Pacific Basin Shipping (HKG:2343) announced that Mats Henrik Berglund has been appointed as an executive director and the CEO of the company. Berglund's commencement date with the company has not yet been finalised due to his contractual commitments to his current employer but he will be able to join Pacific Basin Shipping on a date between 20 April 2012 and 3 July 2012.

Pursuant to his service agreement with Pacific Basin Shipping, Berglund will receive a salary of US$700,000 per annum, which is inclusive of retirement scheme contribution, and payable in arrears in monthly installments at the rate of US$58,333 per month. In addition, he shall be provided with rented accommodation up to the cost of HK$175,000 per month, a school fee allowance for his two children under the age of 18 until the completion of their secondary education and certain other benefits in kind.