Pacific Basin Shipping Limited appointed Willi Peter Schulz as an executive Director effective from 30 July 2018. Mr. Schulz joined Pacific Basin in August 2017 as the Group's Chief Financial Officer and is a director of four wholly-owned subsidiaries of the Company. Mr. Schulz has entered into a variation letter to his current employment agreement, under which he has agreed to hold office for a period of three years (subject to retirement by rotation at the annual general meeting of the Company in accordance with the Bye-laws of the Company) commencing from 30 July 2018. In addition, Mr. Schulz will continue to serve as the Chief Financial Officer and a member of the Executive Committee of the Company.