Pacific Shipping Trust changes board of directors

Philip Lee Soo Hoon and David Chin Soon Siong to step down after completing their 4-year term.

PST Management Pte. Ltd. (“PSTM”), as Trustee-Manager of Pacific Shipping Trust (“PST”), Singapore’s first publicly-listed business trust, has announced changes to its Board of Directors with effect from 1 August 2010, according to a Pacific Shiping Trust release.

In a process of renewal, Mr Lim Ah Doo and Mr Esben Poulsson will be joining the Board to take the places of Mr Philip Lee Soo Hoon and Mr David Chin Soon Siong. Mr Lee and Mr Chin will be stepping down as Independent Directors of the company after completing a term of 4 years during which time they oversaw the listing of PST and nurtured its growth into a successful enterprise.

Mr Benedict Kwek, Chairman, noted that: “Mr Lee and Mr Chin joined the Board in April 2006, just prior to PST’s listing on the SGX and they have contributed significantly towards PST’s performance. On behalf of the Board I would like to record our appreciation to Mr Lee and Mr Chin.”

“We believe that, by refreshing the composition of the Board from time to time, we should be able to bring forth new perspectives and ideas. To this end, I am delighted to welcome on board both Mr Lim and Mr Poulsson.”

Mr Lim is currently an independent director of ARA-CWT Trust Management (Cache) Limited, EDB Investments Pte Ltd, GP Industries Ltd, Sembcorp Marine Ltd, SM Investments Corporation and U Mobile Sdn Bhd. He also chairs the audit committees of ARA-CWT Trust Management, Sembcorp Marine and GP Industries. In the course of a distinguished banking career of 18 years, Mr Lim held various key positions in Morgan Grenfell, including that of Chairman, Morgan Grenfell (Asia) Limited. He was, from 2003 to 2008, President, and then non-executive Vice Chairman, of RGM International Pte Ltd.

Mr Lim graduated from Queen Mary College, University of London with a Bachelor of Science degree in Engineering and obtained a Masters degree in Business Administration from Cranfield School of Management, UK.

Mr Poulsson currently sits on the Boards of Torm Singapore, Epic Shipping Group and FR8 Singapore. He has close to 40 years of experience in international shipping, with an in-depth knowledge of the dry bulk and product tanker markets. He spent the last 19 years with international shipping company, Torm A/S, where he held senior positions. From 2004 to 2009 he was Chairman and CEO of Torm Singapore where he remains a non-executive director.

Mr Poulsson is a graduate of the British Columbia Institute of Technology, Vancouver, Canada and holds a Diploma in Business Management Technology. Currently, Mr Poulsson is engaged in a consultancy business under Eastern Neptune Pte Ltd.

Mr Teo Choo Wee, Acting CEO of PSTM, commented: “Mr Lim and Mr Poulsson bring with them a wealth of experience and a vast network of business contacts. I look forward to working closely with them and tapping into their expertise and knowledge so that, together with the other members of the Board, we can bring PST forward as a leader in our industry.“