Acm Shipping Group News

Shipbroking, financial advisory and logistics services provider Braemar Shipping Services said Wednesday it has appointed James Gundy as group CEO, effective January 1.Gundy has been the CEO of Braemar’s Shipbroking Division, the group’s largest operation, since joining the company in 2014 following the merger with ACM Shipping Group. He has been a shipbroker for 35 years specializing in tankers and sale and purchase projects. He was the CEO of ACM before the merger with Braemar.Gundy will continue to lead the shipbroking division and remain fully operational in that role…

Braemar Shipping Services PLC on has terminated its involvement in the ACM ICON Shipping DMCC venture, announcing the sale of its 50% stake to its joint-venture partner Icon Chartering Ltd, says a report by Alliance News. Braemar  said it has determined the venture is no longer part of its overall strategy. Braemar Shipping Services PLC merged with ACM Shipping Group in July 2014. Prior to that, ACM had a joint venture operating from Dubai called ACM ICON Shipping DMCC, which until now was 50% owned by ACM Shipbroking, formerly ACM Shipping Group, and 50% owned by Icon Chartering. The joint venture vehicles will be renamed Icon Chartering Limited (BVI) and Icon Chartering (DMCC) with effect from 13 June 2016 and will continue to trade under the management and leadership of Rohan Shetty.

On 27 January 2015 Braemar Shipping Services Plc exchanged contracts for the sale of our leasehold interest in our Marylebone corporate headquarters to Greenhouse Sports Ltd for a net consideration of £9.5m before tax. The leasehold had a net book value of £4.0m, leading to an exceptional gain of £5.5m. The transaction is expected to complete on 26 February 2015. The consideration will be used to reduce Group indebtedness and will provide the Group with greater financial flexibility. The sale follows the successful merger of Braemar with ACM Shipping Group Plc (“ACM”) in 2014. The combined enlarged group is moving, as previously announced, to a new head office at One Strand, Trafalgar Square, London on 2 February 2015.

Braemar Shipping Services plc has completed the merger with ACM Shipping Group Plc (‘ACM’). ACM will merge with Braemar Seascope, the shipbroking division of Braemar Shipping Services, to form a new combined shipbroking business, which will trade as Braemar ACM Shipbroking. Braemar ACM Shipbroking brings together two leading shipbroking companies and builds on their complementary strengths in tanker and dry cargo chartering and sale and purchase. The combined business will enable Braemar ACM Shipbroking to provide enhanced worldwide market coverage in these sectors as well as in the Offshore and Containers sectors. Now that the merger has completed…

Braemar Shipping Services will buy fellow British shipbroker ACM Shipping Group in the latest industry shake-up as players look to grow after years of freight market turmoil. In the biggest deal to date, Braemar, whose businesses include ship broking, said on Tuesday it had agreed to acquire the entire share capital of ACM. "What this transaction is about is growing our shipbroking presence collectively," said Braemar chief executive James Kidwell. Ship owners ordered large numbers of vessels between 2007 and 2009 just as the global economy sank into crisis…