Caravel Group increases stake in Pacific Basin

The Caravel Group confirms that in recent weeks, we have made a series of on-market purchases of shares in Pacific Basin Shipping Limited, and as of close of business on 23 June 2025, our shareholding in the Company is 817,528,401 Shares, representing approximately 16.00% of the total issued share capital of the Company as at the date of this press release. Accordingly, we have become the single largest shareholder of the Company.

Caravel’s increased shareholding underscores our confidence in the Company’s management team, its disciplined approach to fleet management, strong balance sheet, and commercial performance. We remain confident that there is enduring demand for a well-managed dry bulk shipping fleet globally.

Whilst we may continue to make further purchases of Shares, we have no intention to make an offer (as defined in the Hong Kong Code on Takeovers and Mergers (the “Takeovers Code”) for the Shares in the Company, or to increase our shareholding to the extent that we would trigger the obligations to make a mandatory general offer under Rule 26 of the Takeovers Code.

Caravel reserves the right to set aside the restrictions under Rule 31.1(c) of the Takeovers Code if there is a material change in circumstances (as consented to by the Executive Director of the Securities and Futures Commission), or if a third party (not acting in concert with us) announces an offer or a possible offer for the Company.

Caravel aims to support Pacific Basin’s continued growth and creation of sustainable shareholder value over the long term as a committed, strategic shareholder. We look forward to working constructively with the management and the Board to benefit all stakeholders of the Company.