Stanley Hutter Ryan will take over from long-serving chairman David Turnbull at Pacific Basin Shipping.

Ryan, already an independent non-executive director at the Hong Kong bulker owner, takes up the post on 18 April 2023 after the annual general meeting.

His director’s fee of HKD 800,000 ($102,000) per annum will increase to HKD 1.56m.

Pacific Basin said Ryan’s remuneration was agreed between him and the company and was “determined by reference to the levels of emolument of other senior executives of the company and in the market generally”.