Klaus Nyborg (b. 1963) serves as the Chair of D/S Norden, Bunker Holding, Uni-Tankers, United Shipping & Trading, MOSCORD (Singapore) and Investment Committee at Maritime Investment Fund II & III (Navigare Capital). Board member at Norchem, X-Press Feeders (Singapore).

Klaus Nyborg holds a MSc. in Business & Business Law from Copenhagen Business School and an ADP from London Business School.

Independent in relation to:
The Company and its management: Yes
Major shareholders: No

Chairman since 2021

Steffen Jacobsen (b. 1960) was previously CEO of Evergas. He has a commercial and technical background and is used to working in large, complex organisations. Managing large staff in technically demanding environment and has earlier worked as commercial leader in the offshore oil business, involved in execution of major offshore projects with among other Maersk Tankers, Maersk Lines and Maersk Drilling.

Previously President (Chairman) of Society of International Gas Tanker and Terminal Operators (SIGTTO)

Holdings in Bawat:  Steffen Jacobsen owns no shares or other securities in Bawat.

Independent in relation to: 
The Company and its management: Yes 
Major shareholders: Yes

Member since 2023

Lars H. Hansen (b. 1964) has since 2012 been active as an independent maritime advisor for Ship Owners, Government Business, Shipyards and Marine Suppliers (OEMs). For clients like Odense Maritime Technology A/S, Assens Shipyard A/S, JGH Marine A/S, Flensburger Schiffbau GmbH, Hvacon Marine Systems A/S, Poseidon Shipbuilding ApS, OSK-ShipTech A/S, Danpilot A/S, MAN Diesel & Turbo, C-leanship ApS, Oaktree Capital Management, Knud E. Hansen A/S, APMM (Maersk) and SWORC A/S: General Management and Board member.

Lars H. Hansen has a solid technical background with positions that have included technical, commercial and management activities within sales, KAM and General Management, Business Development as well as Executive Management and Advisory in both the industrial and marine segments.  

Lars H. Hansen holds a B.Sc. Naval Architect degree. 

Holdings in Bawat:  Lars H. Hansen owns no shares or other securities in Bawat.

Independent in relation to: 
The Company and its management: Yes 
Major shareholders: Yes

Member since 2023

Mads Váczy Kragh serves as Chairman of the Board at Fausol A/S, Fastforward ApS, and Finance Zealand A/S, and holds board positions at Divers, Connect Denmark, and Bawat.

He is a co-founder of the investment firms Catalyst Invest and Finance Zealand, and currently a partner at Catalyst Invest.

Additionally, Mads co-founded Bookabout ApS in 2024, a social media platform for book enthusiasts. He works as an executive advisor to both large corporations and small businesses. Mads has written several books, including Iværksættersamfundet and Iværksættertyper. Mads worked for many years as CEO of Business Hub Zealand.

Independent in relation to:
The Company and its management: Yes 
Major shareholders: No

Member since 2025

Marcus Hummer (b. 1973) was previously COO at Kelvion Project Engineered Solutions GmbH, and COO at GEA Heat Exchangers GmbH.  Worked previously as a Business Developer at Maersk Oil & Gas A/S and served as the Chairman at ATHCO Engineering A/S.

Other material ongoing assignments: None.

Holdings in Bawat: Directly owns 527,278 shares. Through his family-owned holding company Homarus Holdings A/S, he indirectly owns another 7,370,226 shares. Furthermore, Marcus Hummer holds 682.470 warrants.

CEO since 16th September 2019 

Jesper Lyngby Sørensen (b. 1972) comes from a position as FInance Consultant with previous positions as Finance Manager EMEA in Sitecore A/S and Group Finance Manager at Ferrosan Medical Devices A/S.

Jesper holds a MSc in Business Administration and Auditing from Copenhagen Business School

Other material ongoing assignments: None.

Holdings in Bawat: Through his family owned holding company Lyngby Invest ApS, Jesper owns 120,480 shares. Furthermore, Jesper holds 327.585 warrants.

CFO since 1st June 2025