Hong Kong transport veteran David Muir Turnbull has called time on his tenure at bulker owner Pacific Basin Shipping.

The Cambridge graduate is set to retire as chairman of the Hong Kong-listed shipowner, a position he has held for 14 years.

His retirement will take effect from the conclusion of the 2023 annual general meeting, Pacific Basin said in a regulatory filing.

The company has appointed an international recruitment firm to undertake a global search for a new chairman.

“Mr Turnbull confirms that he has no disagreement with the board and there is no matter which needs to be brought to the attention of the holders of securities of the company in respect of his retirement...” it added.

“The board would like to express its sincere gratitude to Mr Turnbull for his valuable contribution to the company over the years and wishes him well in the future.”

Turnbull, 67, became chairman on 1 January 2008, taking over from co-founder Chris Buttery.

He had previously spent 30 years with the Swire Group, where he held various senior management positions.

He was chairman of Swire’s Hong Kong-listed companies Swire Pacific, Cathay Pacific Airways and Hong Kong Aircraft Engineering Co.

Turnbull is the second major executive to leave the company recently, following the departure of chief executive Mats Berglund last July.

Pacific Basin Shipping had the most profitable year in its history in 2021 with a net profit of $844.8m. Revenue totalled $2.97bn, more than double the $1.47bn booked the previous year.

The company owns 120 handysize and supramax bulkers in its fleet of 236 vessels.

Last week, Pacific Basin teamed up with Japan’s Nihon Shipyard and trading house Mitsui & Co to cooperate in the investigation and development of zero-emission vessels and investment in related bunkering infrastructure.

The shipowner said the move is designed to make zero-emission-ready vessels the default choice by 2030, and enable it to meet its target of zero emissions by 2050.