ACM Shipping 
group plC 
AnnuAl report 
And Accounts 
2009 CorporATE STATEMEnT
AcM is one of the world’s top independent tanker 
brokers, providing a single point of contact for oil 
and refined product transportation.
the comprehensive portfolio  includes spot/period 
chartering, derivatives brokerage, finance, sale 
and purchase, new buildings and demolition. Year in review Corporate governanCe FinanCial statements 
aCM Shipping Group plc annual report and accounts 2009 01
HiGHLiGHTS
we have produced a strong fundamental 
business with a solid platform for future growth 
and we continue to look for opportunities 
to expand the Group’s offering.
iFC  CORPORATE STATEMENT
01   highlighTS 
02   BuSiNESS AT A glANCE 
04  ChAiRMAN’S STATEMENT
06   ChiEf ExECuTivE’S REviEw 
Of ThE BuSiNESS
08   fiNANCiAl REviEw 10   BOARd Of diRECTORS 
ANd AdviSERS
12   diRECTORS’ REPORT 
15   CORPORATE gO vERNANCE 
16   diRECTORS’ REMuNERATiON REPORT
18  iNd EPENd ENT Audi TOR’S REPORT 
20   CONSOlid ATEd iNCOME STATEMENT
20   CONSOlid ATEd STATEMENT Of 
RECOgNiSEd iNCOME ANd ExPENSE
21   BAlANCE ShEETS
22  STATEMENTS Of ChANgES iN EquiTy 24  CASh fl Ow STATEMENTS
25   NOTES TO ThE 
fiNANCiAl STATEMENTS
46   NOTiCE Of ANNu Al 
gENERAl MEETiNg 51   fORM Of PRO xy iBC   gROuP TRAdiN g OffiCES
iBC   fiNANCiAl CAlENd AR
X
  Total revenue up 29% on 2008 to uS$50.9 million 
(2008: uS$39.3 million)
X
	 	 P rofit	before	amortisation	and	taxation	up	59%	to	£8.7	million	
(2008:	£5.5	million)
X
	 	 F inal	divide nd	of	6.0	pence	per	share,	making	8.5	 pence	for	year	
up	42%	(2008:	6.0	pence)
X
	 	 19%	increa se	in	the	num ber	of	spot	fixtures	contr acted	during	
the	period
X
	 	 T ime	charter	forward	order	book	at	US$25	million,	a	similar	
level	to	last	year
X
	 	 Harris	&	Dix on	Shipbrok ers,	acquired	in	June	2008 ,	
has	outperformed	management	expectations	
X
	 	 Basic	EPS	up	73%,	adjusted	EPS	up	61%	
X
	 	 Over seas	offices,	India	and	Singapore,	performing 	well	
X
	 	 Strong	cash	position	with	£4.9	million	and	no	debt
REvENuE
uS$50.9m
+29%
09 08 07 06 05 04 aCM Shipping Group plc annual report and accounts 2009 02
BuSineSS a T a GLanCe
ACM is widely recognised as one of the world’s 
leading integrated oil transportation brokers. 
ACM has achieved market leadership in a number 
of key areas including tanker chartering, 
derivatives trading, structured finance 
and sale and leaseback deals.
Our strategy
F or	several	years	A CM	has	been	
one	of	the	leading	tank er	brok ers	
in	the	L ondon	mark et,	with	
extensive	in‑ depth	knowledge	
about	the	tank er	mark et	and	its	
potential	volumes.	The	Group	
utilises	this	knowledge	to	advise	
chartering	managers	in	major	oil	
producing	and	trading	companies	
and	owners	as	to	how	and	when	
the	mark et	will	move.
Our operations
A	team	of	more	than	90	brok ers	
and	support	staff	based	in	L ondon,	
Singapore,	Mumbai	and	Shanghai	
provides	clients	with	global	
experience	and	intimate	local	
knowledge 	 of 	 world 	 shipping 	 centres.
Spot	brok erage	 
T ime	charter	 
Demurrage	 
Sale	and	purchase	 
REvENuE SPliT
uS$’000
31	March	
2004 
Total revenue 
$15,721
31	March	
2005 
Total revenue 
$25,173
31	March	
2006 
Total revenue 
$23,592
31	March	
2007 
Total revenue 
$25,571
31	March	
2008 
Total revenue 
$39,341
31 March 
2009 
Total revenue 
$50,863
0
5,000
10,000
15,000
20,000
25,000
30,000 aCM Shipping Group plc annual report and accounts 2009 03
FinanCial statements Corporate governanCe Year in review
what we do
Spot brokerage
X
 Crude	oil
X
 f uel oil
X
 Clean petroleum
X
 Gas
Time charter
X
  L ong ‑term	charters	based	
on	daily	hire
Sale and purchase
X
 New	builds
X
 Second	hand
X
 demolition
Project brokerage
The	“one	stop	shop ”
X
 Spot/F reight
X
 T ime	charter
X
 F inance
X
 Sale	and	purchase
Derivatives brokerage
X
  50%	joint	ven ture	with	GFI
research and consulting
X
 Client	value	add
Operations
X
 Back	office	su pport
The Group’s strategy 
is to gain market share 
by expanding its team 
of expert brokers to enter 
new shipping sectors and 
penetrate new regional 
markets, which is being 
achieved both organically 
and through acquisition.
Global reach with offices in London, Singapore, China and India. aCM Shipping Group plc annual report and accounts 2009 04
CHairMan’S ST aTeMenT
The strategy has produced a strong fundamental 
business with a solid platform for future growth 
and following on from the success to date we 
continue to look for opportunities to expand the 
Group’s offering.
2008/2009	was	a	very	good	year	
for	A CM	and	I	am	delighted	to	
report	such	a	strong	set	of	results.	
The	Group	has	seen	significant	
growth	from	both	its	UK	and	
overseas	offices	and	most	areas	
of	the	business	outperformed	
management	expectations.	
The	complementary	acquisition	
of	Harris	&	Dixon	Shipbrok ers	
(Harris	&	Dixon)	has	been	
successfully	integrated	and	has	
proven	to	be	a	strong	strategic	
addition	to	the	Group.	In	addition,	
the	strengthening	of	the	US	Dollar	
against	the	P ound	in	the	second	
half	of	the	year	had	a	positive	
e f f e c t 	 o n 	 t h e 	 G r o u p ’ s 	 p r o fi t a b i l i t y .	
Resul Ts
The	Group ’s	revenue	from	ship	
broking	increased	in	US	Dollar	
terms	by	29%	to	US$50.9	million	
(2008:	US$39.3	million).	It	was	an	
excellent	period	for	the	spot	desk,	
freight	rates	were	good	through	
the	majority	of	the	year	and	the	
number	of	spot	fixtures	was	up	
19%,	excluding	income	from	
Harris	&	Dixon.	T ime	charter	
continues	to	perform	strongly	and	
delivered	a	33%	revenue	increase	
on	last	year	with	a	forward	order	
b o o k 	 o f 	 U S $ 2 5 	 m i l l i o n 	 a t 	 t h e 	 e n d 	 o f	
M a r c h 	 2 0 0 9 . 	 T h e 	 s a l e 	 a n d 	 p u r c h a s e	
(S&P)	desk	continues	to	deliver	
a n d 	 t h e 	 G r o u p 	 m a i n t a i n e d 	 a 	 s t e a d y	
rate	of	contracts.	This	is	a	good	
achievement	given	the	difficult	
conditions	in	the	S&P	mark et	
during	the	year	and	I	am	pleased	
to	say	that,	to	date,	A CM	has	
lost	no	deals	and	the	forward	
order	book	remains	healthy	at	
U S $ 7 	 m i l l i o n 	 ( 2 0 0 8 : 	 U S $ 7 . 5 	 m i l l i o n ) .	
The	Group ’s	joint	venture	with	
GFI	Group,	Inc.	on	the	freight	
futures	mark et	also	experienced	
high	volumes	and	resulted	in	
returns	for	the	Group	significantly	
ahead 	 of 	 management 	 expectations.
The	strengthening	of	the	US	Dollar	
h a d 	 a 	 p o s i t i v e 	 i m p a c t 	 o n 	 t h e 	 G r o u p ’ s	
Sterling	equivalent	revenues.	P rofit	
before	amortisation	and	taxation	
was	up	59%	to	£8.7	million	
( 2 0 0 8 : 	 £ 5 . 5 	 m i l l i o n ) 	 w i t h 	 a d j u s t e d	
e a r n i n g s 	 p e r 	 s h a r e 	 a t 	 3 5 . 9 	 p e n c e ,	
up	61%	on	the	preceding	year .	
The	business	remains	extremely	
cash	generative,	reporting	cash	
balances	at	31	March	2009	of	
£4.9	million	and	no	debt.	This	
performance	is	after	paying	
£2.5	million	for	the	acquisition	
X
 	 I	am	delighted	to	report	
such	a	strong set 
of	results
X
  Harris & Dixon 
successfully	integrated
X
  group in strong position Year in review Corporate governanCe FinanCial statements 
aCM Shipping Group plc annual report and accounts 2009 05
of	Harris	&	Dixon	and	£3.0	million	
in	deferred	consideration,	resulting	
f r o m 	 t h e 	 D e c e m b e r 	 2 0 0 7 	 a c q u i s i t i o n	
of 	 A CM 	 Shipping 	 Services 	 (A CMSS).
DiviDenD
A CM	continues	to	provide	
shareholders	with	a	progressive	
dividend.	The	Directors	are	
recommending	a	final	dividend	
of	6	pence	per	share	in	respect	
of	the	year	to	31	March	2009.	
T h i s 	 m a k e s 	 a 	 t o t a l 	 o f 	 8 . 5 	 p e n c e 	 p e r	
s h a r e 	 f o r 	 t h e 	 y e a r 	 w h i c h 	 i s 	 a 	 4 2 %	
increase 	 on 	 the 	 6 	 pence 	 paid 	 for	
t h e 	 p r e v i o u s 	 y e a r . 	 T h e 	 fi n a l 	 d i v i d e n d	
is	payable	on	9	October	2009	
to	shareholders	on	the	register	
as	at	11	September	2009.	T h e	
d i v i d e n d 	 f o r 	 t h e 	 y e a r 	 i s 	 c o v e r e d	
more	than	four	times	by	the	full	
year ’s	earnings.
sTRATeGy
The	Group ’s	strategy	is	to	gain	
mark et	share	by	expanding	its	
team	of	expert	brok ers	to	enter	
n e w 	 s h i p p i n g 	 s e c t o r s 	 a n d 	 p e n e t r a t e	
new	regional	mark ets,	which	is	
being	achieved	both	organically	
and	through	acquisition.	In	line	
with	this	strategy ,	A CM	acquired	
t h e 	 s p e c i a l i s t 	 s m a l l 	 o i l 	 t a n k e r 	 b r o k e r	
Harris	&	Dixon,	in	June	2008.	Since	
the	acquisition,	Harris	&	Dixon	has	
been	fully	integrated	into	the	Group	
and	outperformed	the	Board’s	
expectations.	In	addition	A CM	has	
formally	opened	its	Indian	office,	
expanded	its	team	of	brok ers	in	
the	UK	and	started	to	see	tangible	
rewards	from	its	Singapore	office.	
T h i s 	 s t r a t e g y 	 h a s 	 p r o d u c e d 	 a 	 s t r o n g	
fundamental	business	with	a	solid	
platform	for	future	growth	and	
following	on	from	the	success	
to	date	we	continue	to	look	for	
opportunities	to	expand	the	
Group ’s	offering .	
eMployees
The	success	of	A CM	is	due	to	the	
high	quality	of	its	employees	and	
their	commitment	to	ensure	the	
Group	continues	to	strengthen	its	
relationships	with	existing	clients	
a s 	 w e l l 	 a s 	 f o r g i n g 	 n e w 	 r e l a t i o n s h i p s .	
As	the	business	evolves,	the	Group	
continues	to	expand	and	diversify	
its	broking	teams.	It	is	important	
that	the	desks	are	integrated	with	
brok ers	working	together	to	ensure	
maximum	success	of	A CM.	I	would	
lik e	to	thank	all	of	our	employees	
for	their	committed	support	in	
enabling	a	good	set	of	results	
to	be	produced.
CuRRenT TRADinG
T ank er	freight	rates	were	
exceptionally	strong	during	2008.	
A CM	was	well	placed	to	tak e	
advantage	of	this	and	as	a	result	
had	an	excellent	year .	T ank er	rates	
have	fallen	during	the	last	quarter	
and,	in	line	with	mark et	forecasts,	
the	Group	does	not	expect	to	see	
the	same	level	of	revenue	next	
year .	However	there	is	still	an	
ongoing	global	demand	for	oil	
and	the	volume	of	trades	has	
held	up	extremely	well	in	the	first	
two	months	of	the	financial	year .	
T h i s 	 c o m b i n e d 	 w i t h 	 a 	 s o l i d 	 f o r w a r d	
order	book	puts	the	Group	in	
a	strong	position	and	the	Board	
remains	cautiously	optimistic	
about	the	forthcoming	year .	
peTeR seChiARi
ChAiRMAn
14	July	2009	 aCM Shipping Group plc annual report and accounts 2009 06
CHieF exeCuTive’S review OF THe BuSineSS
The Board is optimistic for the future 
and continues to look for opportunities 
in the uK and new international markets.
This	has	been	an	excellent	year	
f o r 	 A C M 	 a n d 	 I 	 a m 	 d e l i g h t e d 	 w i t h	
the	continued	success	of	the	
G r o u p . 	 T h e 	 s t r a t e g y 	 o f 	 d i v e r s i f y i n g	
the	offering	through	building	
complementary	broking	teams	
has	been	extremely	successful	
and	the	US	Dollar	income	for	
the	year	was	up	by	29%.	
spo T BRoKeRAGe
The	spot	brok erage	desk,	which	
accounts	for	53%	of	the	business	
and	involves	the	hire	of	a	ship	for	
a	single	voyage,	had	an	excellent	
year	with	overall	US	Dollar	spot	
income	being	up	49%.	The	Group	
has	increased	its	mark et	share	with	
the	number	of	deals	up	by	19%	
on	2008,	excluding	deals	from	
H a r r i s 	 & 	 D i x o n . 	 T h i s 	 f o l l o w s 	 a 	 1 2 %	
increase	from	the	previous	year .	
The	average	freight	income	per	
deal	was	also	higher	then	the	
previous	year	as	a	result	of	
exceptionally	high	freight	rates	
during	the	middle	part	of	2008.
TiMe ChARTeR
The	time	charter	business,	which	
i n v o l v e s 	 t h e 	 l o n g 	 t e r m 	 h i r e 	 o f 	 t a n k e r s ,	
also	performed	strongly	and	
showed	a	33%	US	Dollar	revenue	
increase	over	the	previous	year .	
T h e 	 t i m e 	 c h a r t e r 	 b u s i n e s s 	 g i v e s 	 t h e	
Group	visibility	on	future	earnings.	
At 	 the 	 year 	 end, 	 the 	 forward	
o r d e r 	 b o o k 	 r a n 	 t o 	 2 0 1 8 	 a n d 	 s t o o d	
at 	 over 	 US$25 	 million, 	 of 	 this	
US$11.5	million	will	be	invoiced	
in	the	forthcoming	financial	year .	
sAle AnD puRChAse
The	S&P	business,	which	involves	
t h e 	 s a l e 	 a n d 	 p u r c h a s e 	 o f 	 n e w 	 a n d	
older	ships,	maintained	a	steady	
volume	of	transactions.	Although	
the	S&P	mark et	has	seen	a	decline	
in	activity ,	A CM	has	not	lost	any	
deals	and	the	forward	order	book	
remains	healthy	at	US$7	million.	
The	demolition	mark et	has	been	
very	active	and	A CM	is	one	of	the	
leading	brok ers	in	this	sector .
hARRis & Dixon shipBRoKeRs
H a r r i s 	 & 	 D i x o n , 	 w h i c h 	 t h e 	 G r o u p	
a c q u i r e d 	 i n 	 J u n e 	 2 0 0 8 , 	 h a s 	 b e e n	
s u c c e s s f u l l y 	 i n t e g r a t e d 	 i n t o 	 t h e	
G r o u p . 	 T h e 	 a c q u i s i t i o n 	 h a s 	 b r o a d e n e d	
A C M ’ s 	 o f f e r i n g , 	 e n a b l i n g 	 t h e 	 G r o u p	
to	provide	specialist	small	tank er	
b r o k i n g 	 s e r v i c e s . 	 A s 	 w e l l 	 a s 	 p r o v i d i n g	
a 	 h e a l t h y 	 c o n t r i b u t i o n 	 o f 	 £ 2 . 5 	 m i l l i o n	
to	the	Group	revenue	and	profit	
before	taxation	and	amortisation	
of	£0.7	million,	there	have	been	
X
 	 US	Dollar	income	
up 29%
X
 	 	 	 US	Dollar	spot	income	
up 49%
X
 	 	 Continue	to	gain	mark et	
share	with	spot	deals	
up 19%
X
 	 T ime	charter	US	Dollar	
revenue up by 33%
X
 	 	 T ime	charter	forward	
order	book	at	US Dollar 
25 million
X
 	 	 Harris	&	Dix on	contribute	
£0.7 million
X
 	 	 Joint	venture	profit	
up 72% Year in review Corporate governanCe FinanCial statements 
aCM Shipping Group plc annual report and accounts 2009 07
a	significant	number	of	referrals	
both	ways	between	Harris	&	Dixon	
and	other	divisions	of	the	Group.	
oveRseAs opeRATions 
AnD new MARKeTs
A CM	provides	its	customers	with	
a	complete	range	of	integrated	
global	services,	to	provide	local	
support	the	Group	has	offices	
in	k ey	geographic	locations.	
The	Indian	office	had	a	strong	
year .	The	office	in	Singapore	also	
had	a	good	year ,	rates	were	strong	
and	the	office	saw	a	significant	
i n c r e a s e 	 i n 	 t h e 	 n u m b e r 	 o f 	 s p o t 	 d e a l s .	
L ast	year	the	Group	changed	its	
operations	in	China	from	a	joint	
venture	to	a	wholly	owned	and	
c o n t r o l l e d 	 o p e r a t i o n . 	 I n i t i a l 	 i n d i c a t i o n s	
are	encouraging	and	that	this	will	
p r o v i d e 	 b e t t e r 	 r e t u r n s 	 i n 	 t h e 	 m e d i u m	
and	long	term.	
A CM	is	also	involved	in	the	gas	
shipping	mark et.	This	business	
is	now	progressing	and	has	
concluded	a	number	of	deals.	
W e 	 a r e 	 c o n fi d e n t 	 a b o u t 	 a 	 s u c c e s s f u l	
future	in	this	mark et.	
JoinT venTuRe
The	Group ’s	joint	venture	with	
G F I 	 G r o u p , 	 I n c . 	 t o 	 c o n d u c t 	 d e r i v a t i v e	
b r o k e r a g e 	 h a d 	 a n o t h e r 	 e x c e l l e n t 	 y e a r .	
The	joint	venture	increased	its	
customer	base	and	there	was	a	
significant	increase	in	the	volume	
of	deals	and	the	contribution	to	
profit	was	up	72%.	This	venture	
adds	significant	value	to	A CM	
and	its	clients.
The MARKeT
A CM	is	currently	focussed	on	the	
wet	tank er	mark et.	There	is	still	a	
global	demand	for	oil	and	although	
freight	rates	are	down	on	last	year	
trading	remains	resilient.	The	world	
consumption	 of	 oil	 is	 approximately	
83.3	million	barrels	a	day	which	is	
d o w n 	 o n 	 2 0 0 8 . 	 H o w e v e r 	 t h e 	 s i t u a t i o n	
is	becoming	more	optimistic	as	the	
International	Energy	Agency	has	
r e c e n t l y 	 u p w a r d l y 	 r e v i s e d 	 i t s 	 f o r e c a s t	
for	demand	in	2009,	which	is	the	
first	time	it	has	increased	its	2009	
forecast.	Medium	and	long	term	
forecasts	show	a	continuing	
i n c r e a s e 	 i n 	 t h e 	 w o r l d 	 d e m a n d 	 f o r	
oil.	W e	continue	to	see	a	shift	
in	the	demand	for	imported	oil	
f r o m 	 t h e 	 U S A 	 t o w a r d s 	 t h e 	 F a r 	 E a s t .	
The	Group	has	limited	exposure	
to	the	dry	bulk	mark et	through	
t r a n s a c t i o n s 	 c a r r i e d 	 o u t 	 b y 	 t h e 	 S & P	
t e a m . 	 I n 	 l i n e 	 w i t h 	 i t s 	 s t r a t e g y , 	 A C M	
continues	to	review	opportunities	
for	a	greater	involvement	in	the	
dry	bulk	mark et.
ouTlooK
Based	on	stronger	than	expected	
first	quarter	demand	A CM	has	had	
a 	 positive 	 start 	 to 	 the 	 financial 	 year; 	
the	volume	of	trades	has	held	up	
a n d 	 w e 	 a r e 	 s e e i n g 	 a n 	 i n c r e a s e d 	 l e v e l	
of	activity .	The	Group	will	always	
be	subjected	to	fluctuations	in	
currency	exposure.	Although	the	
US	Dollar	has	weak ened	recently ,	
the	Group	continues	to	protect	its	
e x p o s u r e 	 t h r o u g h 	 f o r e i g n 	 e x c h a n g e	
hedging .	A CM’s	dedicated	team	
of	brok ers	has	established	an	
extensive	and	loyal	list	of	clients	
and	as	a	result	the	Group	has	a	
strong	forward	order	book.	A CM	
is	a	solid	business;	the	Group ’s	
strategy	for	expanding	its	offering	
t h r o u g h 	 t h e 	 a d d i t i o n 	 o f 	 n e w 	 s e r v i c e s	
a n d 	 o f fi c e s 	 i n 	 n e w 	 l o c a t i o n s 	 t h r o u g h	
complementary	acquisitions	and	
organic	growth	has	proven	to	be	
highly	successful	and	has	formed	
a	good	basis	for	future	growth.	
As	such,	the	Board	is	optimistic	
for	the	future	and	continues	to	
look	for	opportunities	in	the	UK	
and	new	international	mark ets.	
Johnny pluMBe
Chief exeCuTive
14	July	2009
Sh ARE Of i NCOME 
SPOT BrOkeraGe
53.2%
(2008:	46.0%)
TiMe CHarTer
27.6%
(2008:	26.8%)
SaLe anD PurCHaSe
15.6%
(2008: 24.2%)
DeMurraGe
3.6%
(2008: 3.0%) aCM Shipping Group plc annual report and accounts 2009 08
FinanCiaL review
one of the key attributes of the Group is its cash 
generative nature.
pRofiT AnD eARninGs
A f t e r 	 a d d i n g 	 b a c k 	 a m o r t i s a t i o n	
of	£0.6	million	(2008:	£0.7	million)	
on	intangible	assets	arising	from	
acquisitions,	adjusted	profit	before	
t a x 	 a n d 	 a m o r t i s a t i o n 	 w a s 	 £ 8 . 7 	 m i l l i o n .	
This	represents	an	increase	of	59%	
over	the	previous	year .
P r o fi t 	 b e f o r e 	 t a x a t i o n 	 f o r 	 t h e 	 y e a r 	 w a s	
£8.1	million	(2008:	£4.8	million).
Basic	earnings	per	share	(EPS)	
increased	73%	from	19.3	pence	
i n 	 2 0 0 8 	 t o 	 3 3 . 4 	 p e n c e , 	 w i t h 	 a d j u s t e d	
EPS	up	61%	from	22.3	pence	to	
35.9	pence.	On	a	diluted	basis,	
the 	 growth 	 was 	 73% 	 to 	 33.2 	 pence	
and	61%	to	35.7	pence	adjusted.
The	effective	taxation	rate	is	lower	
than	usual	at	28.0%	(2008:	36.2%).	
This	is	due	to	the	Group ’s	overseas	
operations	moving	into	profit	for	
the 	 year 	 and 	 utilising 	 brought	
f o r w a r d 	 l o s s e s . 	 T h i s 	 i s 	 i n 	 a d d i t i o n	
to 	 the 	 UK 	 corporation 	 tax 	 rate	
falling 	 by 	 2% 	 at 	 the 	 beginning	
o f 	 t h e 	 y e a r 	 t o 	 2 8 % .	
foReiGn ex ChAnGe
The 	 bulk 	 of 	 the 	 Group ’s 	 income	
i s 	 d e n o m i n a t e d 	 i n 	 U S 	 D o l l a r s .	
The	US	Dollar	further	strengthened	
d u r i n g 	 t h e 	 y e a r . 	 T h e 	 a v e r a g e 	 e f f e c t i v e	
exchange 	 rate 	 for 	 the 	 year 	 was	
US$1.69	compared	with	US$2.00	
for	the	previous	year ,	while	the	
r a t e 	 a t 	 3 1 	 M a r c h 	 2 0 0 9 	 w a s	
U S $ 1 . 4 3 	 c o m p a r e d 	 w i t h 	 U S $ 1 . 9 9	
for	the	previous	year .	The	overall	
effect	of	the	change	in	exchange	
rates	was	to	increase	revenue	
by	£4.8	million	and	profit	before	
taxation	by	£2.1	million.	At	the	year	
e n d 	 t h e 	 G r o u p 	 h a d 	 f o r w a r d 	 c u r r e n c y	
contracts	to	sell	U$9.0	million	at	an	
average	exchange	rate	of	US$1.48	
to	£1.	
DiviDenDs
The	Directors	are	recommending	
a	final	dividend	of	6	pence	per	
share	in	respect	of	the	year	to	
31	March	2009	at	a	total	value	
of	£1,058,000.	T ogether	with	an	
interim	dividend	of	2.5	pence	paid	
during	the	year ,	the	total	dividend	
in	respect	of	the	year	would	be	
8.5	pence	at	a	total	value	of	
£1,499,000.	The	total	dividend	
of	8.5	pence	is	42%	higher	than	
the	previous	year	full	dividend	
of	6	pence	per	share.
X
 	 P r o fi t 	 b e f o r e 	 a m o r t i s a t i o n	
and	tax	was	£8.7 million
X
 	 	 This	represents	an	
increase	of	59% over 
previous	year
X
 	 	 Adjusted	EPS	up 61% 
to	35.9	pence
X
 	 The	total	dividend	of	
8.5	pence	is	42% higher
X
 	 	 Cash	balance	at	year	en d	
£4.9 million Year in review Corporate governanCe FinanCial statements 
aCM Shipping Group plc annual report and accounts 2009 09
PROfiT BEfORE AMORTiSATiON ANd TAx £8
.
7m
+59%
ADJUSTED	EPS
35.9p
+61%
dividENdS PER ShARE
8.5p
+42%
CAsh flow 
O n e 	 o f 	 t h e 	 k e y 	 a t t r i b u t e s 	 o f 	 t h e 	 G r o u p	
i s 	 i t s 	 c a s h 	 g e n e r a t i v e 	 n a t u r e . 	 C a s h	
g e n e r a t e d 	 f r o m 	 o p e r a t i n g 	 a c t i v i t i e s	
was 	 £9.0 	 million 	 (2008: 	 £4.7 	 million).	
T h i s 	 i n fl o w 	 e x c l u d e s 	 a 	 f u r t h e r	
£1.5	million	(2008:	£1.3	million)	
received	from	joint	ventures	and	
a s s o c i a t e s . 	 T h e 	 c a s h 	 b a l a n c e	
at	the	year	end	was	£4.9	million	
(2008: 	 £3.6 	 million). 	 This 	 was	
after	having	paid	£2.5	million	for	
the	acquisition	of	Harris	&	Dixon	
and	£3.0	million	for	the	deferred	
consideration	on	the	acquisition	
of	A CMSS .	
BAlAnCe sheeT 
Included	within	non‑ current	assets	
is	£10.6	million	(2008:	£8.7	million)	
for	intangible	assets	which	resulted	
from	acquisitions.
The 	 pension 	 deficit 	 for 	 the 	 defined 	
benefit	scheme	has	increased	
to	£1.2	million	from	£1.0	million.	
A 	 deferred 	 tax 	 asset 	 of 	 £0.3 	 million	
(2008:	£0.3	million)	exists	as	a	
r e s u l t 	 o f 	 t h i s 	 l i a b i l i t y . 	 T h i s 	 s c h e m e	
is	closed	to	new	members.
T h e 	 v a l u e 	 o f 	 n e t 	 a s s e t s 	 a t 	 t h e	
b a l a n c e 	 s h e e t 	 d a t e 	 w a s 	 £ 1 2 . 2 	 m i l l i o n	
(2007:	£7.9	million).
T rade	and	other	receivables	show	
a	year	on	year	increase	which	
primarily	relates	to	the	higher	
level	of	activity	in	the	business.
T rade	and	other	payables	have	
increased	by	approximately	
£1.0	million	despite	the	2008	
figure	including	£3.0	million	of	
deferred	consideration	which	has	
since	been	paid.	The	majority	of	
this	uplift	relates	to	an	increase	in	
the	bonus	accrual	to	£3.8	million	
(2008:	£1.7	million)	with	the	
balance	of	the	increase	mainly	
relating	to	the	higher	level	of	
activity	in	the	business.	
RisK MAnAGeMenT
The	Board	seeks	to	identify	and	
monitor	risks	facing	the	business.
F oreign	exchange	risk:	the	
majority	of	the	Group ’s	income	
is	denominated	in	US	Dollars	and	
the	rate	of	exchange	relative	to	
Sterling	can	have	an	effect	on	
the	performance	of	the	Group.	
The	Group	uses	foreign	exchange	
instruments	to	manage	this	risk.	
At	31	March	2009	the	Group	had	
f o r w a r d 	 f o r e i g n 	 e x c h a n g e 	 c o n t r a c t s	
in	place	to	sell	US$9.0	million	
( 2 0 0 8 : 	 U S $ 6 . 4 	 m i l l i o n ) 	 a t 	 a n 	 a v e r a g e	
rate	of	US$1.48	(2008:	US$1.97)	
into	Sterling .	The	Board	has	a	
policy	to	continually	have	some	
forward	cover	in	place	to	help	
manage	this	risk.
Liquidity	risk:	at	31	March	2009	
t h e 	 G r o u p 	 d i d 	 n o t 	 h o l d 	 a n y 	 n e t 	 d e b t	
and	has	adequate	cash	resources	
to	meet	its	ongoing	requirements.
Interest	rate	risk:	the	Group	has	
e x p o s u r e 	 t o 	 m o v e m e n t s 	 i n 	 i n t e r e s t	
rates	in	respect	of	its	deposits.	
All	deposits	are	made	with	
reputable	banks.
iAn hARTley
finAnCe DiReCT oR
14	July	2009
09 08 07 09 08 07 09 08 07 aCM Shipping Group plc annual report and accounts 2009 10
BOarD OF DireCTOrS anD aDviSerS
COMPanY SeCreT arY
Ian	Hartley
reGiSTereD OFFiCe
Kinnaird	House
1 Pall Mall
L ondon	SW1Y	5A U
T elephone:	 +44	(0)2 0	7930	7555
F ax:	 +44	(0)2 0	7930	0115
Email:	 investor s@acmshipping .co.uk
W ebsite:	 www .acmshippinggroup.com
reGiSTereD nuMBer
5990315 aCM Shipping Group plc annual report and accounts 2009 11
Year in review COrPOra Te GOvernanCe FinanCial statements 
5 4
3 2 1
6
1 PeTer SeCHiari
CHairMan (nOn-exeCuTive)
P e t e r 	 j o i n e d 	 A C M 	 a s 	 C h a i r m a n 	 i n 	 A p r i l 	 2 0 0 0 .	
H e 	 h a s 	 s t r o n g 	 l i s t e d 	 c o m p a n y 	 e x p e r i e n c e	
through	his	previous	appointments	at	
Rio 	 T into 	 plc, 	 Steele 	 Brothers 	 Holdings 	 plc,	
B r i c o m 	 G r o u p 	 p l c 	 a n d 	 M a y b o r n 	 G r o u p 	 p l c .	
He	is	responsible	for	advising	A CM	on	
financial	strategy ,	senior	management	
structure,	remuneration,	succession	
issues	and	financial	oversight.
4 JaMeS GunDY
CHieF OPera TinG OFFiCer
James	has	been	with	A CM	for	16	years,	
previously	at	Clarksons	for	ten	years.	
He	personally	heads	the	very	successful	
VLCC	desk	and	specialises	in	VLCC	
spot	chartering .	He	has	also	concluded	
numerous	long	term	time	charters	and	
sale	and	purchase	contracts.	James’	
main	clients	include	T otal,	CPC,	Chevron,	
Arcadia,	Great	Elephant	Corporation,	
Glafki	and	Metrofin.
2 JOHn PL uMBe
CHieF exeCuTive
J o h n n y 	 h a s 	 b e e n 	 w i t h 	 t h e 	 G r o u p 	 f o r 	 2 7 	 y e a r s .	
He	has	been	a	specialist	in	large	tank er	
brok ering	for	36	years,	dealing	with	the	
major	oil	companies	such	as	BP ,	Shell,	
V e l a , 	 a n d 	 T r a d e r s 	 V i t o l , 	 a n d 	 m a n y 	 o w n e r s	
such	as	Embiricos,	Goulandris,	L emos,	
F rontline,	P acific	Star	and	NSCSA.	
In	addition	to	the	spot	mark et	he	is	
involved	in	time	charters	and	projects	
and	sale	and	purchase.
3 ian HarTLeY
FinanCe DireCTOr
I a n 	 j o i n e d 	 t h e 	 B o a r d 	 i n 	 M a r c h 	 2 0 0 7 . 	 H e 	 w a s	
previously	finance	director	with	Mayborn	
Group	plc,	a	consumer	products	group.	
Mayborn	was	a	listed	company	from	1986	
to	2006,	which	transferred	from	the	Official	
List 	 to 	 AIM 	 in 	 2003. 	 Ian 	 spent 	 over 	 20 	 years	
w i t h 	 M a y b o r n 	 a n d 	 w a s 	 a p p o i n t e d 	 c o m p a n y	
s e c r e t a r y 	 i n 	 1 9 9 6 	 a n d 	 fi n a n c e 	 d i r e c t o r 	 i n 	 1 9 9 8 .	
Ian	qualified	as	a	chartered	accountant	
in	1976,	following	which	he	gained	
experience	in	a	variety	of	companies	
before	moving	to	Mayborn.
5 TiMOTHY CHaDwiCk
DireCTOr (nOn-exeCuTive)
T imothy	joined	the	Board	in	March	2007	
and	was	previously	executive	chairman	
at	Simon	Group	plc,	where	he	oversaw	
the	restructuring	and	refocusing	of	the	
company	into	a	specialised	and	profitable	
s e a p o r t s 	 b u s i n e s s . 	 H e 	 t h e n 	 l e d 	 S i m o n 	 G r o u p	
i n 	 a n 	 a g r e e d 	 a c q u i s i t i o n 	 b y 	 M o n t a u b a n 	 S . A . ,	
the	private	Belgian	shipping	group.	P rior	
to	joining	Simon	Group,	T imothy	floated	
Benicia	P orts	plc	on	the	L ondon	Stock	
Exchange	in	1993.	He	grew	the	business	
into	a	large	seaport	and	airport	group	
with	o p e r a t i o n s 	 t h r o u g h o u t 	 t h e 	 U S , 	 U K	
a n d 	 B e l g i u m . 	 In	1999 	T imothy	sold	the	
business	to	Associated	British	P orts	plc	
where 	 he 	 remained 	 on 	 their 	 board 	 until 	 2001.
6 DaviD COBB
DireCTOr (nOn-exeCuTive)
David	joined	the	Board	in	March	2007.	
He	initially	trained	as	a	naval	architect	
and	was	then	involved	in	shipbuilding	
in	the	UK	and	Canada.	David	then	spent	
17	years	with	Ingram	Corporation,	firstly	
as	vice	president	and	then	as	president.	
Ingram 	 was 	 a 	 privately 	 owned 	 US 	 company	
specialising 	 in 	 oil 	 and 	 shipping . 	 F ollowing 	 this,	
i n 	 1 9 9 4 , 	 h e 	 j o i n e d 	 J a m e s 	 F i s h e r 	 & 	 S o n s 	 p l c ,	
a	quoted	shipping	company ,	serving	
as	executive	chairman	until	2002.	
David	was	awarded	a	CBE	in	1999	for	
his	services	to	the	shipping	industry .	
He	is	a	past	president	of	the	Chamber	
of	Shipping	and	is	currently	president	of	
the	Institute	of	Marine	Engineers	Science	
and	T echnologists.	He	was	elected	
sheriff	in	the	City	of	L ondon	in	2004.	
nOMina TeD aDviSer anD BrOker
nOBLe & COMP anY LiMiTeD
120	Old	Broad	Street
L ondon	EC2N	1AR
reGiSTereD auDiTOr
TenOn auDiT LiMiTeD
66	Chiltern	Street
L ondon	W1U	4JT
BankerS
rOY aL Bank OF SCOTLanD PLC
Shipping	Business	Centre
5–10	Great	T ower	Street
L ondon	EC3P	3HX
FinanCiaL Pr
aBCHurCH COMMuniCa TiOnS
100 Cannon Street
L ondon	EC4N	6EU
T elephone:		 +44	(0)2 0	7398	7700
reGiSTrar
CaPiTa reGiSTrarS L TD
The	R egistry
34	Beck enham	R oad
Beck enham
K ent	BR3	4TU
T elephone:		 0871	66 4	0300*	
F ax:		 +44	(0)2 0	8639	2342
T elephone:		 +44	(0)2 0	8639	2342
Email:		 ssd@capitaregistrars.com
* 		 calls 	 cost 	 10 	 pence 	 per 	 minute 	 plus 	 network 	 charges. ACM Shipping Group plc Annual report and accounts 2009 12
DireCtorS’ report
The Directors present their report and the financial statements of the Company for the year ended 31 March 2009.
PrinciP al activities and business review
The principal activities of the Group during the year were shipbroking and related activities in the shipping business.
A review of the business, further details and key performance indicators are discussed in the Chairman’s statement, Chief Executive’s review 
of the business and financial review.
results and dividends
The trading results for the year and the Group’s financial position at the end of the year are shown in the attached financial statements.
An interim dividend of 2.5 pence per share was paid on 26 February 2009. The Directors are recommending a final dividend of 6.0 pence 
per share payable on 9 October 2009 to shareholders on the register as at 11 September 2009.
directors and their interests in the shares
The Directors who served during the year together with their interests in the shares of the Group were as follows:
         At At 
         31 March 31 March 
         2009 2008
PG Sechiari        153,000 153,000
DB Cobb        2,000 2,000
TJM Chadwick        — —
JL Plumbe         769,000 769,000
JCD Gundy        1,225,000 1,225,000
IM Hartley        — —
None of the Directors have any non‑beneficial interests.
John Plumbe had an interest in 206,060 LTIP shares. John Plumbe, James Gundy and Ian Hartley had an interest in 6,000, 10,500 
and 54,661 share options respectively, details of which are given in the Directors’ remuneration report.
Further information on the Directors is given on page 11.
Between 31 March 2009 and 14 July 2009 there have been no changes in the interests of the Directors in the shares of the Company. 
No Director had a material interest in any contract of significance to the Company. YeAr in review CorporA te GovernAnCe FinAnciAl st Atements 
ACM Shipping Group plc Annual report and accounts 2009 13
substantial shareholdings 
At 1 July 2009 the Company had received notification of the non‑director shareholdings over 3% of the Company’s share capital as follows:
          % of 
         Number of  issued  
         ordinary share 
          shares  capital
employees
WS Middleton        1,225,000 6.9%
MAC Rudd        1,225,000 6.9%
BAL Peck        995,000 5.6%
AR Morton        709,000 4.0%
SV Clough        709,000 4.0%
KA Amato        709,000 4.0%
APG Wakely        616,000 3.5%
L Maze        613,000 3.5%
JM Kinross        599,894 3.4%
BDA Gyngell        536,000 3.0%
others
GFI Holdings Ltd         1,419,600 8.0%
emPloyees The Group has high regard for its employees. The Group seeks to enhance their careers with training and career development as well 
as continuing to motivate them. Share option schemes have been set up to add to the annual bonus structure. The Group seeks to have 
equal opportunity policies in place at each location.
Payment Policy The Group pays in accordance with agreed payment terms. The Company does not have any trade creditors.
directors’ resPonsibilities The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state 
of affairs of the Company and the Group and of the profit or loss of the Group for that year. In preparing these financial statements, 
the Directors are required to:
X
  select suitable accounting policies and then apply them consistently;
X
  make judgements and estimates that are reasonable and prudent; 
X
  state whether applicable accounting standards have been followed subject to any material departures disclosed and explained 
in the financial statements; and
X
  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue 
in business. ACM Shipping Group plc Annual report and accounts 2009 14
DireCtorS’ report continued
directors’ resPonsibilities continued
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial 
position of the Company and the Group and enable them to ensure that the financial statements comply with the Companies Act 1985. 
They are also responsible for safeguarding the assets of the Company and of the Group and hence for taking reasonable steps for the 
prevention and detection of fraud and other irregularities.
In so far as the Directors, individually, are aware:
X
  there is no relevant audit information of which the Group’s auditor is unaware; and
X
  the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information 
and to establish that the auditor is aware of that information.
donations 
During the year the Group made charitable donations of £42,663 (2008: £27,817).
Financial risk
The Group’s financial risk and its management policies are set out in note 25 to the financial statements.
annual general meeting
At the Annual General Meeting (AGM) resolutions will be proposed. Details of these resolutions together with explanatory notes 
can be found in the enclosed notice of meeting.
auditor Tenon Audit Limited have expressed their willingness to continue in office and a resolution to reappoint them will be proposed 
at the AGM.
Signed by order of the Board
ian hartley comP any secretary 14 July 2009 YeAr in review CorporA te GovernAnCe FinAnciAl st Atements 
ACM Shipping Group plc Annual report and accounts 2009 15
CorporA te GovernAnCe
introduction The Board is committed to achieving good standards of corporate governance. Although under the rules of AIM the Group is not 
required to comply with the Combined Code, the Directors intend to comply so far as reasonably practicable for a company of 
ACM’s size and nature. Where full compliance is not appropriate due to the Company’s size and/or nature, the Directors will refer 
to guidance for AIM listed companies issued by the Quoted Companies Alliance.
board oF directors The Board consists of three executive and three non‑executive Directors, a composition which the Board believes is best suited 
to the continued success of the Group. 
The Board is responsible for establishing the strategic direction of the Group and monitoring the Group’s performance against its business 
plan. It is also responsible for leading and controlling the Group and in particular for formulating, reviewing and approving the Group’s 
strategy, budget, major items of capital expenditure and acquisitions and disposals. Regular meetings are held and all necessary information 
is supplied on a timely basis to enable the Board to discharge its duties effectively. Additionally, special meetings take place, or other 
arrangements are made when Board decisions are required in advance of the regular meetings. 
It is the Company’s policy that Directors are re‑elected by shareholders and the Company’s Articles of Association require one third 
to retire by rotation. 
board committees
The Board has a remuneration committee, an audit committee and a nomination committee. Each of these committees consist 
of the three non‑executive Directors and are chaired by Peter Sechiari. The Board also has a compliance committee consisting 
of Peter Sechiari and Ian Hartley.
The remuneration committee is discussed within the Directors’ remuneration report on page 16.
The audit committee meets whenever there is business to discuss and meets at least twice each year. The audit committee is responsible 
for ensuring that the financial performance of the Group is properly monitored, controlled and reported on. It also meets with the auditor 
without executive Directors being present and review reports from the auditor relating to accounts and internal control systems.
The nomination committee has responsibility for making recommendations on the appointment of additional Directors to the Board 
and the appointment of members of the Company’s senior management team. It meets at least twice a year. 
internal control
The Board is responsible for the system of internal control. Although no system can provide absolute assurance against misstatement 
or loss, the Group’s systems are designed to provide the Directors with reasonable assurance. The Board is also responsible for reviewing 
the effectiveness of the system.
going concern
The Directors confirm that they are satisfied that the Group has adequate resources to continue its business for the foreseeable future. 
For this reason they continue to adopt the going concern basis in preparing the accounts.
shareholder relations The Board places significant importance on maintaining good communications with its shareholders. This includes meetings 
with shareholders and analysts as appropriate. Shareholders are also invited to the Company’s AGM, where questions are taken. 
The Company also uses its Annual Report and Accounts, Interim Statement and website (www.acmshippinggroup.com) 
to provide further information to shareholders.  ACM Shipping Group plc Annual report and accounts 2009 16
DireCtorS’ reMunerA tion report
remuneration committee
The remuneration committee consists of the three non‑executive Directors; Peter Sechiari (as Chairman), David Cobb, and Timothy Chadwick. 
The committee meets formally at least twice a year and otherwise as required. The remuneration committee considers all material elements 
of remuneration policy, including remuneration and incentives of executive Directors and senior management (including pension rights 
and compensation payments) with reference to independent remuneration research and professional advice. The Board is responsible 
for implementing the recommendations and agreeing the remuneration packages for individual Directors. The remuneration committee 
is also responsible for making recommendations for grants of options under share option and incentivisation schemes. No Director is able 
to participate in discussions relating to his own terms and conditions of remuneration. Non‑executive Directors’ and the Chairman’s fees 
are determined by the full Board on the advice of the remuneration committee.
directors’ remuneration (audited)
    Salary Benefits Annual  Pension  Share‑based Total Total 
    and fees ‑in‑kind bonus contributions benefit 2009 2008 
    £000 £000 £000 £000 £000 £000 £000
executive Directors
JL Plumbe   132 16 436 — 28 612 429
JCD Gundy   100 12 840 88 — 1,040 821
IM Hartley   100 4 70 20 6 200 166
non‑executive Directors
PG Sechiari*   97 — — — — 97 60
TJM Chadwick   27 — — — — 27 25
DB Cobb   27 — — — — 27 25
total    483 32 1,346 108 34 2,003 1,526
*  The fees payable to Peter Sechiari include £31,000 for his fees as a non‑executive Director and £66,000 payable to PGS Associates for his services as a consultant.
annual bonus
In order to attract and retain the highest calibre of employees, a significant proportion of remuneration packages of executive Directors 
and senior management are geared towards an annual bonus. The Group adopts an industry standard bonus model whereby proportions 
of revenue and profit are distributed to senior employees as bonuses. The individual allocation of this bonus between the Directors and senior 
employees is discretionary. This discretion is exercised by the remuneration committee upon the recommendation of senior executives.
Pension contributions
The Company makes pension contributions on behalf of its executive Directors. James Gundy is a member of the Group’s defined benefit 
scheme. Ian Hartley is a member of the Group’s stakeholder scheme. John Plumbe chose not to have pension contributions paid on his 
behalf and exercised his right to receive an allowance equivalent to the Company contribution, net of national insurance. The non‑executive 
Directors do not participate in the Group’s pension schemes.  YeAr in review CorporA te GovernAnCe FinAnciAl st Atements 
ACM Shipping Group plc Annual report and accounts 2009 17
share incentives
The following Director was granted options under the EMI scheme in July 2007:
 Ian Hartley  –   awarded 48,661 options at an option price of 205.5 pence vesting between July 2010 and July 2012. 
The following Directors were granted options at an option price of 160 pence under the Sharesave scheme in January 2008:
 John Plumbe  –   granted 6,000 options maturing in 2011.
 James Gundy  –   granted 10,500 options maturing in 2013.
 Ian Hartley  –   granted 6,000 options maturing in 2011.
The following Director was granted options under the LTIP scheme in January 2009:
 John Plumbe  –   granted 206,060 LTIPs maturing in January 2012. The exercise of these LTIPs is conditional upon targeted 
EPS growth in the three years to 31 March 2011.
service contracts
The service agreements of executive Directors have a notice period of six months. The non‑executive Directors have service 
contracts with a notice period of six months after an initial one year term. ACM Shipping Group plc Annual report and accounts 2009 18
inDepenDent AuDitor’S report
t o the MeMberS of ACM ShippinG Group plC
We have audited the Group and parent company financial statements (the financial statements) of ACM Shipping Group plc for the year 
ended 31 March 2009 which comprise the consolidated income statement, the consolidated statement of recognised income and expense, 
the balance sheets, the statements of changes in equity, the cash flow statements, and the related notes. These financial statements 
have been prepared under the accounting policies set out therein. We have also audited the information in the Directors’ remuneration 
report that is described as having been audited.
This report is made solely to the Company’s members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit 
work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditors’ 
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 
the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
resPective resPonsibilities oF directors and auditor The Directors’ responsibilities for preparing the Annual Report, the Directors’ remuneration report and the financial statements in accordance 
with applicable law and IFRS as adopted by the European Union are set out in the statement of Directors’ responsibilities.
Our responsibility is to audit the financial statements and the part of the Directors’ remuneration report to be audited in accordance 
with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and whether the financial statements and the part 
of the Directors’ remuneration report to be audited have been properly prepared in accordance with the Companies Act 1985 and, as regards 
the Group financial statements, Article 4 of the IAS Regulation. We also report to you whether in our opinion the information given 
in the Directors’ report is consistent with the financial statements. The information given in the Directors’ report includes that specific 
information presented in the Directors’ remuneration report that is cross referred from the business review section of the Directors’ report.
In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received all 
the information and explanations we require for our audit, or if information specified by law regarding Directors’ remuneration 
and transactions is not disclosed.
We read other information contained in the Annual Report and consider whether it is consistent with the audited financial statements. 
The other information comprises only the Directors’ report, the unaudited part of the Directors’ remuneration report, the Chairman’s 
statement, the Chief Executive’s review of the business, the financial review and the corporate governance statement. We consider 
the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial 
statements. Our responsibilities do not extend to any other information.
basis oF audit oPinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. 
An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements and the part 
of the Directors’ remuneration report to be audited. It also includes an assessment of the significant estimates and judgements made 
by the Directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Group’s 
and Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide 
us with sufficient evidence to give reasonable assurance that the financial statements and the part of the Directors’ remuneration report 
to be audited are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also 
evaluated the overall adequacy of the presentation of information in the financial statements and the part of the Directors’ remuneration 
report to be audited. YeAr in review CorporA te GovernAnCe FinAnciAl st Atements 
ACM Shipping Group plc Annual report and accounts 2009 19
oPinion In our opinion: 
X
  the Group financial statements give a true and fair view, in accordance with IFRS as adopted for use in the European Union, of the state 
of the Group’s affairs as at 31 March 2009 and of its profit for the year then ended;
X
  the parent company financial statements give a true and fair view, in accordance with IFRS as adopted for use in the European Union 
as applied in accordance with the provisions of the Companies Act 1985, of the state of the parent company’s affairs as at 31 March 2009;
X
  the financial statements and the part of the Directors’ remuneration report to be audited have been properly prepared in accordance 
with the Companies Act 1985 and Article 4 of the IAS Regulation; and
X
  the information given in the Directors’ report is consistent with the financial statements.
tenon audit limited registered auditor 66 Chiltern Street
London W1U 4JT
14 July 2009 ACM Shipping Group plc Annual report and accounts 2009 20
         2009 2008 
        Note £000 £000
revenue       2 30,143 19,638
Administrative expenses        (22,907) (15,709)
Amortisation of intangible assets       10 (606) (664)
         6,630 3,265
Share of operating profits in joint ventures and associates     5 1,490 1,308
Operating profit        8,120 4,573
Net interest        6 (5) 242
Profit before taxation        8,115 4,815
Taxation        7 2,275 1,744
Profit for the year         5,840 3,071
earnings per share       8
Basic         33.4p 19.3p
Fully diluted        33.2p 19.2p
All of the activities are classed as continuing.
The notes on pages 25 to 45 form part of the financial statements.
ConSoliDA teD St AteMent of reCoGniSeD inCoMe AnD expenSe
YeAr enDeD 31 MArCh 2009
 
         2009 2008 
         £000 £000
Profit for the year        5,840 3,071
Actuarial (loss)/gain in respect of defined benefit pension scheme     (652) 323
Deferred tax in respect of defined benefit pension scheme      183 (118)
Exchange differences on translation of foreign operations      (100) 21
Currency reserve        9 1
total recognised income and expense         5,280 3,298
The notes on pages 25 to 45 form part of the financial statements.
The Company had no recognised income and expense other than its profit for the year.
ConSoliDA teD inCoMe St AteMent
YeAr enDeD 31 MArCh 2009 YeAr in review corporA te governAnce finAnCiAl St AteMentS 
ACM Shipping Group plc Annual report and accounts 2009 21
 Group  Company
       2009 2008 2009 2008 
      Note £000 £000 £000 £000
non‑current assets
Property, plant and equipment     9 550  484 — —
Intangible assets     10 10,619 8,702 — —
Investments      11 1,493 1,509 9,727 9,727
Deferred tax asset     14 338 293 50 —
       13,000 10,988 9,777 9,727
Current assets
Trade and other receivables     15 5,997 3,979 14 86
Cash and cash equivalents      4,935 3,565 — 3
       10,932 7,544 14 89
total assets      23,932 18,532 9,791 9,816
Current liabilities
Trade and other payables     16 (9,014) (8,097) (3,922) (4,810)
Current tax payable       (1,317) (1,131) — —
       (10,331) (9,228) (3,922) (4,810)
Non‑current liabilities
Deferred tax liabilities     17 (208) (394) — —
Pension liability     18 (1,206) (1,045) — —
       (1,414) (1,439) — —
Total liabilities      (11,745) (10,667) (3,922) (4,810)
net assets      12,187 7,865 5,869 5,006
Capital and reserves
Share capital      19 176 173 176 173
Share premium account      3,730 3,730 3,730 3,730
Merger reserve      (135) (135) — —
Retained earnings      8,219 4,087 1,776 1,094
Other reserves      197 10 187 9
total equity      12,187 7,865 5,869 5,006
These financial statements were approved by the Board on the 14 July 2009 and are signed on its behalf by:
john Plumbe ian hartley director director The notes on pages 25 to 45 form part of the financial statements. 
bAlAnCe SheetS
AS At 31 MArCh 2009 ACM Shipping Group plc Annual report and accounts 2009 22
     Share Share Merger Retained Other 
     capital  premium reserve earnings  reserves Total 
Group    £000 £000 £000 £000 £000 £000
Balance at 1 April 2007 (as restated)   153 — (135) 1,442 — 1,460
Profit for the year    — — — 3,071 — 3,071
Dividends to equity shareholders    — — — (652) — (652)
Actuarial gain in respect of defined benefit pension scheme   — — — 323 — 323
Deferred tax in respect of defined benefit pension scheme  — — — (118) — (118)
Currency translation differences     — — — 21 — 21
Currency reserve    — — — — 1 1
Issue of shares    20 3,730 — — — 3,750
Fair value of share‑based payments    — — — — 9 9
Balance at 31 March 2008     173 3,730 (135) 4,087 10 7,865
Profit for the year    — — — 5,840 — 5,840
Dividends to equity shareholders    — — — (1,139) — (1,139)
Actuarial loss in respect of defined benefit pension scheme   — — — (652) — (652)
Deferred tax in respect of defined benefit pension scheme  — — — 183 — 183
Currency translation differences     — — — (100) — (100)
Currency reserve    — — — — 9 9
Issue of shares    3 — — — — 3
Fair value of share‑based payments    — — — — 178 178
balance at 31 March 2009    176 3,730 (135) 8,219 197 12,187
      Share Share Retained Other 
      capital  premium earnings  reserves Total 
Company     £000 £000 £000 £000 £000
Balance at 1 April 2007 (as restated)    153 — 318 — 471
Profit for the year     — — 1,428 — 1,428
Dividends to equity shareholders     — — (652) — (652)
Issue of shares     20 3,730 — — 3,750
Fair value of share‑based payments     — — — 9 9
Balance at 31 March 2008      173 3,730 1,094 9 5,006
Profit for the year     — — 1,821 — 1,821
Dividends to equity shareholders     — — (1,139) — (1,139)
Issue of shares     3 — — — 3
Fair value of share‑based payments     — — — 178 178
balance at 31 March 2009     176 3,730 1,776 187 5,869
St AteMentS of ChAnGeS in equitY
AS At 31 MArCh 2009 YeAr in review corporA te governAnce finAnCiAl St AteMentS 
ACM Shipping Group plc Annual report and accounts 2009 23
Other reserves are made up of:
 Group  Company
       2009 2008 2009 2008 
       £000 £000 £000 £000
Currency reserve      10 1 — —
Share‑based payment reserve      187 9 187 9
       197 10 187 9
The currency reserve arises from exchange gains and losses arising on consolidation.
The share‑based payment reserve represents the fair value of share options which have been granted.
The merger reserve arose when the shares of ACM Shipping Limited were exchanged for shares in ACM Shipping Group PLC. 
Since the members and their rights were unchanged the transfer of ownership was accounted for in accordance with the principles 
of merger accounting.
The notes on pages 25 to 45 form part of the financial statements.  ACM Shipping Group plc Annual report and accounts 2009 24
 Group  Company
       2009 2008 2009 2008 
       £000 £000 £000 £000
Profit before taxation      8,115 4,815 1,699 1,347
Depreciation      228 166 — —
Net interest      5 (242) — —
Shares of operating profits in joint ventures and associates    (1,490) (1,308) — —
Amortisation of intangibles      606 664 — —
Share‑based payments      178 9 178 9
Operating cash flow before changes in working capital and provisions   7,642 4,104 1,877 1,356
Decrease/(increase) in debtors      (2,018) (394) (8) 328
Increase/(decrease) in creditors      3,831 1,019 2,201 1,778
Provision for pension scheme costs     228 167 — —
Pension scheme contributions paid      (695) (221) — —
Cash generated from operating activities     8,988 4,675 4,070 3,462
Taxation paid      (2,137) (2,063) 80 —
Net cash from operating activities      6,851 2,612 4,150 3,462
Cash flows from investing activities
Purchase of property and equipment     (267) (195) — —
Investment      (44) — — —
Acquisition of subsidiary, net of cash acquired     (3,017) (232) (3,017) (2,811)
Acquisition of business       (2,538) — — —
Dividends received from associates      78 240 — —
Amounts received from joint ventures     1,472 1,101 — —
Interest received      (29) 125 — —
net cash used in investing activities      (4,345) 1,039 (3,017) (2,811)
Cash flows from financing activities
Dividends paid      (1,139) (652) (1,139) (652)
Issue of new shares, less share issue costs     3 — 3 —
Net cash used in financing activities      (1,136) (652) (1,136) (652)
net increase/(decrease) in cash and cash equivalents     1,370 2,999 (3) (1)
Cash and cash equivalents at the beginning of the year    3,565 566 3 4
Cash and cash equivalents at the end of the year     4,935 3,565 — 3
The notes on pages 25 to 45 form part of the financial statements.
CASh flow St AteMentS
YeAr enDeD 31 MArCh 2009 YeAr in review corporA te governAnce finAnCiAl St AteMentS 
ACM Shipping Group plc Annual report and accounts 2009 25
1. accounting Policies (a) basis oF accounting
These financial statements have been prepared in accordance with the Companies Act and those EU endorsed IFRS standards 
and IFRIC interpretations issued and effective or issued and early adopted as at the time of preparing these statements (July 2009). 
The policies set out below have been consistently applied to all the years presented.
These consolidated financial statements have been prepared under the historical cost convention except as noted below.
No separate profit and loss account is presented for the parent company as provided by Section 230, Companies Act 1985.
(b) basis oF consolidation The consolidated financial statements include the accounts of ACM Shipping Group plc and its subsidiary and associated undertakings 
and joint venture arrangements.
(c) revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow and can be reliably measured. Revenue 
is recognised when the Group has a contractual entitlement to commission. This is generally the point at which there is completion 
of contractual terms between the principles of a transaction. Time charter revenue is recognised on a monthly basis.
(d) ProPerty , Plant and equiPment Property, plant and equipment are recorded at cost less accumulated depreciation and any impairment in value. Depreciation is provided 
on a straight line basis over the expected economic life of that asset as follows:
Leasehold improvements –  seven years 
Fixtures, fittings and office equipment – two to five years
(e) oPerating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged 
against profits on a straight line basis over the period of the lease.
(F) Pension costs and other Post‑retirement beneFits The Group operates a defined benefit scheme and recognises the pension liability in the Group balance sheet. The liability is the present 
value of the accrued defined benefit obligations at the balance sheet date less the fair value of the scheme’s assets. The present value 
of the defined benefit obligations are measured using the projected unit method and discounted at an AA corporate bond rate. Assets are 
valued at market value. The Group recognises actuarial gains and losses via the statement of recognised income and expense in the 
year in which they occur. 
The Company also contributes to defined contribution schemes. Contributions to these schemes have been charged against profit 
as they fall due. 
noteS to the finAnCiAl St AteMentS
YeAr enDeD 31 MArCh 2009 ACM Shipping Group plc Annual report and accounts 2009 26
1. accounting Policies continued
(g) deFerred tax Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities 
and their carrying amounts in the consolidated financial statements. The deferred tax is not accounted for if it arises from initial recognition 
of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting 
nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the 
balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. 
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary 
differences can be utilised. 
(h) Foreign currencies
Transactions denominated in foreign currencies are converted into Sterling at the rate of exchange at the time of the transaction. At each 
balance sheet, monetary assets and liabilities are converted at the rate of exchange at the balance sheet date with any gain or loss being 
included in the income statement.
On consolidation, assets and liabilities of overseas operations are converted at the balance sheet rate while the income statement 
is translated at the average rate for the year. Any exchange gain or loss arising on consolidation is charged to reserves.
(i) joint ventures
The Group’s investment and share of the profits or losses of the joint ventures are included in the financial statements using the equity method.
(j) investments All investments are stated at cost less provisions for diminution in value.
(k) goodwill On the acquisition of a business, fair values are attributed to the net assets (including any identifiable intangible assets) acquired. 
Goodwill arises where the fair value of the consideration exceeds the fair value of the net assets acquired. Goodwill is recognised 
as an asset and is reviewed for impairment at least annually. Impairments are recognised immediately in the income statement. 
Goodwill is allocated to cash generating units for the purposes of impairment testing. On the disposal of a business, goodwill 
relating to that business remaining on the balance sheet is included in the determination of the profit or loss on disposal. 
(l) o ther intangible assets
Intangible assets acquired as part of a business combination are stated in the balance sheet at their fair value at the date of acquisition 
less accumulated amortisation and any provisions for impairment. The amortisation of the carrying value of the capitalised forward order 
book and customer relationships is charged to the income statement over an estimated useful life determined by either the expected 
due dates for future income in the case of forward order books or the expected duration of customer relationships. The carrying values 
of intangible assets are reviewed for impairment at least annually or when there is an indication that they may be impaired. The estimated 
useful life of the items in the forward order book is generally three to four years and for the customer relationships is ten years.
noteS to the finAnCiAl St AteMentS continued
YeAr enDeD 31 MArCh 2009 YeAr in review corporA te governAnce finAnCiAl St AteMentS 
ACM Shipping Group plc Annual report and accounts 2009 27
1. accounting Policies continued
(m) share‑based P ayments The Company awards employees bonuses in the form of share options and long‑term incentive plan share awards, on a discretionary 
basis from time to time. The options and awards are normally subject to vesting conditions and, where it is considered likely that 
the conditions will be met, their fair value is recognised as an employee benefits expense with a corresponding increase in other 
reserves over the vesting period. The cash proceeds received net of any directly attributable transaction costs are credited to share 
capital (nominal value) and share premium. 
(n) Financial instruments
Classification
Following the adoption of IAS 32, financial instruments issued by the Company are treated as equity (i.e. forming part of shareholders’ 
funds) only to the extent that they meet the following two conditions:
a)  they include no contractual obligations upon the Company to deliver cash or other financial assets or to exchange financial assets 
or financial liabilities with another party under conditions that are potentially unfavourable to the Company; and
b)  where the instrument will or may be settled in the Company’s own equity instruments, it is either a non‑derivative that includes 
no obligation to deliver a variable number of the Company’s own equity instruments or is a derivative that will be settled by the Company’s 
exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified 
takes the legal form of the Company’s own shares, the amounts presented in these financial statements for called up share capital 
and share premium account exclude amounts in relation to those shares.
(o) the comP any’s share caPital is treated as equity
Finance payments associated with financial liabilities are dealt with as part of finance expenses. Finance payments associated with financial 
instruments that are classified in equity are dividends and are recorded directly in equity.
Trade receivables
Trade receivables are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts.
Trade payables
Trade payables are not interest bearing and are stated at nominal value.
Forward contracts
The Company uses forward contracts for foreign currency and accounts for these using hedge accounting. ACM Shipping Group plc Annual report and accounts 2009 28
1. accounting Policies continued
(P) adoPted iFrs not yet aPPlied The following IFRS were available for early adoption but have not been applied by the Group in these accounts. Their adoption is not expected 
to have a material effect on the financial statements unless otherwise indicated:
X
  IFRS 3 Business combinations (revised). Applies to business combinations for accounting periods commencing on or after 1 July 2009. 
There is no requirement for this to be applied retrospectively.
X
  IFRS 7 Financial Instruments: Disclosures. Applies to accounting periods commencing on or after 1 July 2008.
X
  IAS 1 Presentation of Financial Statements (revised). Applies to accounting periods commencing on or after 1 January 2009.
X
  IAS 23 Borrowing costs (revised). Applies to accounting periods commencing on or after 1 January 2009.
X
  IAS 27 Determining the cost of an investment in the separate financial statements. Applies to accounting periods commencing 
on or after 1 January 2009.
X
  IAS 27 Consolidated and Separate Financial Statements (amended). Applies to accounting periods commencing on or after 1 July 2009.
X
  IAS 32 Financial Instruments presentation and IAS 1 Presentation of Financial Statements – Puttable Financial Instruments and 
Obligations Arising on Liquidation (amended). Applies to accounting periods commencing on or after 1 January 2009.
X
  IAS 39 Financial Instruments: Recognition and Measurement – Eligible Hedged items (amended). Applies to accounting periods 
commencing on or after 1 July 2009.
X
  IAS 39 Financial Instruments: Recognition and Measurement (revised). Applies to accounting periods commencing on or after 1 July 2008.
X
  Improvements to IFRS Collection of necessary, but not urgent, amendments to IFRSs. Applies to accounting periods commencing 
on or after 1 January 2009.
X
  IFRIC 13 Customer loyalty programmes. Applies to accounting periods commencing on or after 1 July 2008.
X
  IFRIC 15 Agreements for the Construction of Real Estate. Applies to accounting periods commencing on or after 1 January 2009.
X
  IFRIC 16 Hedges of a Net Investment in Foreign Ownership. Applies to accounting periods commencing on or after 1 October 2008.
X
  IFRIC 17 Distributions of Non‑Cash Assets to Owners. Applies to accounting periods commencing on or after 1 July 2009.
X
  IFRIC 18 Transfer of Assets from Customers. Applies to accounting periods commencing on or after 1 July 2009.
The Directors do not anticipate that the adoption of any of these standards and interpretations will have a material impact on these 
financial statements.
noteS to the finAnCiAl St AteMentS continued
YeAr enDeD 31 MArCh 2009 YeAr in review corporA te governAnce finAnCiAl St AteMentS 
ACM Shipping Group plc Annual report and accounts 2009 29
2. segmental rePorting The Group has taken early adoption of IFRS 8 Operating segments. The Group operates in one business sector and does not report 
internally any segmental information other than revenue streams. As a result no additional business sector information is provided. 
Business is the Group’s primary reporting segment. Geographical information is not produced and is not readily available. In view 
of management, the cost of developing this information would be excessive.
Analysis of Group’s revenue:
         2009 2008 
         £000 £000
Spot brokerage        15,750 9,139
Time charter        8,339 5,212
Demurrage        1,103 565
Sale and purchase        4,951 4,722
         30,143 19,638
3. oPerating ProFit Operating profit is stated after charging:
         2009 2008 
         £000 £000
Depreciation of property, plant and equipment       228 166
Amortisation of intangible assets (see note 10)       606 664
Operating lease costs        720 577
Remuneration of the auditor:
– audit of the Company        9 5
– audit of the subsidiaries        16 14
– audit of pension schemes        5 6
– taxation services        12 15
– other services        9 5 ACM Shipping Group plc Annual report and accounts 2009 30
4. staFF costs
The average number of persons employed by the Group during the year was as follows:
         2009 2008 
         Number Number
Office and administration        84 61
The aggregate payroll costs of the above were:
         2009 2008 
        Note £000 £000
Salaries         16,398 10,800
Social security costs        1,664 1,255
Pension costs       18 995 492
Share‑based payments       20 178 9
         19,235 12,556
The remuneration of the key management, which were the Directors, was as follows:
         2009 2008 
         £000 £000
Total emoluments        2,003 1,526
Further analysis of Directors’ remuneration, pension contributions and share options is shown within the Directors’ remuneration report.
5. share oF oPerating ProFits oF joint ventures and associates         2009 2008 
         £000 £000
Joint ventures        1,490 865
Associates        — 443
         1,490 1,308
Details of associated companies are shown in note 12 and joint ventures in note 13. 
6. net interest 
         2009 2008 
        Note £000 £000
Bank interest        24 138
Pension‑expected return on plan assets less interest on obligation    18 24 100
         48 238
Share of associates        — 17
         48 255
Bank interest        (53) (13)
         (5) 242
noteS to the finAnCiAl St AteMentS continued
YeAr enDeD 31 MArCh 2009 YeAr in review corporA te governAnce finAnCiAl St AteMentS 
ACM Shipping Group plc Annual report and accounts 2009 31
7. t axation 
(a) analysis oF charge in the year
         2009 2008 
        Note £000 £000
UK corporation tax        2,339 1,776
Share of taxation of associates         — 135
Over provision for previous years        (16) (25)
Current taxation         2,323 1,886
Deferred taxation        7 (c) (48) (142)
        7 (b) 2,275 1,744
(b) Factors aFFecting tax charge
         2009 2008 
        Note £000 £000
Profit before taxation        8,115 4,815
Profit at current tax rate in UK of 28% (2008: 30%)      2,272 1,445
Effects of:
Expenses not deductible for tax purposes       172 227
Unrelieved losses in overseas subsidiaries       — 73
Utilisation of losses in overseas subsidiaries       (126) —
Joint venture and associated undertakings       — (3)
Adjustment in respect of prior years       (16) (25)
Other        (27) 27
        7 (a) 2,275 1,744
(c) deFerred taxation         2009 2008 
        Note £000 £000
Depreciation in excess of capital allowances      17 (10) (2)
Other timing differences       17 (77) —
Timing difference in respect of amortisation of intangibles     17 (99) (186)
Timing differences in respect of payments to pension scheme    14 138 46
        7 (a) (48) (142) ACM Shipping Group plc Annual report and accounts 2009 32
8. earnings Per share 
EPS is calculated by dividing the profit attributable to equity shareholders by the weighted average number of shares in issue in the year.
         2009 2008 
         £000 £000
earnings
Earnings for the year        5,840 3,071
Adjustment for amortisation of intangibles       606 664
Adjustment for taxation impact of amortisation of intangibles     (170) (186)
Earnings for adjusted EPS        6,276 3,549
         Number Number
Number of shares
Weighted average number of shares       17,463,980 15,940,665
Dilutive effect of share plans        115,827 65,665
Diluted weighted average number of shares       17,579,807 16,006,330
         2009 2008 
         Pence Pence
epS
Basic        33.4 19.3
Diluted        33.2 19.2
Adjusted        35.9 22.3
Adjusted diluted        35.7 22.2
noteS to the finAnCiAl St AteMentS continued
YeAr enDeD 31 MArCh 2009 YeAr in review corporA te governAnce finAnCiAl St AteMentS 
ACM Shipping Group plc Annual report and accounts 2009 33
9. ProPerty , Plant and equiPment (a) grouP
         Office and 
        Leasehold computer 
        improvements equipment Total 
        £000  £000  £000 
Cost
At 1 April 2008        416 855 1,271
Additions        86 196 282
Disposals       — (183) (183)
Exchange adjustments       — 17 17
At 31 March 2009       502 885 1,387
Depreciation
At 1 April 2008        214 573 787
Charge for the year       76 152 228
Disposals       — (183) (183)
Exchange adjustments       — 5 5
At 31 March 2009       290 547 837
Net book value
At 31 March 2009       212 338 550
         Office and 
        Leasehold computer 
        improvements equipment Total 
        £000  £000  £000
Cost
At 1 April 2007        403 587 990
Additions        13 182 195
Acquisitions       — 86 86
At 31 March 2008       416 855 1,271
Depreciation
At 1 April 2008        156 389 545
Acquisitions       — 76 76
Charge for the year       58 108 166
At 31 March 2008       214 573 787
Net book value
At 31 March 2008       202 282 484
(b) comP any The Company did not own any property and equipment at any time during the year. ACM Shipping Group plc Annual report and accounts 2009 34
10. intangible assets 
        Other Goodwill Total 
        £000 £000 £000
Cost
At 1 April 2008       1,958 7,408 9,366
Acquisition of a business       1,002 1,521 2,523
At 31 March 2009       2,960 8,929 11,889
Amortisation
At 1 April 2008       664 — 664
Amortisation during the year       606 — 606
At 31 March 2009       1,270 — 1,270
Net book value 
At 31 March 2009       1,690 8,929 10,619
        Other Goodwill Total 
        £000 £000 £000
Cost
At 1 April 2007        — — —
Acquisition of a subsidiary       1,958 7,408 9,366
At 31 March 2008       1,958 7,408 9,366
Amortisation
At 1 April 2007        — — —
Amortisation during the year       664 — 664
At 31 March 2008       664 — 664
Net book value 
At 31 March 2008       1,294 7,408 8,702
Other intangible assets consist of forward order book and customer relationships.
All amortisation charges in the year have been charged through administrative expenses. 
The Group has capitalised the value of the forward order book and customer relationships of the business of Harris & Dixon Shipbrokers 
(H&D) acquired in the year. These assets are to be amortised over seven years.
noteS to the finAnCiAl St AteMentS continued
YeAr enDeD 31 MArCh 2009 YeAr in review corporA te governAnce finAnCiAl St AteMentS 
ACM Shipping Group plc Annual report and accounts 2009 35
10. intangible assets continued
Goodwill has been allocated to the H&D cash generating unit for impairment testing purposes. The recoverable amount has been determined 
based on a value in use calculation using risk‑adjusted cash flow projections based on financial budgets prepared by the Group. The key 
assumptions used in the value in use calculation are:
X
  the discount rate applied to the cash flow projections is 12%. This is the Group’s weighted average cost of capital adjusted to reflect 
market assessment of specific risks associated with the segment cash flows;
X
  the period over which cash flows are projected based on financial budgets approved by the Board is one year; and
X
  the growth rate used to extrapolate cash flow projections beyond the budget period is 3%.
Management believes that it is unlikely that any reasonable possible change in the key assumptions would cause the carrying value 
of any of the cash generating units to exceed its recoverable amount.
11. investments (a) grouP
The Group’s investments were as follows:
         2009 2008 
         £000 £000
Investments         1,050 1,006
Investment in joint ventures (note 13)       443 425
Share of net assets of associates (note 12)       — 78
At 31 March         1,493 1,509
The Group has an investment of £1,006,000 as a member and owner of 16.7% of the ordinary shares of the London Tanker Brokers’ 
Panel Limited and is also a member guarantor of Worldscale Association (London) Limited, a company limited by guarantee. These two 
organisations, which are both incorporated in Great Britain, prepare and distribute data on freight rates to subscribers throughout the 
shipping industry globally.
(b) comP any The Company’s investments represent investments in subsidiaries as follows:
         2009 2008 
         £000 £000
At 1 April         9,727 150
Additions        — 9,577
At 31 March        9,727 9,727
The addition during the previous year represents an investment in ACM Shipping Services Limited. The Company acquired the 70% 
of the ordinary share capital that the Group did not already own. 
ACM Shipping Limited also has two wholly owned subsidiaries, ACM Shipping Asia Pte Limited and ACM Shipping India Limited. 
These companies are incorporated in Singapore and India respectively.
In the case of each subsidiary company, the investment represents investment in ordinary shares of the Company.
All subsidiary companies’ principal activity is shipbroking. Each has a year end of 31 March and the consolidated results include their 
results to 31 March 2009.  ACM Shipping Group plc Annual report and accounts 2009 36
12. associated comP anies Until 6 December 2007 the Group had a 30% interest in the ordinary shares of ACM Shipping Services Limited (ACMSS). It then acquired 
the remaining 70% of shares. The year end of this Company is 31 March.
The Group also had a 40% interest in the ordinary shares of ACM Maritime Limited, a Company incorporated in Labuan, which provided 
shipbroking and other related services in Malaysia and elsewhere. This Company was wound up during the year.
The Group’s share of assets and liabilities of associates was as follows:
         2009 2008 
         £000 £000
Share of current assets        — 79
Share of current liabilities         — (1)
Share of net assets        — 78
The Group’s share of results of associates, including ACMSS up until 6 December 2007, was as follows: 
         2009 2008 
         £000 £000
Share of revenue        — 1,072
Share of operating profit        — 443
Share of interest receivable        — 17
Share of profit before taxation        — 460
Share of taxation        — 135
Share of profit after taxation        — 325
13. joint ventures
The Group has a 50% interest with GFI Brokers Limited in an unincorporated joint venture, which provides a market for derivative 
products within the oil freight business. 
The Group’s share of results of this venture is shown in note 5. 
14. deFerred tax asset
The deferred tax asset consists of the tax effect of timing differences in respect of:
 Group  Company
       2009 2008 2009 2008 
       £000 £000 £000 £000
Pension liability      338 293 — —
Other timing differences      — — 50 —
noteS to the finAnCiAl St AteMentS continued
YeAr enDeD 31 MArCh 2009 YeAr in review corporA te governAnce finAnCiAl St AteMentS 
ACM Shipping Group plc Annual report and accounts 2009 37
14. deFerred tax asset continued
The movement in the deferred tax asset during the year was:
 Group  Company
       2009 2008 2009 2008 
      Note £000 £000 £000 £000
At 1 April 2008      293 457 — —
Charge to income statement     7 (c) (138) (46) 50 —
Charge to statement of recognised income and expense    183 (118) — —
At 31 March 2009      338 293 50 —
15. trade and other receivables Group  Company
       2009 2008 2009 2008 
       £000 £000 £000 £000
Trade receivables      5,336 3,420 — —
Amounts owed by Group undertakings     — — 14 81
Other receivables      661 559 — 5
       5,997 3,979 14 86
The ageing profile of Group trade receivables was as follows:
         2009 2008 
         £000 £000
Up to 3 months        3,192 2,771
3 to 6 months         1,555 319
6 to 12 months         618 238
Over 12 months         247 191
At 31 March 2009         5,612 3,519
Less impairment         (276) (99)
         5,336 3,420
The movements on provisions for impairment of Group trade receivables were as follows:
         2009 2008 
         £000 £000
At 1 April 2008        99 —
Charge for the year         177 99
At 31 March 2009         276 99 ACM Shipping Group plc Annual report and accounts 2009 38
16. trade and other P ayables Group  Company
       2009 2008 2009 2008 
       £000 £000 £000 £000
Trade payables      2,160 842 — —
Other taxation and social security      2,163 1,977 — —
Accruals and deferred income      4,691 2,261 16 26
Amounts owed to Group undertakings     — — 3,906 1,767
Deferred consideration on acquisition     — 3,017 — 3,017
       9,014 8,097 3,922 4,810
The amounts included in trade and other payables are due to be paid within twelve months.
17. deFerred tax liabilities
The deferred tax liabilities consist of the tax effect of temporary differences in respect of:
 Group  Company
       2009 2008 2009 2008 
       £000 £000 £000 £000
Excess of capital allowances over depreciation     22 32 — —
Other timing differences      (77) — — —
Intangible assets      263 362 — —
       208 394 — —
The movement in the deferred tax liabilities during the year was:
 Group  Company
       2009 2008 2009 2008 
      Note £000 £000 £000 £000
At 1 April 2008      394 34 — —
Credit to income statement     7 (c) (87) (2) — —
Set up in respect of intangible assets     — 548 — —
Credit to income statement in respect of intangible assets   7 (c) (99) (186) — —
At 31 March 2009      208 394 — —
noteS to the finAnCiAl St AteMentS continued
YeAr enDeD 31 MArCh 2009 YeAr in review corporA te governAnce finAnCiAl St AteMentS 
ACM Shipping Group plc Annual report and accounts 2009 39
18. Pension commitments
The Group operates a defined benefit scheme in the UK which is closed to new members. The Group also operates a stakeholder scheme 
and contributes to independent funds on behalf of certain of the Group’s employees.
The operating charge for pension costs in the year is:
         2009 2008 
         £000 £000
UK defined benefit scheme        228 167
Defined contribution schemes         767 325
         995 492
The last full funding valuation on the defined benefit scheme was carried out as at 31 March 2005. A qualified independent actuary has 
carried out a valuation for IAS 19 purposes as at 31 March 2009 to obtain the figures in this disclosure note. The figures for the year ended 
31 March 2008 have also been included for comparison.
The projected unit valuation method has been used. 
The principal actuarial assumptions at the balance sheet date were:
         2009 2008
economic assumptions
Discount rate        6.9% pa 6.6% pa
Price inflation        3.0% pa 3.5% pa
Rate of salary growth        5.0% pa 5.5% pa
Pension increase:
– RPI increases subject to a maximum of 2.5% pa      2.3% pa n/a
– RPI increases subject to a maximum of 3.0% pa      2.6% pa n/a
– RPI increases subject to a maximum of 5.0% pa      3.0% pa 3.3% pa
Discretionary pension increases        0.0% pa 3.3% pa
expected return on assets
Diversified Growth Fund (DGF)        7.1% pa 7.5% pa
Cash        3.8% pa 4.6% pa
Demographic assumptions
Average expected remaining life of:
– 60 year old non‑retired male        28.0 yrs 25.7 yrs
– 60 year old retired male        26.9 yrs 24.4 yrs
– 60 year old non‑retired female        30.4 yrs 28.7 yrs
– 60 year old retired female        29.4 yrs 27.4 yrs
Scheme assets are stated at their bid values at the respective balance sheet dates. The expected long‑term rate of return on DGFs 
of 7.1% pa reflects historic UK equity returns and DGFs and is within the range of assumptions typically used by other companies. 
The expected long‑term rate of return on cash of 3.8% pa is based upon the gross redemption yield available on long‑dated gilts. ACM Shipping Group plc Annual report and accounts 2009 40
18. Pension commitments continued
emPloyee beneFit obligations The amounts recognised in the balance sheet are as follows:
         2009 2008 
         £000 £000
Present value of funded obligations        8,535 9,440
Fair value of plan assets        (7,329) (8,395)
Net liability        1,206 1,045
Note: the AVC investments invested are excluded from the assets and liabilities set out above. 
The amounts recognised in the income statement are as follows:
         2009 2008 
         £000 £000
Current service cost (excluding employee contributions)*      120 167
Past service cost        108 —
Interest on obligation        627 544
Expected return on plan assets        (651) (644)
total recognised in income statement         204 67
Actual return on plan assets        (1,644) (337)
* Excludes insurance premiums for Group life cover paid by the Group via the pension scheme.
The Group’s accounting policy is to recognise actuarial gains and losses via the statement of recognised income and expense in the year 
in which they occur.
         2009 2008 
         £000 £000
Actual return less expected return on plan assets       (2,295) (981)
Experience (loss)/gain arising on plan liabilities       (440) 52
Gain arising from changes in assumptions underlying the present value of the plan liabilities   2,083 1,252
net actuarial (loss)/gain        (652) 323
noteS to the finAnCiAl St AteMentS continued
YeAr enDeD 31 MArCh 2009 YeAr in review corporA te governAnce finAnCiAl St AteMentS 
ACM Shipping Group plc Annual report and accounts 2009 41
18. Pension commitments continued
Changes in the present value of the defined benefit obligation are as follows:
         2009 2008 
         £000 £000
At 1 April 2008        9,440 9,966
Service cost        120 167
Past service cost        108 —
Member contributions        71 80
Interest cost        627 544
Actuarial gains         (1,643) (1,304)
Benefits paid        (188) (13)
At 31 March 2009        8,535 9,440
Changes in the fair value of plan assets are as follows:
         2009 2008 
         £000 £000
At 1 April 2008        8,395 8,444
Expected return        651 644
Actuarial losses        (2,295) (981)
Contributions        766 301
Benefits paid        (188) (13)
At 31 March 2009        7,329 8,395
The employer expects to contribute £480,000 to the scheme in the year ending 31 March 2010. 
The major categories of plan assets as a percentage of total plan assets are as follows:
         2009 2008
UK equities        17% 48%
European excluding UK equities        0% 5%
Japanese equities        1% 5%
Pacific excluding Japanese equities        8% 7%
North American equities        6% 5%
Equity (other)        7% 12%
Property        2% 2%
Debt        40% 5%
Cash        6% 5%
Other        13% 6% ACM Shipping Group plc Annual report and accounts 2009 42
noteS to the finAnCiAl St AteMentS continued
YeAr enDeD 31 MArCh 2009
19. share caPital authorised share caPital         2009 2008 
         £000 £000
30,000,000 ordinary shares of 1 pence each       300 300
allotted, called uP and Fully P aid         Number £000
Ordinary shares of 1 pence each
Shares in issue 31 March 2007        15,318,511 153
Shares issued as part of acquisition        1,963,003 20
Shares in issue 31 March 2008        17,281,514 173
Shares issued under LTIP        360,000 3
Shares in issue 31 March 2009        17,641,514  176
The Company has no other form of share capital other than ordinary shares as shown in this note.
20. share‑based P ayments The Enterprise Management Incentive (EMI) scheme, Sharesave scheme and Long Term Incentive Plan (LTIP) have been set up to provide 
executives and employees with options to purchase ordinary shares in the Company. 
During the year, the Group made grants under its EMI scheme and awards under its LTIP that fall to be accounted for in accordance 
with IFRS 2.
Under the EMI scheme, 196,666 options over ordinary shares of 1 pence each were granted to employees during the year. There are 
no performance conditions attaching to these grants which vest 50% after three years, 25% after four years and 25% after five years 
subject only to the employee remaining with the Group. The exercise price of 50,000 options granted in July 2008 was 233.5 pence 
and for the 146,666 options granted in December 2008 was 150 pence, which were the share prices at the time of the grant. The fair 
values of the awards at grant date were 64.5 pence for the July grant and 36.6 pence for the December grant, determined using the 
Binomial option pricing model. The life of the awards was assumed to be five and a half years.
Other assumptions used in the application of the option pricing models were: 
X
  Risk‑free interest rate in the range 2.93% – 5.11% for the different grants 
X
  Dividend yield  3%
X
  Volatility 30% YeAr in review corporA te governAnce finAnCiAl St AteMentS 
ACM Shipping Group plc Annual report and accounts 2009 43
20. share‑based P ayments continued
Expected volatility was estimated by reference to historical share price movements in both the Group and comparable quoted 
companies with a longer listing history than the Group.
In addition there were 48,661 options under the EMI scheme granted at 205.5 pence per share and 217,500 options granted at 160 pence 
per share under the Sharesave scheme that were outstanding at the beginning of the year, no options were exercised, forfeited or expired 
during the period. There were 462,827 options outstanding at the end of the year, none of which are exercisable.
Under the LTIP , 566,060 shares were awarded to employees during the year. Two employees were each awarded 180,000 LTIP shares. 
The employees paid one pence per share for the LTIPs which vest 50% after three years, 25% after four years and 25% after five years 
subject only to the employee remaining with the Group. One Director was awarded 206,060 LTIP shares in January 2009. These shares 
for the LTIPs vest after three years subject to the satisfaction of an EPS performance target. The fair values of these LTIPs were inherently 
valued at the share price at the date of grant less 1 pence per share.
The total charge in the consolidated income statement for the year with regard to these awards is £178,000 (2008: £9,000).
21. dividends         2009 2008 
         £000 £000
Declared and paid during the year
Final dividend for 2008: 4 pence per share (2007: 2 pence per share)     698 306
Interim dividend for 2009: 2.5 pence per share (2008: 2 pence per share)     441 346
         1,139 652
Proposed for approval at AGM (not recognised as liability at 31 March) 
Final dividend for 2009: 6 pence per share (2008: 4 pence per share)     1,058 691
22. commitments under oPerating leases
At 31 March 2009 the Group had commitments for leasehold land and buildings under non‑cancellable operating leases as follows:
         2009 2008 
         £000 £000
Operating leases which expire
Between one and five years        1,352 1,923
23. contingencies The Group has given a guarantee to its bankers in the normal course of business amounting to £181,000 (2008: £249,000) on which 
no liability is expected to arise.
There is a cross guarantee to bankers for an unlimited amount between the Company and its subsidiary Company ACM Shipping Group Limited. ACM Shipping Group plc Annual report and accounts 2009 44
noteS to the finAnCiAl St AteMentS continued
YeAr enDeD 31 MArCh 2009
24. notes to the statement oF cash Flows 
analysis oF changes in cash balances
        At  At 
        1 April Cash 31 March 
        2008 flows 2009 
        £000 £000 £000
Cash and cash equivalents       3,565 1,370 4,935
25. Financial instruments and risks
The Group’s financial risk management policies are designed to reduce the risk of currency, liquidity and credit risk exposure.
The Group’s financial instruments comprise cash at bank and other items including trade receivables and trade payables that arise 
directly from its operations. 
The Group has no assets or liabilities other than forward foreign exchange contracts that fall to be classed as derivatives. The Group 
does not engage in instruments of a speculative nature.
(a) currency risk
The Group carries out most of its business in US Dollars and hence it is exposed to currency risk arising from fluctuations in exchange 
rates. So as to mitigate this risk the Group places forward contracts for the sale of US Dollars at fixed rates. The purpose of such 
transactions is to manage the currency risk arising from the Group’s operations. At year end the Group had contracts outstanding 
to sell US$9.0 million (2008: US$6.4 million) and to receive Sterling. These contracts all had a maturity date of less than one year 
and were contracted at rates ranging from $1.37 to $1.73 to £1. The average rate of the forward contracts was $1.48 to £1. 
At each balance sheet date, the contracts which are designated and effective as cash flow hedges are restated to their fair value, based 
on currency contracts with similar maturity profiles. At 31 March 2009 the fair value of these contracts was £10,000 (2008: £1,000).
The rate on the balance sheet date was $1.43 to £1 (2008: $1.99).
As at 31 March 2009 all cash and cash equivalents were held in Sterling except for bank accounts totalling US$1.6 million 
(2008: US$2.4 million) and Euro 0.3million (2008: nil). There is no difference between the book values and fair values of financial 
assets and liabilities.
The effect on profit before taxation of a 10% weakening in the average US Dollar exchange rate in the year compared to the effective 
rates for the year is approximately £1.4 million adverse (2008: £0.9 million). This effect is before hedging and with all other variables 
being equal. A 10% strengthening in the average US Dollar is approximately £1.4 million favourable (2008: £0.9 million). The effect 
on equity is similar to that on profit before taxation.
(b) liquidity risk
The Group finances itself through retained earnings. The Group is fundamentally cash generative and manages its liquid resources 
so as to obtain the best available rates of return on cash investments, whilst retaining access to those resources. 
An analysis of cash and cash equivalents is given in note 24. The Group does not currently have any borrowings.
(c) credit risk
There are no significant concentrations of credit risk within the Group. The maximum credit risk exposure relating to financial assets 
is represented by the carrying value of receivables as at the balance sheet date. Receivable balances are monitored on an ongoing 
basis and a bad debt provision is held to cover doubtful debts. The Group has not historically suffered from significant bad debts.
(d) interest rate risk
The Group has exposure to interest rates on its cash and short term deposits.  YeAr in review corporA te governAnce finAnCiAl St AteMentS 
ACM Shipping Group plc Annual report and accounts 2009 45
26. ultimate controlling P arty No individual shareholder has ultimate control of the Company. 
27. business combinations On 23 June 2008 the Group acquired the business of Harris & Dixon Shipbrokers (H&D) for a total cash consideration of £2.5 million.
The provisional fair value of the assets acquired was:
        Book  Fair value Fair 
        value adjustments value 
        £000 £000 £000
Plant, equipment and machinery       15 — 15
Intangible assets       — 1,002 1,002
Net assets       15 1,002 1,017
Goodwill         1,521
          2,538
provisional consideration
Cash         2,500
Directly attributable costs         38
          2,538
In the year H&D contributed £2,499,000 to revenue and £321,000 to the net profit of the Group after amortisation of intangible assets 
and taxation. If the combination had taken place at the beginning of the year, the net profit contributed to the Group would have been 
£419,000 and revenue contributed would have been £3,261,000.
Included in the £1,521,000 of goodwill recognised above are certain intangible assets that cannot be individually separated and reliably 
measured due to their nature. These items include an assembled workforce and the detailed knowledge and expertise of the specialist markets.
£1,002,000 of intangible assets were separated from goodwill as part of this business combination and relate to the forward order book 
and customer relationships. The fair values of these intangible assets were calculated by an independent valuer using the net present 
value of future cash flows. ACM Shipping Group plc Annual report and accounts 2009 46
NOTICE IS HEREBY GIVEN that the Annual General Meeting (AGM) of the Company will be held at the offices of Dechert LLP , 
160 Queen Victoria Street, London, EC4V 4QQ on 3 September 2009 at 11.30am for the following purposes:
ordinary business
1.  To receive and adopt the Company’s annual accounts for the financial year ended 31 March 2009 together with the Directors’ report 
and the Directors’ remuneration report and the auditors’ report on those accounts and the auditable part of the remuneration report.
2.  To approve the Directors’ remuneration report for the financial year ended 31 March 2009.
3.  To declare a final dividend for the financial year ended 31 March 2009 of 6 pence per share.
4.  To re‑elect David Cobb as a Director of the Company.
5.  To re‑elect Ian Hartley as a Director of the Company.
6.  To re‑appoint Tenon Audit Limited as auditor to hold office from the conclusion of the meeting to the conclusion of the next meeting 
at which the accounts are laid before the Company and to authorise the Directors to fix their remuneration.
sPecial business
As special business to consider and, if thought fit, to pass the following resolutions of which resolution 7 will be proposed as an ordinary 
resolution and resolutions 8 and 9 will be proposed as special resolutions:
7.  THAT:
 7.1  the Directors be generally and unconditionally authorised pursuant to Section 80 of the Companies Act 1985 (the Act) to allot 
any relevant securities (as defined in Section 80(2) of the Act) of the Company up to a maximum aggregate nominal amount 
of £57,600 provided that:
  7.1.1  this authority shall expire at the conclusion of the next AGM of the Company after the passing of this resolution unless 
previously varied, revoked or renewed by the Company in general meeting; 
  7.1.2  the Company shall be entitled to make, prior to the expiry of such authority, any offer or agreement which would or might 
require relevant securities to be allotted after the expiry of such authority and the Directors may allot any relevant securities 
pursuant to such offer or agreement as if such authority had not expired; and
  7.1.3  all prior authorities to allot relevant securities be revoked but without prejudice to the allotment of any relevant securities 
already made or to be made pursuant to such authorities.
8.  THAT, subject to the passing of resolution 7 above:
 8.1  the Directors be granted power pursuant to Section 95 of the Act to allot equity securities (within the meaning of Section 94 
of the Act) wholly for cash pursuant to the authority conferred on them by resolution 7 above as if Section 89(1) of the Act 
did not apply to any such allotment provided that this power shall be limited to:
  8.1.1  the allotment of equity securities, in connection with a rights issue, subject to such exclusions or other arrangements 
as the Directors may deem necessary or expedient to deal with fractional entitlements or legal or practical problems under 
the laws of, or the requirements of, any regulatory body or any stock exchange or otherwise in any territory; and for the purposes 
of this resolution “rights issue” means an offer of equity securities to holders of ordinary shares in proportion to their 
respective holdings (as nearly as may be) and holders of other securities to the extent expressly required or (if considered 
appropriate by the Directors) permitted by the rights attached thereto;
  8.1.2  the allotment of equity securities pursuant to the terms of the Company’s existing employees’ share or share option schemes 
or any other employees’ share scheme approved by the members of the Company in general meeting; 
notiCe of AnnuAl GenerAl MeetinG
ACM ShippinG Group plC (the CoMp AnY) YeAr in review corporA te governAnce finAnCiAl St AteMentS 
ACM Shipping Group plc Annual report and accounts 2009 47
sPecial business continued
8.  continued
 8.1  continued
  8.1.3  the allotment (otherwise than pursuant to paragraphs 8.1.1 or 8.1.2 above) of equity securities up to an aggregate nominal 
value of £17,640;
   and shall expire at the conclusion of the next AGM of the Company unless previously varied, revoked or renewed by the Company 
in general meeting provided that the Company may, before such expiry, make any offer or agreement which would or might 
require equity securities to be allotted after such expiry and the Directors may allot equity securities pursuant to any such offer 
or agreement as if the power hereby conferred had not expired; and
 8.2  all prior powers granted under Section 95 of the Act be revoked provided that such revocation shall not have retrospective effect.
9. THAT:
 9.1  the Company is authorised, pursuant to Section 166 of the Act, to make market purchases (as defined in Section 163 of the Act) 
of any of its ordinary shares of 1 penny each (ordinary shares) in such manner and on such terms as the Directors may from time 
to time determine provided that:
  9.1.1  the maximum aggregate number of ordinary shares that may be purchased is 1,764,000; 
  9.1.2  the minimum price (excluding expenses) which may be paid for each ordinary share is 1 penny;
  9.1.3  the maximum price (excluding expenses) which may be paid for any ordinary share is an amount equal to 105% of the 
average of the middle market quotations for an ordinary share taken from the London Stock Exchange Daily Official List 
for the five business days immediately preceding the date on which such share is contracted to be purchased; and
  9.1.4  the authority conferred by this resolution shall expire on the earlier of 18 months from the date of this AGM and the conclusion 
of the Company’s next AGM save that the Company may, before the expiry of the authority granted by this resolution, enter 
into a contract to purchase ordinary shares which will or may be executed wholly or partly after the expiry of such authority.
By order of the Board
ian hartley comP any secretary Registered Office
Kinnaird House
1 Pall Mall
London SW1Y 5AU
14 July 2009 ACM Shipping Group plc Annual report and accounts 2009 48
notes 1.  If you have sold or transferred all your ordinary shares in the Company, please send this document and the enclosed form of proxy 
(Proxy Form) to the stockbroker, or other agent through whom the sale or transfer was effected, for transmission to the purchaser 
or transferee.
2.  Holders of ordinary shares, or their duly appointed representatives, are entitled to attend and vote at the AGM. Shareholders are entitled to 
appoint a proxy to exercise all or any of their rights to attend and speak and vote on their behalf at the meeting. A shareholder can appoint 
the Chairman of the meeting or anyone else to be his/her proxy at the meeting. A proxy need not be a shareholder. More than one 
proxy can be appointed in relation to the AGM provided that each proxy is appointed to exercise the rights attached to a different 
ordinary share or shares held by that shareholder. T o appoint more than one proxy, the Proxy Form should be photocopied and completed 
for each proxy holder. The proxy holder’s name should be written on the Proxy Form together with the number of shares in relation 
to which the proxy is authorised to act. The box on the Proxy Form must also be ticked to indicate that the proxy instruction is one of 
multiple instructions being given. All Proxy Forms must be signed and, to be effective, must be lodged with the Company’s registrar 
so as to arrive not later than 48 hours before the time of the meeting, or in the case of an adjournment 48 hours before the adjourned 
time. In the case of joint holders, where more than one of the joint holders purports to appoint a proxy, only the appointment submitted 
by the most senior holder will be accepted. Seniority is determined by the order in which the names of the joint holders appear in the 
Company’s register of members in respect of the joint holding (the first‑named being the most senior).
3.  The return of a completed Proxy Form will not prevent a shareholder attending the AGM and voting in person if he/she wishes to do so.
4.  Only shareholders whose names appear on the register of members of the Company as at 48 hours before the time of the meeting 
shall be entitled to attend the AGM either in person or by proxy and the number of ordinary shares then registered in their respective 
names shall determine the number of votes such persons are entitled to cast on a poll at the AGM.
5.  The statement of the rights of shareholders in relation to the appointment of proxies in note 2 does not apply to Nominated Persons. 
The rights described in that note can only be exercised by shareholders of the Company.
6.  In order to facilitate voting by corporate representatives at the AGM, arrangements will be put in place at the AGM so that; (i) if a corporate 
shareholder has appointed the Chairman of the meeting as its corporate representative to vote on a poll in accordance with the directions 
of all of the other corporate representatives for that shareholder at the meeting, then on a poll those corporate representatives will 
give voting directions to the Chairman and the Chairman will vote (or withhold a vote) as corporate representative in accordance with 
those directions; and (ii) if more than one corporate representative for the same corporate shareholder attends the meeting but the 
corporate shareholder has not appointed the Chairman of the meeting as its corporate representative, a designated corporate representative 
will be nominated, from those corporate representatives who attend, who will vote on a poll and the other corporate representatives 
will give voting directions to that designated corporate representative. Corporate shareholders are referred to the guidance issued by the 
Institute of Chartered Secretaries and Administrators on proxies and corporate representatives (www.icsa.org.uk) for further details of 
this procedure. The guidance includes a sample form of appointment letter if the Chairman is being appointed as described in (i) above. 
7.  In accordance with regulation 41 of the Uncertificated Securities Regulations 2001, to be entitled to attend and vote at the meeting 
(and for the purposes of the determination by the Company of the number of votes they may cast), members must be entered on 
the Company’s register of members by 6.00pm on 1 September 2009, or if the meeting is adjourned, by not later than 48 hours 
before the time and date fixed for the adjourned meeting.
8.  A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of votes for or against the resolution.
9.  Copies of all service agreements under which Directors of the Company are employed by the Company or any subsidiaries will be available 
for inspection at the Company’s registered office, during normal business hours on any weekday (Saturdays, Sundays and public holidays 
excepted) from the date of this notice until the conclusion of the AGM, and at the venue of the AGM for 15 minutes prior to and during 
the meeting.
10.  Except as provided above, shareholders who have general queries about the meeting should write to the Company Secretary at the 
address of our registered office. You may not use any electronic address provided either in this notice of AGM or any related documents 
(including the Proxy Form) to communicate with the Company for any purposes other than those expressly stated.
notiCe of AnnuAl GenerAl MeetinG continued
ACM ShippinG Group plC (the CoMp AnY) YeAr in review corporA te governAnce finAnCiAl St AteMentS 
ACM Shipping Group plc Annual report and accounts 2009 49
agm – business at the agm Shareholders will see from the notice of AGM that they are asked to consider and, if thought fit, pass a number of resolutions 
as ordinary and special business which are summarised below.
as ordinary business
resolution 1 – to receive the financial statements of the Company for the year ended 31 March 2009.
resolution 2 – to approve the Directors’ remuneration report for the financial year ended 31 March 2009.
resolution 3 – to declare a final dividend for the financial year ended 31 March 2009 of 6 pence per share. Subject to approval, 
the final dividend will be payable on 9 October 2009 to shareholders on the register as at close of business on 11 September 2009.
resolutions 4 and 5 – under the Company’s Articles of Association and in accordance with Group policy, one third of the Company’s 
Directors retire by rotation and, being eligible, David Cobb and Ian Hartley offer themselves for re‑election.
resolution 6 – auditor – this resolution, if passed, will re‑appoint Tenon Audit Limited as auditor of the Company and authorise  
the Directors to fix their remuneration.
as sPecial business
The following item will be proposed as an ordinary resolution:
resolution 7 – authority to allot shares
This resolution, if passed, will authorise the Directors of the Company generally and unconditionally to allot ordinary shares of the Company 
up to a maximum nominal value of £57,600 representing approximately one third of the current issued share capital of the Company. 
This authority will expire at the conclusion of the next AGM of the Company unless previously varied, revoked or renewed by the 
Company in general meeting.
The following items will be proposed as special resolutions:
resolution 8 – disaPPlication oF Pre‑emPtion rights
This resolution, if passed, will grant the Directors of the Company power to allot shares wholly for cash pursuant to the authority conferred 
on them by resolution 7 otherwise than to the existing shareholders of the Company in proportion to their existing holdings of ordinary 
shares. The first part of the disapplication is limited to rights issues, open offers and similar pro‑rata issues. In relation to a rights issue, 
open offer or other pro rata issues the disapplication authority is unlimited and allows the Directors to offer shares to existing shareholders 
other than strictly in proportion to their holdings, where for example, overseas regulations make it difficult to offer shares pro rata to existing 
overseas shareholders or when dealing with fractions of shares. The second part of the disapplication is limited to issues of shares pursuant 
to the terms of the Company’s current share scheme and any other share schemes approved by the Company in general meeting. The final 
part of the resolution also enables your Board to allot shares for any purpose up to an aggregate nominal value of £17,640 representing 
approximately 10% of the current issued share capital of the Company.
AppenDix 1
explAnA torY noteS ACM Shipping Group plc Annual report and accounts 2009 50
AppenDix 1 continued
explAnA torY noteS
as sPecial business continued
resolution 9 – share buy back 
This resolution seeks authority for the Company to make market purchases of its own shares and is proposed as a special resolution. 
If passed, the resolution gives authority for the Company to purchase up to 1,764,000 of its shares, representing just under 10% 
of the Company’s issued share capital (excluding treasury shares) as at the date of this notice of AGM.
The resolution specifies the minimum and maximum prices which may be paid for any shares purchased under this authority. The authority 
will expire at the conclusion of the Company’s next AGM.
Whilst the Directors do not currently have any intention of exercising the authority granted by this resolution, the Directors would require 
the authority granted by this resolution to make market purchases of the Company’s ordinary shares as a method of returning surplus 
cash to shareholders. The Directors will only exercise the authority to purchase shares where they consider that such purchases will 
be in the best interests of shareholders generally and will result in an increase in EPS.
The Company may either cancel any shares it purchases under this authority or transfer them into treasury (and subsequently sell or transfer 
them out of treasury or cancel them). The Directors currently intend to transfer sufficient shares purchased under this authority into 
treasury in order to satisfy the Company’s share incentive schemes and to cancel any excess shares purchased. YeAr in review corporA te governAnce finAnCiAl St AteMentS 
ACM Shipping Group plc Annual report and accounts 2009 51
I/We (name in full in bl ock capit als ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
of ............................................................... .............................................. 
being a member/members of ACM Shipping Group Plc (the Company) hereby appoint the Chairman of the meeting (see no te 1 bel ow )
or ............................................................... ................ as my/our proxy to vote for me/us 
on my/our behalf at the Annual General Meeting of the Company to be held on 3 September 2009 at 11.30 am and at any adjournment 
thereof, on the following resolutions, as indicated by an ‘X’ in the appropriate box and, on any other business, as he thinks fit.
    Vote 
resolution For Against withheld
1.  To receive the Company’s audited annual accounts for the financial year ended  
31 March 2009 together with the Directors’ report and auditor’s report thereon. 	 	 
2.  To approve the Directors’ remuneration report for the financial year ended 31 March 2009. 	 	 
3.  To declare a final dividend for the financial year ended 31 March 2009. 	 	 
4.  To re‑elect David Cobb as a Director. 	 	 
5.  To re‑elect Ian Hartley as a Director. 	 	 
6.  To re‑appoint Tenon Audit Limited as auditor. 	 	 
7.  To authorise the Directors to allot shares pursuant to Section 80 of the Companies Act 1985. 	 	 
8.  To disapply Section 89(1) of the Companies Act 1985. 	 	 
9.  To authorise the Company to make market purchases of its own shares. 	 	 
Please tick this box if this proxy instruction is one of multiple instructions being given 
Signature ............................................................... ........................................
Dated ............................................................... ....................................... 2009
notes:
1.  Any member entitled to attend and vote at the AGM is entitled to appoint one or more proxies (who need not be a member of the Company but must attend 
the meeting in person) of his own choice to attend and to vote in his/her place. To appoint more than one proxy you may photocopy this form. Please indicate 
the proxy holder’s name and the number of shares in relation to which they are authorised to act as your proxy (which, in aggregate, should not exceed the 
number of shares held by you). Please also indicate if the proxy instruction is one of multiple instructions being given. All forms must be signed and should 
be returned together in the same envelope. If a member wishes to appoint a proxy other than the Chairman, delete the words “the Chairman of the meeting or,” 
initial the alteration and insert the name of the person you wish to appoint as your proxy. All members are entitled to attend and vote at the meeting, whether 
or not they have returned a form of proxy.
2.  If you indicate that you want your vote withheld your proxy may abstain from voting and therefore there is no vote at law to be counted in the calculation 
of the proportion of votes for and against the resolution. 
3.  If a member is a corporation, this form of proxy must be executed under its common seal or by the signature of an officer or attorney duly authorised in writing. 
4.  In the case of joint holders, the signature of any one holder will be sufficient, but the names of all joint holders should be stated, and the vote of the senior holder 
who tenders a vote will be accepted to the exclusion of the vote(s) of other joint holder(s), seniority being determined by the order in which the names stand 
in the register of members of the Company.
5.  In order to be valid, this form of proxy, duly executed together with any power of attorney or other authority under which it is signed, or a notarially certified or office 
copy of such power or authority, must be lodged at the Company’s Registrars not less than 48 hours before the time of the meeting or any adjournment of the meeting.
6.  The return of a completed Proxy Form will not prevent a shareholder attending the AGM and voting in person if he/she wishes to do so.
forM of proxY
AnnuAl GenerAl MeetinG – ACM ShippinG Group plC
 business reply style
Business Reply
Licence Number
MB122
Capita Registrars
The Proxy Department
PO Box 25
Beckenham
Kent
BR3 4BR
 
first fold
second fold
third fold and tuck in
 group TrAding offiCES
l ondon ACM Shipping liMiTEd Kinnaird House
1 Pall Mall
London SW1Y 5AU
United Kingdom
Telephone: +44 (0)20 7930 7555
Fax: +44 (0)20 7930 0115
Website: www.acmshipping.co.uk
Email: brokers@acmshipping.co.uk
SingAporE
ACM Shipping ASiA pTE liMiTEd 16 Collyer Quay
31-00 Hitachi Tower
Singapore 049318
Telephone: +65 6236 0822
Fax: +65 6324 4335
Email: brokers@acmshipping.com.sg
indiA
ACM Shipping indiA liMiTEd C/112, 11th Floor
Mittal Tower ‘C’ Wing
210 Nariman Point
Mumbai 400 021
India
Telephone: +91 22 4094 9300
Fax: +91 22 4094 9301
Email: sjuneja@acmshipping.co.uk
gfi JoinT VEnTurE
Telephone 
London:  +44 (0)20 7422 1180 
Singapore: +65 6820 2980 
New York: +1 212 968 2050 
Fax:  +44 (0)20 7930 0115 
Email: futures@acmshipping.co.uk
finAnCiAl CAlEnd Ar 2009
AnnuAl gEnErAl MEETing 3 September 2009
Ex-diVidEnd d ATE
9 September 2009
rECord d ATE
11 September 2009
diVidEnd p AyMEnT d ATE
9 October 2009
inTEriM rESul TS
December 2009*
2010
inTEriM diVidEnd d ATE
February 2010*
yEAr End 31 March 2010
prEliMinAry rESul TS
June 2010*
* Provisional ACM Shipping group plC 
Kinnaird House 
1 Pall Mall 
London SW1Y 5AU 
United Kingdom  
Tel: +44 (0)20 7930 7555 
www.acmshippinggroup.com