ACM Shipping Group plc
Annual Report and Accounts 2007
ACM Shipping Group plc 
Kinnaird House,  
1 Pall Mall, London SW1Y 5AU 
United Kingdom  
Tel: +44 (0) 20 7930 7555 
www.acmshippinggroup.com
ACM Shipping Group plc Annual Report and Accounts 2007
_cover.indd   1 26/07/2007   16:12:30 Corporate statement 01
Highlights 01
Business at a glance 02
What do we do? 02
Revenue split 03
Chairman’s statement 04
Chief Executive’s review of the business 06
Financial review 08
Board of directors and advisers 10
Financial contents 12
Directors’ report 13
Corporate governance 16
Directors’ remuneration report 17
Independent auditor’s report 18
Consolidated profit and loss account 19
Statement of total recognised gains and losses 19
Balance sheets 20
Group cash flow statement 21
Notes to the financial statements 22
Group trading offices 32
Financial calendar IBC
2007
Annual General Meeting 5 September 2007 
Ex-dividend date  19 September 2007 
Record date 21 September 2007 
Dividend payment date  9 October 2007 
Interim results December 2007*
2008
Interim dividend date February 2008* 
Year end 31 March 2008 
Preliminary results June 2008*
* provisional
Financial calendar
_cover.indd   2 26/07/2007   16:13:04 ACM Shipping Group plc Annual Report and Accounts 2007 01
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.
Highlights
 Turnover in US dollars up 8.4% on 2006 
  Proﬁt before tax £3.7 million (2006: £0.5 million)
 Final dividend of 2 pence per share 
  15% increase in the number of spot ﬁxtures contracted
  Time charter forward order book at record level, up 78% on 2006
  Successful IPO on the AIM market in December 2006 
  Expansion into new regions with new ofﬁce opened in India 
  Became a member of the prestigious London Tanker Brokers’ Panel in March 2007
_1_ACM_ar07_front.indd   1 26/07/2007   16:13:50 ACM Shipping Group plc Annual Report and Accounts 2007 02
Business at 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. 
What do we do?
  Long-term charters based 
on daily hire
time charter sale and purchase
  New builds
  Second hand
  Demolition
  30% associate: ACMSS
spot brokerage 
  Crude oil
  Fuel oil
  Clean petroleum
  Product desks
Operations  Demurrage and back ofﬁce functions
_1_ACM_ar07_front.indd   2 26/07/2007   16:14:06 ACM Shipping Group plc Annual Report and Accounts 2007 03
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Revenue split
Revenue split (excluding joint ventures and associates)
project brokerage
“The one stop shop"
  Spot/freight
  Time charter
  Finance 
  S&P
  Sale and purchase
derivatives brokerage
  50% joint venture with GFI
  Established: April 2002
  Ofﬁces in London, Singapore 
and New York
research and consulting
  Client value add
_1_ACM_ar07_front.indd   3 26/07/2007   16:14:26 ACM Shipping Group plc Annual Report and Accounts 2007 04
The 2007 ﬁnancial year was a signiﬁcant 
year for ACM; the underlying business 
has grown strongly. In December 2006, 
ACM reached an important milestone when 
it listed on AIM, a market operated by the 
London Stock Exchange. Our shares were 
oversubscribed on the IPO and have since 
been well supported by our institutional 
investors. Furthermore, on 30 March 2007 
we were very pleased to become a member 
of the London Tanker Brokers’ Panel Ltd 
and Worldscale Association (London) Ltd, 
an independent and impartial authority 
which provides a variety of rate assessments 
on a fee paying basis for individual oil 
companies, traders, tanker operators 
and other interests worldwide.
Results
Our core revenue from ship broking increased 
in US dollar terms by 8.4% to $25.6 million 
(2006: $23.6 million). We ﬁxed a record 
number of ships and our forward income 
from time charters as at 31 March 2007 
has increased during the year in value by 
78% compared to the same time last year. 
Our joint venture and associated activities 
provided a solid contribution of £1.5 million 
with ACM Shipping Services Ltd (sale and 
purchase) having a particularly strong year. 
The weakness of the US dollar naturally 
had an adverse effect on our sterling 
equivalent revenues. Proﬁt before taxation 
was £3.7 million (2006: £0.5 million) with 
basic earnings per share being 14.9 pence.
The business has remained very cash 
generative. We took the opportunity to take 
on a modest overdraft facility at the year end, 
in part to fund our investment in the London 
Tanker Brokers’ Panel, but also to give us 
greater ﬂexibility in our cash management. 
Dividend
As stated in our admission document, ACM 
is committed to a progressive dividend policy 
and the directors are recommending a 
dividend of 2 pence per share. This covers 
the period from 6 December 2006 (ACM’s 
IPO date) to 31 March 2007. This dividend is 
payable on 9 October 2007 to shareholders 
on the register as at 21 September 2007.
Chairman’s statement
_1_ACM_ar07_front.indd   4 26/07/2007   16:14:47 ACM Shipping Group plc Annual Report and Accounts 2007 05
Board
Ian Hartley joined the Board as 
Finance Director on 1 March 2007. 
He is a Chartered Accountant who has 
a wealth of experience having previously 
been Group Finance Director of Mayborn 
Group plc since 1998. Mayborn was a 
listed company before being sold to a 
private equity company backed by 3i plc 
in July 2006.
During the year we also welcomed 
two new non-executive directors. 
David Cobb had a long career in the 
shipping sector and was Executive 
Chairman of James Fisher & Sons plc 
for eight years until 2002. David is and 
was President of a number of shipping 
related institutes. He was awarded a 
CBE in 1999 for his services to the 
shipping industry. He served as Sheriff 
of the City of London in 2004.
Timothy Chadwick is also experienced in our 
sector. He ﬂoated Benicia Ports plc in 1993 
and grew it substantially until it was sold in 
1999 to Associated British Ports plc. He was 
then Executive Chairman at Simon Group plc 
where he oversaw the restructuring and 
refocusing of the company into a proﬁtable 
seaport business. Simon Group was sold 
to Montauban SA in August 2006.
Employees
Since it was founded in 1982, the Group has 
developed a very successful business with 
an extensive and loyal list of clients. Our four 
founders, who are still with the Group, have 
built up a young and progressive team 
of shipbrokers. It is through the founders’ 
dedication and commitment to the business 
that we have had such a robust track record 
and we look forward to continuing to build 
on this strong platform. I would like to 
extend our thanks to all our staff for their 
efforts and commitment.
Strategy
ACM’s strategy is to expand into an 
international diversiﬁed and integrated 
shipping services broker, whilst continuing 
its position as one of the most proﬁtable 
ﬁrms in the tanker broker business. Our 
aim is to build the right team of brokers 
to penetrate regional markets and other 
shipping sectors. This strategy will allow 
us to gain market share and grow our 
business with existing and new clients. 
Current trading
Trading to date is in line with the Board’s 
expectations. Our underlying business 
is promising given the strength of the 
forward order book and the new areas 
into which we are moving. 
Peter Sechiari
Chairman
19 July 2007
Highlights of Chairman’s statement
  Underlying business has grown strongly
  Successful listing on AIM
  New Board appointments
  Underlying business is promising given the 
strength of the forward order book and the 
new areas into which we are moving
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We have continued to make good 
progress with the year’s performance 
and future prospects underlined by strong 
fundamentals. Income in US dollar terms 
showed an 8.4% growth over the previous 
year. An encouraging indicator was a 15% 
increase in the number of spot ﬁ xtures 
contracted. We will beneﬁ t from our record 
time charter business that continues to go 
from strength to strength with the value of 
the forward book at year end 78% higher 
than at the same point last year. Our income 
from sale and purchase also showed healthy 
growth and income from associates and 
joint ventures was strong with ACM Shipping 
Services Limited (ACMSS) having a 
particularly good year and ACM’s share 
of their operating proﬁ t up 127%.
Spot brokerage
Spot brokerage, which involves the hire 
of a vessel for a single voyage, represented 
62% of income for the year. Income in 
US dollar terms showed a 1% growth over 
the previous year on the back of a 15% 
increase in the number of spot ﬁ xtures. 
In comparison with the previous year, 
the average value of each spot ﬁ xture is 
lower when compared with the very high 
freight rates experienced in the last quarter 
of 2005. 
Time charter
Time charter, which involves the long 
term hire of tankers, guarantees future 
revenue streams to ACM with some 
contacts extending until 2018. Time 
charter represented 28% of income 
for the year. ACM is recognised 
internationally as one of the leading 
long term chartering tanker brokers. 
52 new time charters were contracted 
during the year, with our forward book 
at year end in US dollars 78% higher 
than at the end of the previous year.
Sale and purchase
Most transactions in this area are 
done through our associated company, 
ACMSS. However, direct business 
undertaken by ACM increased by 
165% during the year, representing 
6% of income in the year.
Chief Executive’s review of the business
“ This has been a successful year for 
ACM with our continued growth, 
market expansion and proﬁ tability. 
We were delighted to join the AIM 
market with strong demand for our 
stock at the IPO. Importantly the 
Group has a strong forward order 
book, which is 78% higher than it 
was this time last year.”
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Overseas operations
Our strategy of expanding our brokerage 
services geographically is being pursued 
through a mixture of wholly owned 
subsidiaries alongside joint ventures 
and associates. In December 2006 we 
opened an Indian office to add to our 
existing ofﬁce in Singapore. These ofﬁces 
provide support to our UK ofﬁce and to 
our clients and in due course we expect 
them to make a contribution to proﬁt 
in their own right.
Joint ventures and associates
Our 30% owned sister company, ACMSS, 
which specialises in the sale and purchase 
of new buildings, second hand tonnage 
and demolition, had an excellent year. 
Operating proﬁt rose 127% while income 
increased by 98%. It also has an increasing 
forward order book which indicates a healthy 
future. Cambridge Securities Shanghai 
representative ofﬁce, a contractual 50% 
joint venture with Cambridge Securities LLC, 
was set up a few years ago to specialise in 
Asian new building contracts. This venture 
is generating income with a number of new 
contracts having recently been signed, 
the beneﬁt of which will be felt over 
forthcoming years. 
Our joint venture with GFI Group Inc to 
conduct derivative brokerage had another 
good year. Derivatives trading is still relatively 
new in the tanker industry and there are new 
clients entering and exiting the market and 
this has a varying effect on volumes.
Membership of London Tanker Brokers’ 
Panel (LTBP)
We are very pleased that ACM became a 
member of the LTBP and Worldscale on 
30 March 2007. These two organisations 
prepare and distribute data on freight rates 
to subscribers throughout the shipping 
industry globally. LTBP is an internationally 
recognised independent and impartial 
authority which provides a variety of rate 
assessments on a fee-paying basis for 
individual oil companies, traders, tanker 
operators and other interests worldwide. 
Six of the world’s most experienced tanker 
brokers make up the Panel which provide 
current and historical rate assessments 
based on extensive experience of its 
members in the international shipping 
market. Our membership will further 
increase our status within the industry 
and will enhance the development of 
the Group.
Employees
ACM’s core asset is its staff. In order to 
attract and retain the highest calibre of 
employees the Group adopts the industry 
accepted bonus model. We believe this 
encourages and promotes all staff to help 
drive the Group forward, and alongside 
shareholders share in its success. 
Johnny Plumbe
Chief Executive
19 July 2007
highlights to be supplied
Highlights of Chief Executive’s review
  Income in US dollars up 8.4%
  Spot ﬁxtures 15% up in number
  Time charter order book up 78%
  Membership of London Tanker Brokers’ Panel 
and Worldscale
  Spot brokerage 
(62%)
 Time charter (28%)
 Demurrage (4%)
  Sale and purchase 
(6%)
Share of turnover 2007 %
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Proﬁt and earnings
Proﬁt before taxation for the year was 
£3.7 million (2006: £0.5 million) with earnings 
per share of 14.9 pence. Comparisons 
with prior year’s proﬁts are distorted due 
to a change in bonus payout policy. The 
current policy is that 50% of proﬁt is paid 
out as bonuses to senior employees of 
the Group, whereas previously this payment 
was close to 100%. Proﬁt for the year before 
bonus was £8.5 million (2006: £9.4 million).
Foreign exchange
The bulk of the Group’s income is 
denominated in US dollars. The US dollar 
weakened during the year and this had 
a considerable impact on the Group’s 
results. The average effective exchange 
rate for the year was $1.94 compared 
with $1.74 for the previous year, while 
the rate at 31 March 2007 was $1.96 
compared with $1.73 for the previous 
year. Group income would have been 
higher by approximately £1.5 million if 
the 2006/7 US dollar income had been 
translated at 2005/6 exchange rates. 
Taxation 
The effective tax rate was 39%, higher 
than the standard rate of UK tax due 
to the impact of overseas losses 
and disallowable trading expenses.
Dividends
The directors are recommending a ﬁnal 
dividend of 2p per share in respect of the 
period from 6 December 2006 (ACM’s IPO 
date) to 31 March 2007 at a total value 
of £306,000.
On 15 November 2006 the directors of 
ACM Shipping Limited approved the 
payment of a dividend to holders of shares 
in ACM Shipping Limited on the register at 
that date in respect of the six months ended 
30 September 2006. This dividend totalling 
£500,000 was paid on 30 March 2007.
Cash ﬂow 
One of the key attributes of our Group 
is its cash generative nature. Cash ﬂow 
from operating activities was depressed due 
the ﬁnal payout under the previous 100% 
Financial review
Our strategy is to expand ACM 
into a global diversiﬁed ship 
broking company
_1_ACM_ar07_front.indd   8 26/07/2007   16:15:13 ACM Shipping Group plc Annual Report and Accounts 2007 09
bonus policy. The Group also suffered from 
higher taxation payments than would have 
been expected as ACM moved into the 
quarterly payment regime for the ﬁrst time. 
Taking these factors into account, together 
with the investment in LTBP and equity 
dividends paid, cash resources reduced 
by £760,000. 
Balance sheet 
The Company acquired the entire 
share capital of ACM Shipping Ltd on 
27 November 2006 by means of a share 
exchange. The consolidated accounts 
have been prepared using merger 
accounting and this has resulted 
in a merger reserve.
Share capital has increased as more shares 
were issued on the share exchange and 
additional shares were issued by means 
of a placing on admission to AIM. The value 
of shares placed created a share premium 
account as the value received was higher 
than the nominal value of the shares. 
This premium has been offset by share 
issue expenses.
The pension deﬁcit for the deﬁned beneﬁt 
scheme has reduced to £1.5 million from 
£2.0 million. Allowing for deferred taxation 
the liability at the year end was £1.1 million 
(2006: £1.4 million). This scheme is closed 
to new members. 
The value of net assets at the balance sheet 
date was £1.5 million (2006: net liabilities 
£0.5 million).
Key operating performance indicators
The key indicator for the performance of 
the business is the level of US dollar income, 
while the number of ﬁxtures contracted 
shows the level of the broker activity. The 
scale of the forward book, particularly on 
time charters, is an important indicator of 
the future of the business.
Risk management
The Board seeks to identify and monitor 
risks facing the business.
Foreign exchange risk; the majority of Group 
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 from time to time uses foreign 
exchange instruments to manage this risk.
Liquidity risk; the Group does not hold any 
net debt but has recently arranged overdraft 
facilities with its bank to allow greater 
ﬂexibility in its cash management.
Interest rate risk; the Group has exposure 
to movements in interest rates on its US 
dollar and sterling deposits. All deposits 
are made with reputable banks.
Ian Hartley
Finance Director
19 July 2007
Highlights of ﬁnancial review
8.4% 
Turnover in US dollars up 8.4%
£3.7m
Proﬁt before tax £3.7m (2006: £0.5m)
2p
Final dividend of 2p per share
_1_ACM_ar07_front.indd   9 26/07/2007   16:15:14 ACM Shipping Group plc Annual Report and Accounts 2007 10
Board of directors and advisers
Peter Sechiari 
Chairman (non-executive)
John Plumbe 
Chief Executive Ofﬁcer
Ian Hartley 
Finance Director
James Gundy
Chief Operating Ofﬁcer
Timothy Chadwick
Director (non-executive)
David Cobb
Director (non-executive)
_1_ACM_ar07_front.indd   10 26/07/2007   16:15:22 ACM Shipping Group plc Annual Report and Accounts 2007 11
1. Peter Sechiari
Chairman (non-executive)
Peter joined ACM as Chairman in April 2000. 
He has strong listed company experience 
through his previous appointments at 
Rio Tinto plc, Steele Brothers Holdings plc, 
Bricom Group plc and Mayborn Group Plc. 
He is responsible for advising ACM on 
ﬁnancial strategy, senior management 
structure, remuneration, succession 
issues and ﬁnancial oversight.
2. John Plumbe
Chief Executive Ofﬁcer
Johnny, who has been with the Group for 
24 years, heads up the dirty desk co-ordinating 
some 14 brokers on the crude and fuel oil 
market. He has been a specialist in large 
tanker brokering for 34 years, dealing 
with the major oil companies such as BP , 
Shell, Vela, KPC and Traders Vitol, and many 
owners such as Embiricos, Goulandris, 
Lemos, Frontline, Paciﬁc Star, NSCSA. In 
addition to the spot market he is involved 
in time charters and projects and sale 
and purchase.
3. Ian Hartley
Finance Director
Ian joined the Board in March 2007. He was 
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 with Mayborn and was appointed 
Company Secretary in 1996 and Finance 
Director in 1998. Ian qualiﬁed as a Chartered 
Accountant in 1976, following which he 
gained experience in a variety of companies 
before moving to Mayborn.
4. James Gundy
Chief Operating Ofﬁcer
James has been with ACM for 15 years, 
previously at Clarksons for ten years. He 
specialises in the VLCC market in the Atlantic 
and Arabian Gulf, as well as the suezmax 
vessel market. James’ main accounts 
are Arcadia, Glencore, Total, TMT, 
Mecuria, CPC, Stena, Glafki and Ermis. 
He has also concluded some large 
sale and purchase deals.
5. Timothy Chadwick
Director (non-executive)
Timothy 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 
seaports business. He then led Simon Group 
in an agreed acquisition by Montauban S.A., 
the private Belgian shipping group. Prior 
to joining Simon Group, Timothy ﬂoated 
Benicia Ports plc on the London Stock 
Exchange in 1993. He grew the business 
into a large seaport and airport group with 
operations throughout US, UK and Belgium. 
In 1999 Timothy sold the business to 
Associated British Ports 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. Following 
this, in 1994, he joined James Fisher & 
Sons plc, 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 Technologists. He was elected 
Sheriff in the City of London in 2004.
Company secretary
I M Hartley
Registered ofﬁce
Kinnaird House 
1 Pall Mall 
London 
SW1Y 5AU 
Telephone: +44 (0)20 7930 7555 
Fax: +44 (0)20 7930 0115 
Email: investors@acmshipping.co.uk 
Website: www.acmshippinggroup.com
Nominated Adviser and Broker
Noble & Company Limited
120 Old Broad Street 
London EC2N 1AR
Registered Auditor
Tenon Audit Limited
66 Chiltern Street 
London W1U 4JT
Bankers
Royal Bank of Scotland plc
Shipping Business Centre 
5–10 Great Tower Street 
London EC3P 3HX
Registrar
Capita IRG plc
The Registry 
34 Beckenham Road 
Beckenham 
Kent BR3 4TU 
Telephone: 0870 162 3100
Financial PR
Abchurch Communications
100 Cannon Street 
London EC4N 6EU 
Telephone: +44 (0)20 7398 7000
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Financial contents
Directors’ report 13
Corporate governance 16
Directors’ remuneration report 17
Independent auditor’s report 18
Consolidated profit and loss account 19
Statement of total recognised gains and losses 19
Balance sheets 20
Group cash flow statement 21
Notes to the financial statements 22
Group trading offices 32
Financial calendar IBC
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The directors present their report and the ﬁnancial statements of the Company for the year ended 31 March 2007.
Formation and Group reconstruction
ACM Shipping Group plc was incorporated on 7 November 2006. On 27 November 2006 the shareholders in ACM Shipping Limited 
entered into an agreement under which each ordinary share of £1 each in ACM Shipping Limited was acquired by ACM Shipping 
Group plc in consideration of 1,000 new ordinary shares of 1 pence each in ACM Shipping Group plc. Due to the nature of the 
reconstruction, the Annual Report and Accounts have been prepared on the basis of merger accounting.
Principal 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 and further details are discussed in the Chairman’s statement, Chief Executive’s review 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.
The directors are recommending a dividend of 2 pence per share. This covers the period from 6 December 2006 (ACM’s IPO date) 
to 31 March 2007. This dividend is payable on 9 October 2007 to shareholders on the register as at 21 September 2007.
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 31 March 2007 
        ACM Shipping  
        Group Plc 
      Date of  ordinary shares 
      appointment  of 1p each
PG Sechiari      7 November 2006 153,000
DB Cobb      1 March 2007 2,000
TJM Chadwick      1 March 2007 —
JL Plumbe       (see below) 769,000
JCD Gundy      (see below) 1,225,000
IM Hartley       1 March 2007 —
None of the directors have any non-beneﬁcial interests.
JL Plumbe and JCD Gundy were directors of ACM Shipping Limited throughout the year and appointed as directors 
of ACM Shipping Group plc on 7 November 2006 upon its formation.
Further information on the directors is given on page 11.
Between 31 March 2007 and 19 July 2007 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.
Directors’ report
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Substantial shareholdings 
At 12 July 2007 the Company had received notiﬁcation of the non-director shareholdings over 3% of the Company’s share capital 
as follows:
         Number % of  
         of  issued  
         ordinary share 
          shares  capital
Employees  
WS Middleton         1,225,000 8.00%
MAC Rudd         1,225,000 8.00%
BAL Peck         995,000 6.50%
AR Morton         709,000 4.63%
SV Clough         709,000 4.63%
KA Amato         709,000 4.63%
APG Wakely         616,000 4.02%
L Maze         613,000 4.00%
BDA Gyngell         536,000 3.50%
N Borkmann         460,000 3.00%
Others  
Fearnley Fonds ASA (as custodian for RS Platou A/S)       785,100 7.15%
Dresdner Bank AG, a wholly owned subsidiary of Allianz SE       480,200 3.13%
Employees
The Group has high regard for its employees. The Group seeks to enhance their career with training and career development 
as well as continuing to motivate them. Share option schemes are being set up to add to the annual bonus structure. Within each 
location the Group seeks to have equal opportunity policies. 
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. Under that law the directors have elected 
to prepare the ﬁnancial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom 
Accounting Standards and applicable law). The ﬁnancial statements are required by law to 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 period. In preparing these ﬁnancial 
statements, the directors are required to:
  select suitable accounting policies and then apply them consistently;
  make judgements and estimates that are reasonable and prudent; 
  state whether applicable accounting standards have been followed subject to any material departures disclosed and 
explained in the ﬁnancial statements; and
  prepare the ﬁnancial statements on the going concern basis unless it is inappropriate to presume that the Company will 
continue in business.
Directors’ report continued
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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:
  there is no relevant audit information of which the Group’s auditor is unaware; and
  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 £29,932 (2006: £76,073).
Annual General Meeting
At the Annual General Meeting 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 were appointed by the directors as ﬁrst auditors of ACM Shipping Group PLC and have expressed their 
willingness to continue in ofﬁce and a resolution to reappoint them will be proposed at the Annual General Meeting.
Signed by order of the Board
Ian Hartley
Company Secretary
19 July 2007
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Introduction
The Board is committed to achieving good standards of corporate governance and following admission to AIM in December 2006 
has made several steps in achieving this objective. 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 quoted 
companies issued by the Quoted Companies Alliance.
Board of directors
Following admission to AIM the Company has appointed a Finance Director and two additional non-executive directors. The Board 
now 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, 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 being 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 require one third to retire 
by rotation. However, as this will be the ﬁrst opportunity since appointment, all six directors offer themselves up for re-election 
at the forthcoming Annual General Meeting.
Board committees
The Board has set up 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 is also in the process of setting up a 
compliance committee.
The remuneration committee is discussed within the directors’ remuneration report
The audit committee meets whenever there is business to discuss and 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 auditors without executive directors being present and review reports from the auditors relating 
to accounts and internal control systems.
The nomination committee has the 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 in maintaining good communications with its shareholders. This includes meetings 
with shareholders and analysts as appropriate. Shareholders are also invited to the Company’s Annual General Meeting when 
questions will be taken. The Company also intends to use its Annual Report and Accounts, Interim Statement and website 
(www.acmshippinggroup.com) to provide further information to shareholders.
Corporate governance
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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 are 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 will be able to participate in discussions relating to his own terms and 
conditions of remuneration. Non-executive directors’ and Chairman’s fees are determined by the full Board on the advice of the 
remuneration committee.
Directors’ remuneration
    Salary  Beneﬁts Annual  Pension  Total Total 
    and fees -in-kind bonus contributions 2007 2006 
    £000 £000 £000 £000 £000 £000
Executive directors     
JL Plumbe    120 16 430  566 1,153
JCD Gundy    100 12 422 50 584 854
IM Hartley    8 — — 1 9 —
Non-executive directors
PG Sechiari*    90 — — — 90 —
TJM Chadwick    4 — — — 4 —
DB Cobb    6 — — — 6 —
Total     328 28 852 51 1,259 2,007
*  The fees payable to PG Sechiari include £10,000 for his fees as a non-executive director and £80,000 payable to PGS Associates for his services as 
a consultant. These services include £50,000 in relation to the IPO.
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 up to 50% of pre tax proﬁts 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. JCD Gundy is a member of the Group’s deﬁned 
beneﬁt scheme. IM Hartley is a member of the Group’s stakeholder scheme. JL 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. 
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.
Directors’ remuneration report
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We have audited the consolidated ﬁnancial statements of ACM Shipping Group PLC on pages 19 to 31 for the year ended 
31 March 2007. These ﬁnancial statements have been prepared under the accounting policies set out therein.
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 auditor’s 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
As described in the statement of directors’ responsibilities the Company’s directors are responsible for the preparation of the 
ﬁnancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally 
Accepted Accounting Practice).
Our responsibility is to audit the ﬁnancial statements 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 are properly prepared in accordance 
with the Companies Act 1985. 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 the speciﬁc information presented in the 
Chairman’s statement, Chief Executives’ review and ﬁnancial review that is cross referenced 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 other transactions is not disclosed.
We read the directors’ report and consider the implications for our report if we become aware of any apparent misstatements within it.
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. 
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 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 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.
Opinion
In our opinion:
  the ﬁnancial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, 
of the state of affairs of the Company and the Group as at 31 March 2007 and of the Group’s proﬁt for the year then ended;
  the ﬁnancial statements have been properly prepared in accordance with the Companies Act 1985; and
  the information given in the directors’ report is consistent with the ﬁnancial statements.
Tenon Audit Limited
Registered Auditor
66 Chiltern Street
London W1U 4JT
20 July 2007
Independent auditor’s report
to the members of ACM Shipping Group PLC
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         2007 2006 
        Note £000 £000
Turnover         13,180 13,552
Administrative expenses         (11,162) (15,396)
Share issue costs        5 (37) —
Group operating proﬁt/(loss)         1,981 (1,844)
Share of operating proﬁts in joint ventures and associates     6 1,480 2,319
         3,461 475
Interest receivable         7 215 77
Interest payable         7 — (79)
Proﬁt on ordinary activities before taxation       3,676 473
Tax on proﬁt on ordinary activities       8 (1,432) (453)
Proﬁt on ordinary activities after taxation        2,244 20
Earnings per share
Basic and fully diluted        17 14.9p 0.1p
All of the activities are classed as continuing.
Statement of total recognised gains and losses
year ended 31 March 2007
         2007 2006 
        Note £000 £000
Proﬁt on ordinary activities after taxation        2,244 20
Actuarial gain in respect of deﬁned beneﬁt pension scheme     16 297 1,754
Deferred tax in respect of deﬁned beneﬁt pension scheme      (89) (508)
Total recognised gains and losses         2,452 1,266
The notes on pages 22 to 31 form part of those ﬁnancial statements.
Consolidated proﬁt and loss account
year ended 31 March 2007
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 Group Company
         
        2007 2006 2007 
       Note £000 £000 £000
Fixed assets
Tangible assets       9  445 524 —
Investments        10 1,320 420 150
        1,765 944 150
Current assets
Debtors       13 3,468 3,092 333
Cash at bank        566 1,326 4
        4,034 4,418 337
Creditors: due within one year      14 (3,240) (4,453) (16)
Net current assets (liabilities)        794 (35) 321
Total assets less current liabilities       2,559 909 471
Provisions for liabilities 
Deferred taxation       15 (34) (40) —
Net assets excluding pension liability       2,525 949 471
Pension liability       16 (1,065) (1,381) —
Net assets        1,460 (512) 471
Capital and reserves 
Share capital        17 153 15 153
Share premium account       18 — — —
Merger reserve       18 (135) — —
Proﬁt and loss account       18 1,442 (527) 318
Equity shareholders’ funds       18 1,460 (512) 471
These ﬁnancial statements were approved by the Board on the 19 July 2007 and are signed on its behalf by:
Peter Sechiari John Plumbe
Director Director
Note; the Company was formed on 7 November 2006 and hence there are no comparative ﬁgures for 31 March 2006.
The notes on pages 22 to 31 form part of the ﬁnancial statements.
Balance sheets
as at 31 March 2007
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         2007 2006 
        Note £000 £000
Group operating proﬁt/(loss)         1,981 (1,844)
Depreciation         143 145
(Increase) in debtors         (376) (358)
(Decrease)/increase in creditors        (1,400) 148
Provision for pension scheme costs        188 438
Pension scheme contributions paid        (253) (457)
Net cash ﬂow from operating activities        283 (1,928)
Dividends from associates          502 826
Amounts received from joint ventures        919 1,649
Returns on investments and servicing of ﬁnance:        
Interest received         110 61
Taxation paid         (1,007) (42)
Capital expenditure and ﬁnancial investment        
Purchase of tangible ﬁxed assets        (64) (65)
Investment         (1,006) —
Equity dividends paid        19 (500) —
Cash (outﬂow)/inﬂow before use of ﬁnancing        (763) 501
Financing
Issue of new shares, less share issue costs       3 —
Increase in cash in the year         (760) 501
Cash at start of year         1,326 825
Cash at end of year        22 566 1,326
The notes on pages 22 to 31 form part of the ﬁnancial statements.
Group cash ﬂow statement
year ended 31 March 2007
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1. Accounting policies
(a) Basis of accounting
The ﬁnancial statements have been prepared under the historical cost convention and in accordance with applicable UK 
accounting standards.
(b) Basis of consolidation
ACM Shipping Group plc was formed on 7 November 2006. These are the ﬁrst statutory accounts for ACM Shipping Group plc 
and reﬂect the Company for the period from 7 November 2006 until 31 March 2007 and the subsidiaries for the year to 31 March 2007. 
As provided by section 230 of the Companies Act 2005 a separate proﬁt and loss account for the parent company has not 
been provided.
The Company was formed solely to act as a parent undertaking to companies already in the Group. The initial shareholders 
of the Company received shares in ACM Shipping Group plc in exchange for their shares in ACM Shipping Limited. The transfer 
of ownership has therefore been accounted for in accordance with the principles of merger accounting since the members 
of ACM Shipping Group plc at the date of the share transfer, and their rights relative to each other were unchanged. Hence 
the members had a continuing interest in the business both before and after the incorporation of ACM Shipping Group plc.
Under the principles of merger accounting, the assets and liabilities of ACM Shipping Limited and its subsidiary and associated 
undertakings have been brought in at their book values. The comparative ﬁgures represent the results of ACM Shipping Limited 
and its subsidiary and associated undertakings for the year ended 31 March 2006.
The consolidated ﬁnancial statements include the accounts of ACM Shipping Limited and its subsidiary and associated undertakings 
and joint venture arrangements.
(c) Turnover
The turnover shown in the proﬁt and loss account represents amounts receivable during the year, exclusive of Value Added Tax.
(d) Tangible ﬁxed assets and depreciation
Tangible ﬁxed assets 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. In preparing the accounts the Group has fully adopted Financial Reporting Standard 
number 17 (“FRS 17”) “Retirement Beneﬁts”. Under FRS 17 the Group recognises the pension liability in the Group balance sheet 
net of any deferred tax related to the recognition of that deﬁcit. 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 Company also contributes to deﬁned contribution schemes. Contributions to these schemes have been charged against proﬁt 
as they fall due.
Notes to the ﬁnancial statements 
year ended 31 March 2007
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1. Accounting policies continued
(g) Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date 
where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or 
to receive refunds.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing 
differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
(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 proﬁt and loss account.
On consolidation assets and liabilities of overseas operations are converted at the balance sheet rate while the proﬁt and loss 
account 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 has investments in two “joint ventures” both of which fall to be classiﬁed as joint arrangements not an entity in 
accordance with FRS 9. Accordingly the Group’s share of the proﬁts or losses of the joint ventures are included in the proﬁt and 
loss account.
(j) Investments
All investments are stated at cost less provisions for diminution in value.
2. Turnover
Turnover represents the net commissions receivable from tanker chartering and related activities. All commissions are received 
in foreign currencies. As the Company trades on a world-wide basis, it is not practical to provide an analysis of the percentage 
of income derived from overseas trading.
3. Operating proﬁt
Operating proﬁt is stated after charging:
         2007 2006 
         £000 £000
Depreciation of owned ﬁxed assets        143 145
Remuneration of auditors:
 audit of the Company         6 —
 audit of the subsidiaries         10 9
 audit of pension schemes         7 6
 taxation services         21 2
 corporate ﬁnance services         — 105
 other services         5 2
Operating lease costs:
 other         484 357
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4. Staff costs
The average number of persons employed by the Group during the year was as follows:
         2007 2006 
         Number Number
Ofﬁce and administration         51 35
The aggregate payroll costs of the above were:
         2007 2006 
        Note £000 £000
Salaries          7,555 8,850
Social security costs         870 1,033
Other pension costs        16 337 2,715
         8,762 12,598
The remuneration of the directors was as follows: 
         2007 2006 
         £000 £000
Total emoluments         1,259 2,007
Further analysis of directors’ remuneration and pension contributions are shown within the directors’ remuneration report.
5. Share issue costs
The total costs incurred of issuing shares and admission to AIM was £550,000. Of this £513,000 has been offset to share 
premium account as share issue costs (see note 18) and £37,000 has been charged to the proﬁt and loss account. 
6. Share of operating proﬁts of joint ventures and associates
         2007 2006 
         £000 £000
Joint ventures         919 1,649
Associates         561 670
         1,480 2,319
Details of associated companies are shown in note 11 and joint ventures in note 12.
7. Interest 
         2007 2006 
        Note £000 £000
Interest receivable:          
Bank interest         110 60
Pension expected return on scheme assets less interest cost     16 89 —
         199 60
Share of associates         16 17
         215 77
Interest payable:          
Pension interest cost less expected return on scheme assets     16 — 79
Notes to the ﬁnancial statements continued
year ended 31 March 2007
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8. Taxation on ordinary activities
(a) Analysis of charge in the year
         2007 2006 
        Note £000 £000
UK corporation tax         1,205 356
Share of taxation of associates         169 81
Under provision for previous years        18 —
Current tax         8 (b) 1,392 437
Deferred taxation         8 (c) 40 16
Tax on proﬁt on ordinary activities        1,432 453
(b) Factors affecting current tax charge
         2007 2006 
        Note £000 £000
Proﬁt on ordinary activities before taxation       3,676 473
Proﬁt on ordinary activities at current tax rate in UK (30%)      1,103 142
Effects of:
Expenses not deductible for tax purposes        126 206
Unrelieved losses in overseas subsidiaries       144 35
Joint venture and associated undertakings       31 46
Adjustment in respect of prior years        18 —
Depreciation in excess of capital allowances       11 4
Timing differences in respect of payments to pension scheme      (46) —
Other         5 4
Total current tax        8 (a) 1,392 437
(c) Deferred taxation
         2007 2006 
        Note £000 £000
Depreciation in excess of capital allowances      15 (6) 16
Timing differences in respect of payments to pension scheme       46 —
Total deferred tax        8 (a) 40 16
9. Tangible ﬁxed assets
(a) Group
       Fixtures, 
      Leasehold ﬁttings and Motor 
      improvements equipment vehicles Total 
      £000  £000  £000  £000 
Cost
At 1 April 2006        403 565 6 974
Additions        — 64 — 64
Disposals        — (42) (6) (48)
At 31 March 2007       403 587 — 990
Depreciation
At 1 April 2006        100 344 6 450
Charge for the year        56 87 — 143
On disposals        — (42) (6) (48)
At 31 March 2007       156 389 — 545
Net book value
At 31 March 2007       247 198 — 445
At 31 March 2006       303 221 — 524
(b) Company
The Company did not own any tangible ﬁxed assets at any time during the year.
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10. Investments
(a) Group 
The Group’s investments were as follows:
         2007 2006 
         £000 £000
Investments          1,006 —
Share of net assets of associates (note 11)       314 420
At 31 March 2007         1,320 420
On 30 March 2007 the Group made an investment of £1,006,000 to become a member and owner of 16.7% of the ordinary shares 
of the London Tanker Brokers’ Panel Limited and also became 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) Company
         2007 
         £000
Investments in subsidiary         150
The investment in subsidiary represents an investment in ACM Shipping Limited. The entire ordinary share capital of this company 
was acquired by means of a share exchange during the year.
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. 
11. Associated companies
The Group has a 30% interest in the ordinary shares of ACM Shipping Services Limited, incorporated in Great Britain, which provides 
sale and purchase shipbroking services in the UK and elsewhere.
The Group also has a 40% interest in the ordinary shares of ACM Maritime Limited, a company incorporated in Labuan, which 
provides shipbroking and other related services in Malaysia and elsewhere.
The Group’s share of assets and liabilities of associates was as follows: 
         2007 2006 
         £000 £000
Share of ﬁxed assets         4 5
Share of current assets         676 575
Share of current liabilities          (366) (160)
Share of net assets         314 420
The Group’s share of results of associates was as follows: 
         2007 2006 
         £000 £000
Share of turnover         1,330 1,116
Share of operating proﬁt         561 670
Share of interest receivable         16 17
Share of proﬁt before taxation         577 687
Share of taxation         169 81
Share of proﬁt after taxation         408 606
Notes to the ﬁnancial statements continued
year ended 31 March 2007
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12. 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 also has a 50% interest with Cambridge Securities LLC in an unincorporated joint venture, which provides shipbroking 
and other related services through a Shanghai representative ofﬁce. By further agreement, ACM Shipping Services Limited has 
a 30% interest in ACM Shipping Limited’s interest in the joint venture which is held in trust by ACM Shipping Limited.
The Group’s share of results of these ventures is shown in note 6.
13. Debtors
 Group Company
         
        2007 2006 2007 
        £000 £000 £000
Trade debtors        2,162 2,293 —
Amounts owed by Group undertakings       — — 305
Other debtors        1,306 799 28
        3,468 3,092 333
14. Creditors: Amounts falling due within one year
 Group Company
         
        2007 2006 2007 
        £000 £000 £000
Trade creditors        425 491 —
Corporation tax        571 355 —
Other taxation and social security       687 — —
Accruals and deferred income        1,557 3,607 16
        3,240 4,453 16
15. Deferred taxation
The movement in the deferred taxation provision during the year was:
 Group Company
         
        2007 2006 2007 
       Note £000 £000 £000
At 1 April 2006        40 24 —
Proﬁt and loss account movement arising during the year    8 (c) (6) 16 —
At 31 March 2007        34 40 —
The provision for deferred taxation consists of the tax effect of timing differences in respect of:
 Group Company
         
        2007 2006 2007 
        £000 £000 £000
Excess of capital allowances over depreciation      34 40 —
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16. 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 overseas employees.
The operating charge for pension costs in the year is:
         2007 2006 
         £000 £000
UK deﬁned beneﬁt cost         188 438
Deﬁned contribution scheme costs        149 2,277
         337 2,715
The last full funding valuation of the deﬁned beneﬁt scheme was carried out as at 31 March 2005. A qualiﬁed independent actuary 
has carried out a valuation for FRS17 purposes as at 31 March 2007 to obtain the ﬁgures in this disclosure note. The ﬁgures for 
the year ending 31 March 2006 have also been included for comparison. The projected unit valuation method has been used.
The main assumptions used by the actuary were:
        2007 2006 2005 
        % % %
Rate of increase in salaries        5.2 5.0 5.0
Rate of increase in pensions in payment       3.0 2.9 2.8
Discount rate        5.4 5.1 5.4
Inﬂation assumption        3.2 3.0 3.0
The fair value of the scheme assets and the expected rate of return, the present value of the scheme liabilities and the resulting 
deﬁcit are:
 2007 2006  2005
      
     Expected  Expected  Expected 
     rate of   rate of   rate of 
     return Value  return Value return Value 
     % £000 % £000 % £000
Equities     7.5 8,444 7.5 7,637 7.5 5,403
Others     4.8 — 4.4 — 4.8 —
Total market value of assets      8,444  7,637  5,403
Present value of scheme liabilities     (9,966)  (9,610)  (9,070)
Deﬁcit in the scheme      (1,522)  (1,973)  (3,667)
Related deferred tax asset      457  592  1,100
Net pension liability      (1,065)  (1,381)  (2,567)
Notes to the ﬁnancial statements continued
year ended 31 March 2007
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16. Pension commitments continued
An analysis of the movement in deﬁcit during the year is:
         2007  2006  
         £000 £000
At 1 April         (1,973) (3,667)
Operating charge         (188) (438)
Expected return on scheme assets less interest cost       89 (79)
Actuarial costs recognised in the statement of total recognised gains and losses    297 1,754
Contributions         253 457
At 31 March         (1,522) (1,973)
An analysis of the deﬁned beneﬁt cost follows:
Analysis of the amount charged to operating proﬁt:
         2007  2006  
         £000 £000
Current service cost         (188) (389)
Past service cost         — (49)
Operating charge         (188) (438)
Analysis of the amount credited/(charged) to interest:
         2007  2006  
         £000 £000
Expected return on assets in the scheme        586 428
Interest cost on pension liabilities        (497) (507)
Net return         89 (79)
Analysis of the amount recognised in statement of total recognised gains and losses:
         2007  2006  
         £000 £000
Difference between expected and actual return on assets      (116) 1,201
Experience gains arising from scheme liabilities       53 1,398
Effect of changes in assumptions underlying the present value of scheme liabilities    360 (845)
Actuarial gains         297 1,754
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17. Share capital and earnings per share
Authorised share capital:
         2007  
         £000
20,000,000 ordinary shares of 1 pence each       200
Allotted, called up and fully paid:
         2007  2006  
        Number £000 £000
Ordinary shares of £1 each        15,000 — 15
Share exchange with ACM Shipping Limited      15,000,000 150 —
New shares issued         318,511 3 —
Ordinary shares of 1 pence each       15,318,511 153 —
On 27 November 2006 the shareholders in ACM Shipping Limited entered into an agreement under which each ordinary share 
of £1 each in ACM Shipping Limited was acquired by ACM Shipping Group plc in consideration of 1,000 new ordinary shares of 
1 pence each in ACM Shipping Group plc. The comparative ﬁgure for 2006 represents the share capital of ACM Shipping Limited.
Earnings per share is calculated by dividing the proﬁt attributable to equity shareholders in the period ended 31 March 2007 by the 
weighted average number of shares in issue in the year, adjusting for the effect of the share exchange. There were no dilutive 
ordinary shares during the year.
The proﬁt attributable to equity shareholders 2007 was £2,244,000 (2006: £20,000). The weighted average number of shares 
in issue in the year ended 31 March 2007 was 15,100,353 (2006:15,000,000).
18. Movement on reserves and reconciliation of shareholders’ funds 
(a) Movement on reserves – Group
       Share  Proﬁt Proﬁt 
       premium Merger and loss and loss 
       account reserve account account  
       2007 2007 2007 2006 
       £’000 £’000 £’000 £’000
Balance at 1 April 2006       — — (527) (1,793)
Proﬁt on ordinary activities after taxation      — — 2,244 20
Dividends to equity shareholders      — — (500) —
Premium on issue of shares       513 — — —
Share issue costs       (513) — — —
Actuarial gain in respect of deﬁned beneﬁt pension scheme     — — 297 1,754
Deferred tax in respect of deﬁned beneﬁt pension scheme    — — (89) (508)
Currency translation differences       — — 17 —
Creation of merger reserve       — (135) — —
Balance at 31 March 2007       — (135) 1,442 (527)
(b) Movement on reserves – Company
        Share  Proﬁt  
        premium and loss 
        account account 
        2007 2007 
        £000 £000
Balance at 7 November 2006 (formation)       — —
Proﬁt on ordinary activities after taxation       — 318
Premium on issue of shares        513 —
Share issue costs        (513) —
Balance at 31 March 2007        — 318
Notes to the ﬁnancial statements continued
year ended 31 March 2007
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18. Movement on reserves and reconciliation of shareholders’ funds continued
(c) Reconciliation of movements in shareholders’ funds
        Group  Company 
        2007 2006 2007 
        £000 £000 £000
Balance at 1 April 2006 (or formation in respect of Company)     (512) (1,778) —
Proﬁt on ordinary activities after taxation       2,244 20 318
Dividends to equity shareholders       (500) — 
Issue of new shares        516 — 666
Share issue costs        (513) — (513)
Actuarial gain in respect of deﬁned pension scheme      297 1,754 —
Deferred tax in respect of deﬁned beneﬁt scheme      (89) (508) —
Currency translation differences        17 — —
Balance at 31 March 2007        1,460 (512) 471
19. Dividends
         2007 2006 
         £000 £000
Declared and paid during the year:
Interim dividend in respect of six months ended 30 September 2006 
by ACM Shipping Limited at a rate of £33.33 per share      500 —
Proposed for approval of AGM (not recognised as liability at 31 March) of 2 pence per share   306 —
20. Commitments under operating leases
At 31 March 2007 the Group had annual commitments for leasehold land and buildings under non-cancellable operating leases as follows:
         2007  2006  
         £000 £000
Operating leases which expire:         
Between one and ﬁve years         576 —
After more than ﬁve years         — 378
21. Contingencies
The Group has given a guarantee to its bankers in the normal course of business amounting to £249,000 (2006: £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.
22. Notes to the statement of cash ﬂows
Analysis of changes in cash balances
        At  At 
        1 April Cash 31 March 
        2006 ﬂows 2007 
        £000 £000 £000
Cash at bank        1,326 (760) 566
23. Derivatives
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 no US dollar contracts outstanding.
The prevailing rate on the balance sheet date was $1.96 to £1 (2006: $1.74).
The Group has no other assets or liabilities that fall to be classed as derivatives.
24. Ultimate controlling party
No individual shareholder has ultimate control of the Company.
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Group trading ofﬁces
London
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 
Telex: 296406/295672 
Website: www.acmshipping.co.uk 
Email: brokers@acmshipping.co.uk
ACM Shipping Services Limited
Telephone: +44 (0)20 7484 6340 
Fax: +44 (0)20 7930 0043 
Telex: 296406/295672 
Email: sandp@acmshippingservices.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 
Telex:  296406/295672 
Email: futures@acmshipping.co.uk
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Highlights 01
Business at a glance 02
What do we do? 02
Revenue split 03
Chairman’s statement 04
Chief Executive’s review of the business 06
Financial review 08
Board of directors and advisers 10
Financial contents 12
Directors’ report 13
Corporate governance 16
Directors’ remuneration report 17
Independent auditor’s report 18
Consolidated profit and loss account 19
Statement of total recognised gains and losses 19
Balance sheets 20
Group cash flow statement 21
Notes to the financial statements 22
Group trading offices 32
Financial calendar IBC
2007
Annual General Meeting 5 September 2007 
Ex-dividend date  19 September 2007 
Record date 21 September 2007 
Dividend payment date  9 October 2007 
Interim results December 2007*
2008
Interim dividend date February 2008* 
Year end 31 March 2008 
Preliminary results June 2008*
* provisional
Financial calendar
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Annual Report and Accounts 2007
ACM Shipping Group plc 
Kinnaird House,  
1 Pall Mall, London SW1Y 5AU 
United Kingdom  
Tel: +44 (0) 20 7930 7555 
www.acmshippinggroup.com
ACM Shipping Group plc Annual Report and Accounts 2007
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