Pacific Basin Shipping Limited
Pacific Basin Shipping Limited is a Bermuda-incorporated exempted company limited by shares, incorporated on 10 March 2004 under the Companies Act 1981 of Bermuda, with company registration number 35005 held by the Bermuda Registrar of Companies and its registered office at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. Its shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited under stock code 2343, and because it maintains a place of business in Hong Kong it is separately registered with the Hong Kong Companies Registry as a registered non-Hong Kong company. Bermuda, not Hong Kong, is therefore the company’s place of incorporation; its Hong Kong registration reflects its branch office and Hong Kong Stock Exchange listing address rather than its jurisdiction of incorporation.
Pacific Basin Shipping Limited is an international dry bulk shipping group and one of the world’s larger owner-operators of modern Handysize and Supramax dry bulk vessels. As at 30 June 2026 its fleet in service comprised 253 vessels, split between 115 Handysize and 138 Supramax/Ultramax ships, made up of a core owned fleet of 58 Handysize and 48 Supramax/Ultramax vessels, 13 vessels chartered in for one year or longer, and a further 134 vessels chartered in short term; a further 13 newbuildings were on order. The average age of the core (owned and long-term chartered) fleet was reported at 12.1 years. The company’s business is chartering-led rather than asset-only: it carries dry bulk commodities such as grains, ores, coal and other minor bulk cargoes for industrial producers, traders and consumers of these commodities, under both spot-market voyage charters and longer-term contracts of affreightment.
The company’s shares began trading on the Main Board of The Stock Exchange of Hong Kong on 14 July 2004, following an initial public offering priced at HK$2.50 per share. Its commercial history traces back further, to a predecessor dry bulk shipping business established in 1987 that was privatised in 1996 and re-established under the Pacific Basin name in 1998, ahead of the incorporation of the present Bermuda holding company in 2004.
Pacific Basin Shipping Limited reported approximately 4,516 employees, comprising around 4,100 seagoing crew and 416 shore-based staff, operating from 13 offices across five continents, according to its own investor relations materials. In February 2026 the company entered into a shareholder’s agreement with The Caravel Group Ltd and Caravel Maritime Ventures Inc, which had become its largest single shareholder; the company has also described Singapore, rather than Hong Kong, as its strategic head office location in recent investor communications, alongside continuing operations from its Hong Kong office at Wong Chuk Hang.
- Company fundamentals
- Corporate linkage & group structures
- Digitized company financials
- Firmographics — websites, social profiles, revenue and employee estimates
Shareholders
1
Shareholders of Pacific Basin Shipping Limited
The on-file registry snapshot for Pacific Basin Shipping Limited lists a single small institutional holding, Riverfront Investment Group, LLC (reported at approximately 0.17%, a 13,229-share position). This is not representative of the company’s substantial shareholder base: as a Main Board-listed company on The Stock Exchange of Hong Kong, Pacific Basin Shipping Limited is subject to Part XV of Hong Kong’s Securities and Futures Ordinance, under which only holders whose interests reach 5% or more of voting shares are required to file a Disclosure of Interests (DI) notice, so this is a major-shareholders-only disclosure regime rather than a full public shareholder register.
The verified substantial shareholder on record is The Caravel Group Ltd, together with its affiliate Caravel Maritime Ventures Inc (a shipping investment vehicle associated with the Banga family), which built its position from an initial 7.53% stake to approximately 16.00% of Pacific Basin Shipping Limited’s issued share capital (817,528,401 shares) as at close of business on 23 June 2025, becoming the company’s single largest shareholder. On 16 February 2026, Pacific Basin Shipping Limited, The Caravel Group Ltd and Caravel Maritime Ventures Inc entered into a shareholder’s agreement governing the relationship between the company and Caravel as its substantial and single largest shareholder, alongside the appointment of two Caravel-linked non-executive directors, Dr Harindarpal Singh Banga and Angad Banga, to the board with effect from that date. Third-party market-data aggregators report Caravel’s stake at a higher level (around 20%) during 2026, but this later figure has not been independently confirmed here against a primary HKEX Disclosure of Interests filing and should be treated with caution pending verification.
Ultimate beneficial ownership
No individual has been identified as an ultimate beneficial owner of Pacific Basin Shipping Limited from the sources reviewed. The Caravel Group Ltd and Caravel Maritime Ventures Inc are corporate vehicles associated with the Banga family, but no HKEX filing reviewed for this profile traces the position through to a named natural person holding a calculable effective percentage, so no UBO is asserted here.
Data availability
Shareholder disclosure for Pacific Basin Shipping Limited is major-shareholders-only: Hong Kong’s Disclosure of Interests regime captures holders at or above the 5% threshold, and Caravel is the only such holder independently corroborated for this profile from a dated, sourced disclosure. The remainder of the free float, reported at roughly 80% of shares, is held by institutional and retail investors whose individual positions below 5% are not publicly disclosed.
Sources
- TradeWinds, “Caravel becomes second-biggest shareholder in Pacific Basin Shipping” and related Caravel shareholding coverage, 2025
- Splash247, “Caravel Group emerges as Pacific Basin’s largest shareholder”, 2025
- Pacific Basin Shipping Limited / The Caravel Group Ltd / Caravel Maritime Ventures Inc shareholder’s agreement and director appointment announcement, 16 February 2026, HKEXnews
- Pacific Basin Shipping Limited, List of Directors and their Roles and Functions, pacificbasin.com investor relations, retrieved September 2026
| Shareholder | Type | Holding | Source Document |
|---|---|---|---|
| Riverfront Investment Group, LLC | 0% | Companies Registry |
Officers
17
Directors and officers of Pacific Basin Shipping Limited
Pacific Basin Shipping Limited’s board comprised 11 directors as at the information date below: two executive directors, Martin Fruergaard (Chief Executive Officer and Executive Director, appointed July 2021) and Kristian Helt (Executive Director, appointed October 2025); Stanley H. Ryan, an independent non-executive director since July 2016 who serves as Chairman; five further independent non-executive directors, Irene Waage Basili (since May 2014), Kirsi K. Tikka (since September 2019), John M.M. Williamson (since November 2020), Mats H. Berglund (since January 2024, re-designated November 2025) and Kalpana Desai and Wang Xiaojun Heather (both since February 2025); and two non-executive directors, Dr Harindarpal Singh Banga and Angad Banga, both appointed 16 February 2026 in connection with Caravel’s shareholder’s agreement with the company. Directors’ terms generally run to a specified Annual General Meeting between 2027 and 2029 per the company’s own disclosure. The on-file registry record separately lists five senior managers (Martin Fruergaard, Peter Budd, Luna Fong, Daigoro Oyama and Harry Stapleton) drawn from a wider set of 17 recorded entries; these are operational and investor-relations roles rather than the statutory board and should not be read as a complete list of the company’s directors.
Recent officer changes
- Dr Harindarpal Singh Banga and Angad Banga appointed as Non-executive Directors, effective 16 February 2026, alongside the Caravel shareholder’s agreement (company announcement, HKEXnews, 16 February 2026).
- Kristian Helt appointed as Executive Director, October 2025 (company investor relations disclosure).
- Kalpana Desai and Wang Xiaojun Heather appointed as Independent Non-executive Directors, February 2025 (company investor relations disclosure).
Data availability
Hong Kong’s listing regime requires disclosure of directors’ roles and appointment dates, and biographical detail in filings such as the annual report, but nationality is not treated here as disclosed unless a specific HKEX filing states it; none reviewed for this profile did so for the individuals above, so nationality is recorded as not disclosed rather than inferred from name, address or country of residence. The address-country field recorded on file for the company’s senior managers (for example, Denmark, Hong Kong or the United Kingdom) is a correspondence or work-location field, not a nationality or residence declaration, and has not been used as such in this profile.
Sources
- Pacific Basin Shipping Limited, List of Directors and their Roles and Functions, pacificbasin.com investor relations, retrieved September 2026
- Pacific Basin Shipping Limited / Caravel shareholder’s agreement and director appointment announcement, 16 February 2026, HKEXnews
Registry feed — rows exactly as filed with Companies Registry, including entries the profile above does not cover.
Group Structure
Group structure of Pacific Basin Shipping Limited
Pacific Basin Shipping Limited is the top listed holding company of its own group rather than a subsidiary of another corporate entity: its Legal Entity Identifier record and its Hong Kong Stock Exchange listing show no parent company, and it is itself the Bermuda-incorporated entity whose shares trade on the Main Board under stock code 2343. One verified operating subsidiary is Pacific Basin Shipping (HK) Limited, a company incorporated in Hong Kong (Companies Registry number 0626007, business registration number 21300930), which provides Hong Kong-based shipping and administrative services to the group. The company’s annual report is understood to carry a further note of principal subsidiaries, typically comprising numerous single-purpose vessel-owning companies incorporated in jurisdictions such as Hong Kong, Bermuda and Singapore, but the current version of that note was not accessible from the sources reviewed for this profile, so a complete subsidiary list is not presented here. The on-file registry record for this company shows no parent, subsidiary or ownership linkage at all, which understates the true position and should be read as an absence of data in that source rather than confirmation that the company has no subsidiaries.
Verified corporate relationships
| Entity | Country | Registration number | Relationship | Ownership | Status | Information date |
|---|---|---|---|---|---|---|
| Pacific Basin Shipping (HK) Limited | Hong Kong | 0626007 | Direct or indirect subsidiary | Ownership percentage not disclosed | Active | September 2026 |
Data availability
Corporate-linkage information for Pacific Basin Shipping Limited is partial: the company’s status as an independent, top-listed Bermuda holding company is well corroborated, and one Hong Kong operating subsidiary is independently verified, but the full list of vessel-owning and other subsidiaries disclosed in the company’s own annual report note on principal subsidiaries could not be retrieved for this profile.
Sources
- GLEIF Legal Entity Identifier record for Pacific Basin Shipping Limited, LEI 254900LNPK737X4Y3V26, last updated 19 January 2026
- Hong Kong Companies Registry, company search result for Pacific Basin Shipping (HK) Limited, registration number 0626007
Get complete shareholder and officer records, ultimate beneficial owner resolution, and ongoing ownership monitoring.
Frequently Asked Questions
What does Pacific Basin Shipping Limited do?
Pacific Basin Shipping Limited is an international dry bulk shipping group and one of the world's larger owner-operators of modern Handysize and Supramax dry bulk vessels, carrying commodities such as grains, ores and coal for industrial producers and traders under spot voyage charters and longer-term contracts of affreightment.
Is Pacific Basin Shipping Limited a Hong Kong company?
No. Pacific Basin Shipping Limited is incorporated in Bermuda, not Hong Kong. Because it maintains a place of business in Hong Kong and its shares are listed on The Stock Exchange of Hong Kong, it is separately registered with the Hong Kong Companies Registry as a registered non-Hong Kong company, but Bermuda remains its jurisdiction of incorporation.
What is Pacific Basin Shipping Limited's Bermuda registration number?
Pacific Basin Shipping Limited holds Bermuda company registration number 35005 with the Bermuda Registrar of Companies, per its Legal Entity Identifier (LEI 254900LNPK737X4Y3V26) registration record.
When was Pacific Basin Shipping Limited listed on the Hong Kong Stock Exchange?
Pacific Basin Shipping Limited listed on the Main Board of The Stock Exchange of Hong Kong Limited on 14 July 2004 under stock code 2343, following an initial public offering priced at HK$2.50 per share.
How large is Pacific Basin Shipping Limited's fleet?
As at 30 June 2026, Pacific Basin Shipping Limited operated a fleet of 253 vessels in service (115 Handysize and 138 Supramax/Ultramax), comprising a core owned fleet of 58 Handysize and 48 Supramax/Ultramax vessels, 13 long-term chartered-in vessels and 134 short-term chartered-in vessels, with 13 further newbuildings on order and an average core fleet age of 12.1 years.
Who owns Pacific Basin Shipping Limited?
Pacific Basin Shipping Limited is a widely held, Hong Kong-listed company subject to major-shareholders-only disclosure. Its verified largest shareholder is The Caravel Group Ltd, together with affiliate Caravel Maritime Ventures Inc, which held approximately 16.00% of issued share capital as at 23 June 2025 and entered into a shareholder's agreement with the company on 16 February 2026 as its single largest shareholder.
Who is Pacific Basin Shipping Limited's UBO (Ultimate Beneficial Owner)?
No ultimate beneficial owner has been identified from the sources reviewed. The Caravel Group Ltd and Caravel Maritime Ventures Inc are corporate shareholder vehicles associated with the Banga family, but no reviewed filing traces a calculable effective ownership percentage through to a named natural person.
Who are the directors of Pacific Basin Shipping Limited?
Pacific Basin Shipping Limited's board comprises 11 directors: executive directors Martin Fruergaard (CEO) and Kristian Helt; Chairman Stanley H. Ryan; independent non-executive directors Irene Waage Basili, Kirsi K. Tikka, John M.M. Williamson, Mats H. Berglund, Kalpana Desai and Wang Xiaojun Heather; and non-executive directors Dr Harindarpal Singh Banga and Angad Banga.
Who is the CEO of Pacific Basin Shipping Limited?
Martin Fruergaard has served as Chief Executive Officer and Executive Director of Pacific Basin Shipping Limited since July 2021.
Does Pacific Basin Shipping Limited have subsidiaries?
Yes. Pacific Basin Shipping Limited is the top listed holding company of its own group, with at least one verified Hong Kong operating subsidiary, Pacific Basin Shipping (HK) Limited (Companies Registry number 0626007). Its annual report is understood to list further vessel-owning subsidiaries, but a complete current list could not be retrieved for this profile.
What is Pacific Basin Shipping Limited's stock ticker?
Pacific Basin Shipping Limited trades on the Main Board of The Stock Exchange of Hong Kong Limited under stock code 2343.
Where is Pacific Basin Shipping Limited headquartered?
Pacific Basin Shipping Limited's Hong Kong office is at 31/F One Island South, 2 Heung Yip Road, Wong Chuk Hang, Hong Kong, and its registered office for incorporation purposes is Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. In recent investor communications the company has also described Singapore as its strategic head office location.