as of the announcement date.

Dr. Banga, aged 75, has five decades of maritime industry experience, including senior roles at Gulf Group and Noble Group Limited. He is an executive chairman of Caravel Group, overseeing its long-term strategy. Mr. Banga, aged 42, has two decades of experience in maritime and financial services. He began his career at J.P. Morgan and KKR before joining Caravel Group in 2013 and now serves as its group chief executive officer.

Each appointment carries an initial three-year term, renewable for successive three-year periods subject to corporate governance procedures. Both directors will receive an annual fee of HK$1 and serve until the next annual general meeting, where they will be eligible for re-election. The Board has established procedures to address potential conflicts of interest arising from their roles at Pacific Basin and the Caravel Group. The company has formally welcomed the two new Non-executive Directors.