Pac Basin Private Placement

Having received a general mandate to issue new shares from the shareholders at the AGM last month, Pacific Basin Shipping Limited (“Pac Basin”) wasted no time and sold the full allotment of 158,598,010 shares to Goldman Sachs Asia L.L.C., as placing agent, on a fully underwritten basis. The offering will raise approx­imately HK$2.144 million (US$275.132 million based upon US$1=HK$7.7935) in cash before expenses. The directors saw this as an opportunity to raise capital for the company while widening the shareholder base.

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