ACM Shipping Group plc
Annual report and accounts 2011 ACM is one of the world’s top 
international shipbrokers, providing 
a full range of integrated shipbroking 
services for the global market.
The comprehensive portfolio includes spot/period 
chartering, derivatives brokerage, sale and purchase, 
new buildings and demolition.
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.
Contents
Year in review
 IFC  Corporate statement
 01  Highlights
 02  Our business at a glance
 04  Chairman’s statement
 06   Chief Executive’s review
 08  Financial review
Corporate governance
 10   Board of Directors and advisers
 12 Directors’ report
 14 Corporate governance
 15 Directors’ remuneration report
Financial statements
 17 Independent auditor’s report
 18  Consolidated income statement
 18  Consolidated statement 
of comprehensive income
 19 Balance sheets
 20  Statements of changes  
in equity
 22 Cash flow statements
 23  Notes to the financial 
statements
Notice of AGM
 41  Notice of Annual  
General Meeting
 IB C Group trading offices
 IB C Financial calendar 01 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
Highlights
   Revenue up 11% to US$45.7 million (2010: US$41.1 million); 
in sterling up 13% to £29.3 million (2010: £25.9 million)
	 	 14%	increase	in	the	num ber	of	tanker	spot	fixtures	contracted	
during	the	year	on	organic	business	increasing	market	share
	 	 Profit	before	amortisation	and	taxation	and	adjusted	for	minority	
interest	at	£6.5	million	(2010:	£6.6	million)	in	line	with	expectations*
	 Adjusted	earnings	per	share	of	24.8	pence	(2010:	26.3	pence)
	 	 Final	dividend	of	7.0	pence	per	share,	making	10.0	pence	per	
share	for	the	year:	up	5%	(2010:	9.5	pence	per	share)
	 	 Strong 	 cash 	 position 	 of 	 £5.0 	 million 	 (2010: 	 £4.3 	 million) 	 and 	 no 	 debt,	
as a result of high cash generation
	 	 The	Group	continues	to	 make	progress	on	its	global	expansion	
plans,	with	Singapore	in	particular	performing	well
	 New	global	dry	cargo	division	on	track	and	making	good	progress
	 	 Appointment 	 of 	 T imothy 	 Jaques 	 and 	 Jürgen 	 Breuer 	 as 	 non-executive	
Directors	during	the	year ,	bringing	further	extensive	brokerage	
expertise	to	the	Group
*  Margins have reduced mainly due to investment into dry cargo broking.
Adjusted EPS (p)
24.8p
2007 2008 2009 2010 2011
26.3
24.8
35.9
22.3
14.9
2004
US$15.7m
Year to
31 March
60
50
40
30
20
10
0
2007
US$26.6m
2010
US$41.1m
2005
US$25.2m
2008
US$39.3m
2011
US$45.7m
2006
US$23.6m
2009
US$50.9m
Revenue (US$m)
Dividends per share (p)
10.0p
Spot brokerage
Time charter
Demurrage
Sale and purchase
Dry cargo
9.5
8.5
6.0
2.0
10.0
Revenue % split for the 
year to 31 March 2011
46%
22%
4%
18%
10%
2007 2008 2009 2010 2011 02 ACM Shipping Group plc Annual report and accounts 2011
Building a world leading integrated shipbroker
Key offering of services
Spot brokerage
   Hire of a ship for a single voyage
  ACM’s spot desks are highly 
ranked in the world
  Crude oil
  Fuel oil
  Clean petroleum
  Gas
Time charter brokerage
   Long-term charters based 
on daily hire
  Strong forward order book
Derivatives brokerage
   50% joint venture with GFI
  Hedging volatility in the  
freight market
Research
   Client added value
Dry cargo
On 1 July 2010 the Group 
acquired the business of 
Endeavour Shipbrokers Pty 
Limited, a dry cargo shipbroker 
based in Australia.
This followed the Group having 
set up a new dry cargo venture 
in London. This enhances our 
offering and diversifies the 
Group’s earnings.
   Spot brokerage
   T ime charter
Sale and purchase 
brokerage
  Second hand ships
  New builds
  Demolitions
Operations
   Back office
2004
1,800
1,600
1,400
1,200
1,000
800
600
2007 2010 2005 2008 2011 2006 2009
Number of tanker spot fixtures
   Continual increase in number of spot fixtures
   Compound annual growth rate 12%, increasing market share
Number of fixtures completed in the year by ACM  
excluding small tankers and dry cargo 03 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
Worldwide coverage Our strategy
We have a team of more than 155 brokers and 
support staff based in London, Mumbai, Singapore, 
Shanghai, Beijing, Melbourne, Sydney and New York, 
providing clients with global experience and intimate 
local knowledge.
Our strategy is to gain market share by expanding 
our teams of expert brokers to enter new shipping 
centres and penetrate new regional markets, 
which is being achieved both organically and 
through acquisition.
New York
• Derivatives brokerage
Beijing 	 (opened 	 2009)
• T anker broking
• Significant potential
London
• Main office
•  Full range of service 
in tanker broking
• Derivatives brokerage 
• Dry cargo from 2010
Mumbai 	 (opened 	 2007)
• T anker broking
•  Performing well with other 
international offices
• Significant potential
•  Opportunity to widen scope
International expansion
Local	knowledge	combined	with	global	experience
Shanghai 	 (opened 	 2009)
•  S&P – particularly new builds
• Dry cargo from 2010
Melbourne 	 and 	 Sydney 	 (acquired 	 2010)
• Dry cargo broking
• Integrating well
•  Working with offices in London and Shanghai
Singapore	(opened	2005)
• T anker broking
• Derivatives brokerage
• S&P broking since 2008
• Dry cargo from autumn 2011
• Performing particularly well 04 ACM Shipping Group plc Annual report and accounts 2011
Chairman’s statement
Peter Sechiari Chairman
The 	 Board 	 is 	 pleased 	 to 	 report	
another 	 period 	 of 	 solid 	 results,	
despite	challenging	market	conditions
During the period, ACM has continued to 
make strong progress, and the Board is 
pleased to report the results that have been 
achieved against a backdrop of historically 
weak freight rates. The Group’s global 
infrastructure, which has been built over 
recent years, is now well positioned to take 
advantage of existing markets as well as 
potential increases in the volume of 
commodity shipping. 
Results
The results for the year to 31 March 2011 are 
broadly in line with expectations and the Group 
is pleased to report revenue of US$45.7 million 
(2010: US$41.1 million), while profit before 
amortisation and taxation and adjusted for minority 
interest was £6.5 million (2010: £6.6 million). 
Margins have reduced mainly due to our 
investment into a new global dry cargo 
broking division.
The Group’s cash position remains strong,  
with £5.0 million and no debt (2010: £4.3 million).
Dividend
In line with the Board’s confidence in the 
longer-term prospects for the Group, the 
progressive dividend strategy has been 
maintained and the Directors are recommending 
a final dividend for the year ended 31 March 2011 
of 7.0 pence, making a total of 10.0 pence per 
share for the year (2010: 9.5 pence per share), 
which is covered two and a half times by adjusted 
earnings. The final dividend is payable on 
7 October 2011 to shareholders on the register 
as at 9 September 2011. 
Strategy
Over recent years the Board has worked hard 
to put in place the foundations for future growth, 
and the Group’s strategy is very much on track. 
With divisions performing well across our 
international offices, the Board believes that the 
Group has the right structure in place to achieve 
ACM’s stated strategy of building a successful 
global integrated shipbroking business.
The Group’s dry cargo shipbroking business, 
which was acquired in June 2010, is now 
integrating successfully. The Board is confident 
that this business will prove a good investment 
for future growth. 
The Group will be moving to new premises 
in London in August 2011, which will provide 
additional space for further expansion. 
Summary
	 	 Results 	 broadly 	 in 	 line 	 with 	 expectations
 	 	 W ell	positioned	to	take	advantage	
of	existing	markets
	 	 Final	dividend	of	7.0	pence,	making	
10.0	pence	for	the	year
	 	 T otal	dividend	covered	two	and	a	half	
times	by	earnings
		 The 	 medium 	 and 	 longer -term 	 prospects	
remain strong 05 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
Employees
The Board would like to thank all of our employees 
for their dedication and contribution to another 
year of significant achievement. ACM remains 
committed to recruiting, retaining and developing 
the best people and our committed and talented 
employees will play a critical role in the Group’s 
success going forward.
Prospects
ACM continues to be well placed to take 
advantage of the commodity markets and has 
diversified into dry cargo shipbroking which we 
expect will continue to grow and enhance our 
future earnings. The Group is also focused on 
continuing to build on its robust position in 
ACM’s core business of tanker broking.
Whilst the current trading environment remains 
challenging, the medium and longer-term 
prospects for the Group remain strong. 
Peter Sechiari
Chairman
22 July 2011
Expansion
The Board is confident that we 
currently have the right structure 
and teams in place and we 
continue to look for opportunities 
to expand our global shipbroking 
network further.
ACM’s 	 strategy 	 is	
robust 	 and 	 the 	 Group	
continues to gain 
market share across 
its 	 divisions 06 ACM Shipping Group plc Annual report and accounts 2011
Chief Executive’s review
ACM has set out its strategic aim to become 
an integrated shipbroking service provider 
and the Board feels that with a presence 
in key international markets, combined with 
its diverse operations, the Group has all of 
the fundamentals in place to achieve this. 
The Board is pleased to have achieved these 
results in a challenging market and having made 
a significant investment in our new dry cargo 
division. Despite the current global market 
conditions that are restricting ACM’s profit, the 
Board remains confident that the Group has the 
right strategy to achieve considerable growth once 
market rates improve, given the high volumes 
of fixtures that are being successfully secured. 
Spot brokerage
The spot brokerage desk, ACM’s principal business, 
which involves the hire of a ship for a single 
voyage, had a strong year with revenue up 20% 
over last year. The number of spot fixtures has 
increased by 14% compared to last year, excluding 
small tankers and dry cargo. The Group’s small 
tanker broking desk also had a successful year. 
Although rates improved in the third quarter of 
last year, they have remained weak for much 
of the period.
The volume of fixtures continues to increase, 
and our network of global offices is working 
together well in a cyclical shipping market that 
has been at its lowest level for some time. Within 
the Group there is optimism that freight rates 
will improve and ACM is well positioned to benefit 
from any upward market movements.
Time charter
The time charter business involves the long-term 
hire of tankers. As previously reported, the forward 
order book for the time charter business has 
reduced as a result of market conditions. 
Consequently this division has declined by 21%, 
as it is difficult to conclude deals at current market 
rates. However , the market structure is now showing 
signs that there will be more volume of long-term 
business concluded, which will prompt more 
charterers to secure tonnage on time charter 
and ACM expects to benefit from this. 
Sale and purchase
The sale and purchase business, which involves 
the sale and purchase of new and older ships, 
declined slightly by 5% compared to the same 
period last year , as this business was also impacted 
by the weak market conditions. The Shanghai 
office is now starting to contribute to the Group, 
and as rates improve this division should return 
to positive growth. 
Dry cargo
The acquisition of Endeavour Shipbrokers, the 
Australian dry cargo business, on 24 June 2010 
has successfully diversified the Group’s earnings 
and enhanced its offering to its clients. This 
acquisition is highly complementary to the 
Group’s new dry cargo venture in UK and China 
which was launched during the year.
The dry cargo business is performing well although 
freight rates are weak. However, the global fleets 
of dry cargo vessels are being employed and 
absorbed in line with an increase in commodity 
transportation. ACM’s expansion into Australia, 
ACM Endeavour , has performed well with the volume 
of deals meeting management expectations, 
although earnings have been affected by the 
current market rates. International synergies 
throughout our network are now occurring with 
the London, Shanghai and Australian desks 
Johnny Plumbe Chief 	 Executive
The	Group	has	achieved	good	
volumes 	 of 	 fixtures 	 during 	 the 	 period, 	
in particular a 14% increase in the 
number 	 of 	 spot 	 fixtures 	 over 	 last 	 year
Summary
	 	 The	number	of	spot	fixtures	has	
increased	by	14%
	 	 Small	tanker	broking	desk	had	
a	successful	year
	 	 New	dry	cargo	division	making	
good	progress	
	 	 Singapore	office	performing	
particularly	well	
	 	 Profit	growth	constrained	by	weak	
freight rates 07 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
starting to collaborate and this approach will be 
further strengthened with the planned opening 
of the Singapore desk in autumn 2011.
Gas/LPG
ACM is pleased with the small London-based 
broking team that the Group has set up for gas/
LPG shipbroking. This is an interesting and 
expanding area of shipping as worldwide gas 
consumption is forecast for significant growth 
in the future. ACM has ambitions for further 
expansion into gas shipbroking.
Overseas operations
One of ACM’s core strengths is the Group’s 
international presence, as it can offer its clients 
excellent local knowledge in the key regions for 
the sector, supported by global infrastructure. 
ACM’s global expansion continues with the 
Australian venture, which is integrating 
successfully into the Group, and is starting 
to work effectively with our dry cargo desks 
in London and China. Our Singapore business 
is performing particularly well following the 
Group’s investment in this region. The Group’s 
offices in India and China show considerable 
promise although expansion in these areas is 
being undertaken with caution given the 
complexities of the local markets. All of our 
international offices work closely together and 
are backed by a strong research team so as to 
provide ACM’s clients with a first class service.
Financial derivatives
The Group’s joint venture with GFI Group, Inc. (GFI) 
to conduct derivative brokerage continues to 
make steady progress and is achieving good 
volumes; however, this business is also closely 
related to freight rates, and has therefore been 
affected by the weakness in the market. This joint 
venture desk with GFI concludes some 40% of 
the world’s tanker freight derivative market and 
has proved to be of great benefit to the physical 
tanker broking desk. The Board believes that 
this business is a valuable addition to ACM’s 
offering and it continues to add value to the Group. 
The market
The strong global demand for oil continues to 
grow, and with a forecast of 1.3 million barrels 
per day growth in 2011, followed by an average 
of 1.2 million barrels per day growth over the 
subsequent five years (Source: IEA). This compares 
favourably with the average growth seen between 
2004 and 2008 of 0.8 million barrels per day. 
Comparing its outlook for oil consumption, 
local production and new refinery additions, 
the IEA has identified significant growth in 
Chinese and other non-OECD Asian demand 
for Middle Eastern and West African crude oil, 
comfortably offsetting falls it expects to see in 
OECD Asian and US imports from both regions 
and adding significantly to tanker employment. 
Japanese oil import demand has been revised 
upward since its earthquake as power-generation 
and reconstruction-related boost demand from 
both crude oil and refined products.
The Group anticipates that the majority of the 
ships over 20 years old will be prompted to exit 
the spot market over the coming five years as a 
result of the significant restrictions to trade, as 
oil majors continue to raise quality standards. 
This will be offset by the delivery of new tankers. 
ACM expects that fleet growth expectations will 
be revised downward over coming months as 
the industry comes to terms with a much slower 
pace of newbuilding deliveries. 
While the dry cargo fleet is going through a 
phase of growth there is also large expansion 
in the commodity markets especially in Australia, 
Brazil, Africa and Canada which will add demand 
to the market and increase the volume of dry 
broking business. 
Outlook
Freight rates have been at a historical low; 
however, ACM has been well positioned and 
has gained market share both organically and 
through diversification. In challenging market 
conditions, ACM has made good progress 
during the period, increasing volume of fixtures 
by 14% and strengthening its international 
presence. ACM is expanding and recruiting in 
each of its global offices and moving premises 
in London in August 2011 in order to support 
that expansion. 
The Board is confident that we currently have 
the right structure and team in place and we 
continue to look for opportunities to expand 
our global shipbroking network further. Our 
progressive dividend policy reflects the Board’s 
confidence for the future and ACM remains 
optimistic that the Group is well placed for both 
medium and longer-term growth. 
Johnny Plumbe
Chief	Executive
22 July 2011
Diversifying into dry cargo
By diversifying the Group’s 
earnings and moving into dry 
cargo, ACM is building on the 
global infrastructure that it has 
established since its inception, 
and starting to use its shipbroking 
expertise to work with all sizes of 
bulk dry cargo ships. 08 ACM Shipping Group plc Annual report and accounts 2011
Financial review
The overall effect of the change in exchange 
rates was to increase revenue by £0.5 million 
and profit before taxation by £0.1 million. 
At the year end, the Group had forward currency 
contracts to sell US$9.0 million at an average 
exchange rate of US$1.59 to £1. 
Dividends
The Directors are recommending a final 
dividend of 7.0 pence per share in respect of 
the year ended 31 March 2011 with a total cost 
of £1,283,000. Together with an interim dividend 
of 3.0 pence paid during the year, the total 
dividend in respect of the year will be 10.0 pence 
with a total cost of £1,897,000. The total dividend 
of 10.0 pence is 5% higher than the previous 
year’s full dividend of 9.5 pence per share and 
is covered almost 2.5 times by the adjusted 
earnings per share. 
Cash flow 
One of the key attributes of the Group is 
its cash-generative nature. Cash generated 
from operating activities was £5.9 million 
(2010: £2.6 million). This inflow excludes a 
further £1.3 million (2010: £1.6 million) received 
from our joint venture. The cash balance at the 
year end was £5.0 million (2010: £4.3 million).
This is after having utilised £2.3 million as the 
cash element for the acquisition of the business 
of Endeavour Shipbrokers.
Profit and earnings
Revenue in sterling increased by 13% (11% in US$), 
due to an increase in our core spot brokerage 
business and boosted by the new dry cargo 
ventures. This was offset by administrative 
overheads being 19% higher mainly as a result 
of these dry cargo ventures. This investment 
in dry cargo is anticipated to reap good rewards 
in the medium and long term.
Profit before tax and amortisation adjusted 
for minority interest for the year was £6.5 million 
for the year (2010: £6.6 million).
Basic earnings per share (EPS) was 21.7 pence 
(2010: 24.5 pence) with adjusted EPS down from 
26.3 pence to 24.8 pence. On a diluted basis, 
EPS was 21.6 pence and 24.7 pence adjusted.
The effective taxation rate was 29.4% 
(2010: 30.3%).
Profit attributable to equity shareholders was 
£4.0 million (2010: £4.3 million).
Foreign exchange
The bulk of the Group’s income is denominated 
in US dollars. The average effective exchange 
rate for the 2010/2011 year was US$1.56 
compared with US$1.59 for the previous year, 
while the rate at 31 March 2011 was US$1.60 
compared with US$1.52 at 31 March 2010. 
Summary
  Revenue increasing 
	 	 Good	profit	despite	weak	freight	rates
	 	 Dividends	up	5%	year	on	year
  Strong cash position
Ian Hartley Finance 	 director
Our	progressive	dividend	policy	
reflects 	 the 	 Board’s 	 confidence 	 for 	
the 	 future 	 and 	 ACM 	 remains 	 optimistic	
that 	 the 	 Group 	 is 	 well 	 placed 	 for 	 both	
medium 	 and 	 longer -term 	 growth 09 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
Balance sheet 
The value of net assets at the balance sheet date 
increased to £19.9 million (2010: £13.3 million).
Included within non-current assets is £15.8 million 
(2010: £10.2 million) for intangible assets which 
resulted from acquisitions. The increase during 
the year arose from acquisition of the business 
of Endeavour Shipbrokers.
The pension deficit for the defined benefit 
scheme has decreased to £0.3 million from 
£2.1 million. The decrease is primarily due to  
a change in the assumptions relating to future 
increases in benefits. A deferred tax asset of 
£0.1 million (2010: £0.6 million) exists as a 
result of this liability. This scheme is closed to 
new members. On the back of a full actuarial 
valuation as at 31 March 2008, the Group has 
agreed to make additional contributions of 
£300,000 per annum to the pension scheme. 
Trade and other payables have increased by 
approximately £0.3 million. This mainly relates 
to a higher bonus accrual at the year end which 
is due to timing of bonus payments.
During the year the Group acquired 119,000 of 
its own shares through its Employee Share Option 
Plan. The cost of shares acquired is shown on 
the balance sheet within the ESOP reserve which 
is shown as a deduction from equity. The plan 
owns 489,000 shares of the Group.
Profit before amortisation and tax 
adjusted for minority interest (£m)
£6.5m
6.5 24.8 6.6
8.7
5.5
2011 2010 2009 2008 2007 2011 2011 2010 2010 2009 2009 2008 2008 2007 2007
3.7
Key performance indicators
Adjusted EPS (p) Dividends per share (p)
24.8p 10.0p
10.0
26.3
9.5
35.9
8.5
22.3
6.0
14.9
2.0
Dividends
The Directors are recommending 
a final dividend of 7.0 pence per 
share in respect of the year ended 
31 March 2011 with a total cost 
of £1,283,000. Together with an 
interim dividend of 3.0 pence paid 
during the year, the total dividend in 
respect of the year will be 10.0 pence 
with a total cost of £1,897,000.
Risk management
The Board seeks to identify and monitor risks 
facing the business.
Foreign 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 March 31 2011 the Group 
had forward foreign exchange contracts in place 
to sell US$9.0 million (2010: US$9.0 million) at 
an average rate of US$1.59 (2010: US$1.60) 
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 the Group did not 
hold any net debt and has adequate cash 
resources to meet its ongoing requirements.
Interest rate risk – the Group has exposure 
to movements in interest rates in respect of 
its deposits. All deposits are made with 
reputable banks.
Ian Hartley
Finance	director
22 July 2011 10 ACM Shipping Group plc Annual report and accounts 2011
Board of Directors and advisers
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.
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 a past president 
of the Institute of Marine Engineers Science and Technologists. He was 
elected sheriff in the City of London in 2004.
John (“ Johnny”) Plumbe
Chief Executive
Johnny has been with the Group for 28 years. He has been a specialist 
in large tanker brokering for 37 years, dealing with the major oil companies 
such as BP , Shell, Vela and traders Vitol and many owners such as Embiricos, 
Goulandris, Lemos, Frontline, Pacific Star and NSCSA. He is involved 
in time charters, projects and sale and purchase.
Company secretary
Ian Hartley
Registered office
Kinnaird House, 1 Pall Mall, London SW1Y 5AU 
Email:  investors@acmshipping.co.uk 
Web:  www.acmshippinggroup.com
Registered number
5990315 
Nominated adviser and broker
Execution Noble & Company Limited
10 Paternoster Square, London EC4M 7AL
Statutory auditor
RSM 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
Financial PR
Abchurch Communications
125 Old Broad Street, London EC2N 1AR 
Telephone:  +44 (0)20 7398 7700 
Email:  joanne.shears@abchurch-group.com
Registrar
Capita Registrars Ltd
The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU 
Telephone: 0871 664 0300* 
Fax:   +44 (0)20 8639 2342 
Telephone: +44 (0)20 8639 3399 (overseas) 
Email:  ssd@capitaregistrars.com
*  Calls cost 10 pence per minute plus network charges. 11 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
Timothy Jaques
Director (non-executive)
Timothy has 45 years of experience of shipbroking in dry cargo, tanker 
chartering and sale and purchase. For the past 30 years he was commercial 
director for Greek Shipowners Embiricos; prior to that he was a partner 
with J.C. O’Keefe Ltd specialist sale and purchase brokers in London. 
He was commercial manager of shipping for a major American trader 
and refiner, Koch Industries. He is a Liveryman with the Guild of Shipwrights 
and a Freeman of the City.
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.
James Gundy
Chief Operating Officer
James has been with ACM for 19 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 Total, CPC, Euronav, Arcadia, Great Elephant Corporation, 
Glafki and Frontline.
Jürgen Breuer
Director (non-executive)
Jürgen has over 18 years of front line and managerial experience of 
brokering in financial markets, commodities and shipbroking. His career 
started as a junior bond market option dealer for Société Générale on the 
MATIF floor in 1991 which, following dealer appointments at Citibank and 
Sal Oppenheim, led to a career building interest rate products and freight 
swap brokering businesses for GFI Group Inc (GFI). GFI is a leading 
provider of wholesale brokerage which serves the global financial 
markets and is listed on the NYSE.
In October 2003, Jürgen commenced the successful build up of GFI Asia, 
managing offices in Hong Kong, Singapore, Seoul, Sydney, Tokyo and 
Shanghai. During this time, he managed cash and derivatives broking 
desks across all asset classes (foreign exchange, equities, credit, freight) 
including dry and wet shipping derivatives brokering. In late 2007, Jürgen 
ran global e-commerce at GFI until his retirement in October 2008. 12 ACM Shipping Group plc Annual report and accounts 2011
Directors’ report
The Directors present their report and the financial statements of the Company for the year ended 31 March 2011.
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, 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 3.0 pence per share was paid on 26 February 2011. The Directors are recommending a final dividend of 7.0 pence per share 
payable on 7 October 2011 to shareholders on the register as at 9 September 2011.
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
         2011 2010
PG Sechiari        153,000 153,000
DB Cobb        4,000 4,000
TW Jacques (appointed 30 November 2010)        — —
JH Breuer (appointed 2 February 2011)        — —
JL Plumbe         775,000 769,000
JCD Gundy        1,225,000 1,225,000
IM Hartley        6,000 —
TJM Chadwick (resigned 30 September 2010)        — —
None of the Directors have any non‑beneficial interests.
John Plumbe had an interest in 63,172 LTIP shares. John Plumbe, James Gundy and Ian Hartley had an interest in 5,084, 10,500 and 53,745 share 
options respectively, details of which are given in the Directors’ remuneration report.
Further information on the Directors is given on pages 10 and 11.
Between 31 March 2011 and 22 July 2011 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.
Substantial shareholdings
At 1 July 2011 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 6.3%
MAC Rudd        1,225,000 6.3%
BAL Peck        995,000 5.1%
APG Wakely        622,000 3.2%
L Maze        613,000 3.1%
Others  
GFI Holdings Ltd         1,419,600 7.3%
Axa Framlington         895,782 4.6% 13 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
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 Accounts and the Group and parent company financial statements in accordance 
with applicable law and regulations.
Company law requires the Directors to prepare Group and parent company financial statements for each financial year. As required by the AIM Rules 
of the London Stock Exchange they are required to prepare the Group financial statements in accordance with IFRS as adopted by the European Union 
and applicable law.
Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state 
of affairs of the Group and parent company and of their profit or loss for that period. In preparing each of the Group and parent company 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 they have been prepared in accordance with IFRS as adopted by the European Union; and
  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the parent company 
will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent company’s and the Group’s 
transactions and disclose with reasonable accuracy at any time the financial position of the Group and parent company and enable them to ensure that 
its financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them 
to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. 
Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Insofar as the Directors, individually, are aware:
 there is no relevant audit information of which the Company’s auditor is unaware; and
  the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish 
that the auditor is aware of that information.
Donations 
During the year the Group made charitable donations of £43,990 (2010: £37,951).
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) a number of resolutions will be proposed. Details of these resolutions together with explanatory notes 
can be found in the enclosed notice of meeting.
Auditor
RSM T enon Audit Limited has expressed its willingness to continue in office and a resolution to re‑appoint them will be proposed at the AGM.
Signed by order of the Board
Ian Hartley
Company secretary
22 July 2011 14 ACM Shipping Group plc Annual report and accounts 2011
Corporate 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 four 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 four 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 15.
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 reviews 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.  15 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
Directors’ remuneration report
Remuneration committee
The remuneration committee consists of the non‑executive Directors: currently Peter Sechiari (as Chairman), David Cobb, Timothy Jaques and 
Jürgen Breuer. 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  Total Total
     and fees in‑kind bonus contributions 2011 2010
     £000 £000 £000 £000 £000 £000
Executive Directors      
JL Plumbe    170 15 324 — 509 515
JCD Gundy    100 12 559 21 692 764
IM Hartley    100 3 97 12 212 219
Non‑executive Directors      
PG Sechiari*    68 — — — 68 76
TJM Chadwick    14 — — — 14 28
DB Cobb    29 — — — 29 28
TW Jaques     10 — — — 10 —
JH Breuer    5 — — — 5 —
Total     496 30 980 33 1,539 1,630
* The fees payable to Peter Sechiari include £34,000 for his fees as a non‑executive Director and £34,000 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 the remuneration packages of executive Directors and senior 
management is 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 and the non‑executive Directors do not participate in the Group’s pension schemes.  16 ACM Shipping Group plc Annual report and accounts 2011
Directors’ remuneration report continued
Share incentives
John Plumbe and Ian Hartley both exercised their option granted under the Sharesave scheme in January 2011. Each exercise was for 6,000 shares 
at an option price of 160 pence.
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 option price 
was the mid‑market price at the date of the award.
The following Director was granted options at an option price of 160 pence under the Sharesave scheme in January 2008:
 James Gundy  –  granted 10,500 options maturing in 2013.
The mid‑market price at the date of grant of the options under the Sharesave scheme was 199 pence.
The following Directors were granted options at an option price of 177 pence under the Sharesave scheme in January 2011:
 John Plumbe  –  granted 5,084 options maturing in 2014.
 Ian Hartley  –  granted 5,084 options maturing in 2014.
The following Director was granted options under the LTIP scheme in January 2009:
 John Plumbe  –  will be eligible to exercise 63,172 shares in January 2012. These were shares earned 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. 17 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
Independent auditor’s report
to 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 2011 
which comprise the consolidated income statement, the consolidated statement of comprehensive income, the balance sheets, the statements of changes in equity , 
the cash flow statements, and the related notes. We have also audited the information in the Directors’ remuneration report that is described as having been audited . 
The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRS) as adopted 
by the European Union and as regards the parent company financial statements as applied in accordance with the provisions of the Companies Act 2006.
This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. 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. T o 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 explained more fully in the Directors’ responsibilities statement set out on page 13, the Directors are responsible for the preparation of the financial statements 
and for being satisfied that they give a true and fair view. Our responsibility is to audit the financial statements in accordance with applicable law and International 
Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance 
that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of:
  whether the accounting policies are appropriate to the Group’s and the parent company’s circumstances and have been consistently applied 
and adequately disclosed; 
 the reasonableness of significant accounting estimates made by the Directors; and 
 the overall presentation of the financial statements.
Opinion on financial statements
In our opinion:
  the financial statements give a true and fair view of the state of the Group’s and the parent company’s affairs as at 31 March 2011 and of the Group’s 
profit for the year then ended;
 the financial statements have been properly prepared in accordance with IFRS as adopted by the European Union; 
  the parent company financial statements have been properly prepared in accordance with IFRS as adopted by the European Union and as applied 
in accordance with the provisions of the Companies Act 2006; and
  the financial statements have been prepared in accordance with the requirements of the Companies Act 2006 and, as regards the Group financial 
statements, Article 4 of the IAS Regulation.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion:
 the part of the Directors’ remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006; and
  the information given in the Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following:
Under the Companies Act 2006 we are required to report to you if, in our opinion:
 adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; 
  the parent company financial statements and the part of the Directors’ remuneration report to be audited are not in agreement with the accounting 
records and returns; 
 certain disclosures of Directors’ remuneration specified by law are not made; or
 we have not received all the information and explanations we require for our audit. 
Malcolm Pirouet
Senior Statutory Auditor
For and on behalf of RSM Tenon Audit Limited, Statutory Auditor 
66 Chiltern Street 
London W1U 4JT
22 July 2011 18 ACM Shipping Group plc Annual report and accounts 2011
Consolidated income statement
year ended 31 March 2011
         2011 2010
        Note £000 £000
Revenue       2 29,257 25,852
Administrative expenses        (24,469) (20,547)
Amortisation of intangible assets       11 (800) (436)
         3,988 4,869
Share of operating profit in joint venture       5 1,174 1,325
Operating profit        5,162 6,194
Net interest        6 138 (27)
Profit before taxation        5,300 6,167
Taxation        7 (1,558) (1,870)
Profit for the year         3,742 4,297
Minority interest       8 287 —
Profit attributable to equity shareholders        4,029 4,297
   
Earnings per share       9  
Basic         21.7p 24.5p
Fully diluted        21.6p 24.4p
All of the activities are classed as continuing.
The notes on pages 23 to 40 form part of the financial statements.
Consolidated statement of comprehensive income
year ended 31 March 2011
         2011 2010
         £000 £000
Profit for the year        4,029 4,297
Actuarial loss in respect of defined benefit pension scheme       1,337 (1,264)
Deferred tax in respect of defined benefit pension scheme       (374) 354
Exchange differences on translation of foreign operations       454 50
Currency reserve        159 (155)
Deferred tax on currency reserve        (45) 41
Total comprehensive income for the year attributable to equity shareholders     5,560 3,323
The notes on pages 23 to 40 form part of the financial statements.
The Company had no income other than its profit for the year. 19 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
Balance sheets
as at 31 March 2011
Registered number 5990315
       Group  Company
       2011 2010 2011 2010
      Note £000 £000 £000 £000
Non‑current assets      
Property, plant and equipment     10 450 393 — —
Intangible assets     11 15,805 10,183 — —
Investments      12 1,050 1,208 9,727 9,727
Deferred tax asset     13 373 598 — 160
       17,678 12,382 9,727 9,887
Current assets      
Trade and other receivables     14 5,291 5,850 12 22
Cash and cash equivalents      4,955 4,266 5 2
       10,246 10,116 17 24
Total assets      27,924 22,498 9,744 9,911
Current liabilities     
Trade and other payables     15 (6,321) (6,046) (411) (3,608)
Current tax payable       (750) (1,014) — —
       (7,071) (7,060) (411) (3,608)
Non‑current liabilities      
Deferred tax liabilities     13 (649) — (63) —
Pension liability     16 (319) (2,089) — —
       (968) (2,089) (63) —
Total liabilities      (8,039) (9,149) (474) (3,608)
Net assets      19,885 13,349 9,270 6,303
Capital and reserves      
Share capital      17 196 177 196 177
Share premium account      6,823 3,730 6,823 3,730
ESOP reserve     18 (1,289) (1,025) — —
Retained earnings      13,720 10,125 1,404 1,815
Other reserves      435 342 847 581
Total equity      19,885 13,349 9,270 6,303
These financial statements were approved by the Board on 22 July 2011 and are signed on its behalf by:
John Plumbe Ian Hartley
Director Director
The notes on pages 23 to 40 form part of the financial statements.  20 ACM Shipping Group plc Annual report and accounts 2011
Statements of changes in equity
as at 31 March 2011
     Share Share ESOP Retained Other 
     capital premium reserve earnings  reserves Total
Group     £000 £000 £000 £000 £000 £000
Balance at 1 April 2009     176 3,730 — 8,219 62 12,187
Profit for the year    — — — 4,297 — 4,297
Dividends to equity shareholders    — — — (1,531) — (1,531)
Actuarial loss in respect of defined benefit pension scheme     — — — (1,264) — (1,264)
Deferred tax in respect of defined benefit pension scheme   — — — 354 — 354
ESOP shares acquired     — — (1,025) — — (1,025)
Currency translation differences     — — — 50 — 50
Currency reserve    — — — — (155) (155)
Deferred tax on currency reserve    — — — — 41 41
Issue of shares    1 — — — — 1
Fair value of share‑based payments    — — — — 394 394
Balance at 31 March 2010     177 3,730 (1,025) 10,125 342 13,349
Profit for the year    — — — 4,029 — 4,029
Dividends to equity shareholders    — — — (1,851) — (1,851)
Actuarial gain in respect of defined benefit pension scheme    — — — 1,337 — 1,337
Deferred tax in respect of defined benefit pension scheme   — — — (374) — (374)
ESOP shares acquired     — — (264) — — (264)
Currency translation differences     — — — 454 — 454
Currency reserve    — — — — 159 159
Deferred tax on currency reserve    — — — — (45) (45)
Issue of shares    19 3,093 — — — 3,112
Minority interest    — — — — (287) (287)
Treasury shares acquired    — — — — (1) (1)
Fair value of share‑based payments    — — — — 267 267
Balance at 31 March 2011    196 6,823 (1,289) 13,720 435 19,885
       21 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
      Share Share Retained Other 
      capital  premium earnings  reserves Total
Company     £000 £000 £000 £000 £000
Balance at 1 April 2009      176 3,730 1,776 187 5,869
Profit for the year     — — 1,570 — 1,570
Dividends to equity shareholders     — — (1,531) — (1,531)
Issue of shares     1 — — — 1
Fair value of share‑based payments     — — — 394 394
Balance at 31 March 2010      177 3,730 1,815 581 6,303
Profit for the year     — — 1,440 — 1,440
Dividends to equity shareholders     — — (1,851) — (1,851)
Issue of shares     19 3,093 — — 3,112
Treasury shares acquired     — — — (1) (1)
Fair value of share‑based payments     — — — 267 267
Balance at 31 March 2011     196 6,823 1,404 847 9,270
Other reserves are made up of:
       Group  Company
       2011 2010 2011 2010
       £000 £000 £000 £000
Merger reserve      (135) (135) — —
Currency reserve      10 (104) — —
Minority interest      (287) — — —
Treasury shares       (1) — (1) —
Share‑based payment reserve      848 581 848 581
       435 342 847 581
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 treasury reserve arises from where the Company acquired shares in itself.
The notes on pages 23 to 40 form part of the financial statements.  22 ACM Shipping Group plc Annual report and accounts 2011
Cash flow statements
year ended 31 March 2011
       Group  Company
       2011 2010 2011 2010
       £000 £000 £000 £000
Profit before taxation      5,300 6,167 1,288 1,386
Depreciation      233 227 — —
Net interest      (138) 27 — —
Share of operating profit in joint venture      (1,174) (1,325) — —
Amortisation of intangibles      800 436 — —
Share‑based payments      267 394 267 394
Operating cash flow before changes in working capital and provisions    5,288 5,926 1,555 1,780
Decrease in trade and other receivables      559 148 10 (8)
Increase/(decrease) in trade and other payables     409 (3,073) 219 (240)
Provision for pension scheme costs      162 76 — —
Pension scheme contributions paid      (476) (510) — —
Cash generated from operating activities      5,942 2,567 1,784 1,532
Taxation paid      (1,922) (2,247) — —
Net cash from operating activities      4,020 320 1,784 1,532
Cash flows from investing activities    
Purchase of property and equipment      (219) (70) — —
Acquisition of business       (2,342) — — —
Amounts received from joint venture      1,256 1,610 — —
Interest received      19 26 — —
Net cash used in investing activities      (1,286) 1,566 — —
Cash flows from financing activities    
Dividends paid      (1,851) (1,531) (1,851) (1,531)
Shares acquired for ESOP      (264) (1,025) — —
Shares acquired by treasury      (1) — (1) —
Issue of new shares      71 1 71 1
Net cash used in financing activities      (2,045) (2,555) (1,781) (1,530)
Net increase/(decrease) in cash and cash equivalents     689 (669) 3 2
Cash and cash equivalents at the beginning of the year     4,266 4,935 2 —
Cash and cash equivalents at the end of the year     4,955 4,266 5 2
The notes on pages 23 to 40 form part of the financial statements.
 
  23 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
Notes to the financial statements
year ended 31 March 2011
1. Accounting policies 
(a) Basis of accounting
These financial statements have been prepared in accordance with the Companies Act 2006 and those European Union endorsed IFRS and IFRIC 
interpretations issued and effective or issued and early adopted as at the time of preparing these statements (July 2011). 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 408 of the Companies Act 2006. 
(b) Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and enterprises controlled by the Company (and its 
subsidiaries) made up to 31 March each year. Control is achieved where the Company has the power to govern the financial and operating policies 
of an investee enterprise so as to obtain benefits from its activities.
On acquisition, the identifiable assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. 
The interest of minority shareholders is stated at the minority’s proportion of the fair values of the identifiable assets, liabilities and contingent 
liabilities recognised.
The results of subsidiaries acquired during the year are included in the consolidated income statement from the effective date of acquisition.
(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 –  over the life of the lease
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 obligation at the balance sheet date less the fair value of the scheme’s assets. The present value of the defined benefit 
obligation is 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 comprehensive income 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. 
(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. 24 ACM Shipping Group plc Annual report and accounts 2011
Notes to the financial statements continued
year ended 31 March 2011
1. Accounting policies continued
(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. 
A joint venture is a contractual arrangement whereby the Group and other parties undertake an economic activity which is subject to joint control.
(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) Other 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 up to four years and the customer relationships is ten years.
(m) Share‑based payments
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.
The Company’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. 25 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
1. Accounting policies continued
(n) Financial instruments continued
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.
(o) Own shares held by ESOP
Transactions of the Group‑sponsored ESOP are treated as being those of the Group and are therefore reflected in the Group’s financial statements. 
In particular, the plan’s purchases of shares in the Company are debited directly to equity.
(p) Adopted IFRS not yet applied
The following standards and interpretations were in issue at the date of approval of these financial statements but not yet effective:
 IFRS 1  First‑time adoption of international financial reporting standards (revised May 2010);
 IFRIC 19  Extinguishing financial liabilities with equity instruments (new IFRIC);
 IFRIC 14  IAS 19 – The limit on a defined benefit asset, minimum funding requirements and their interaction (revised July 2010);
 IAS 24  Related party disclosures (revised July 2010);
 IFRS 3  Business combinations (revised May 2010);
 IFRS 7  Financial instruments: Disclosures (revised May 2010);
 IFRS 1   First‑time adoption of international financial reporting standards (revised May 2010);
 IAS 1  Presentation of financial statements (revised May 2010);
 IAS 34  Interim financial reporting (revised May 2010);
 IFRIC 13  Customer loyalty programmes (revised May 2010);
 IFRS 7  Amendments to IFRS 7: Disclosures – transfers of financial assets (revised October 2010);
 IFRS 1  Amendments to IFRS 1: Severe hyperinflation and removal of fixed dates for first‑time adopters (revised December 2010);
 IAS 12  Deferred tax: Recovery of underlying assets (revised December 2010);
 IFRS 9  Financial instruments (revised October 2010);
 IFRS 10  Consolidated financial statements (revised May 2011);
 IFRS 11  Joint arrangements (revised May 2011);
 IFRS 12  Disclosure of interests in other entities (revised May 2011);
 IFRS 13  Fair value measurement (revised May 2011);
 IAS 27  Separate financial statements (revised May 2011); 
 IAS 28  Investments in associates and joint ventures (revised May 2011);
 IAS 1  Presentation of items of other comprehensive income (revised June 2011); and
 IAS 19 Employee benefits (revised June 2011). 26 ACM Shipping Group plc Annual report and accounts 2011
Notes to the financial statements continued
year ended 31 March 2011
2. Segmental reporting
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 revenue:
         2011 2010 
         £000 £000
Tanker broking:  
 Spot brokerage        13,530 10,997
 Time charter        6,560 8,073
 Demurrage        1,285 1,419
 Sale and purchase        5,140 5,363
         26,515 25,852
Dry cargo broking        2,742 —
         29,257 25,852
Analysis of Group profit before taxation and minority interest:
         2011 2010 
         £000 £000
Tanker broking        6,150 6,194
Dry cargo broking        (988) —
         5,162 6,194
Interest        138 (27)
         5,300 6,167
Analysis of Group profit before amortisation and taxation adjusted for minority interest:
         2011 2010 
         £000 £000
Profit before taxation        5,300 6,167
Add back: Amortisation of intangible assets        800 436
Minority interest (note 8)        382 —
         6,482 6,603
Tanker broking        6,466 6,630
Dry cargo broking        (122) —
         6,344 6,630
Interest        138 (27)
         6,482 6,603 27 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
3. Operating profit
Operating profit is stated after charging:
         2011 2010 
         £000 £000
Depreciation of property, plant and equipment        233 227
Amortisation of intangible assets (see note 11)        800 436
Operating lease costs        722 644
Remuneration of the auditor:  
– audit of the Company        10 9
– audit of subsidiaries        23 16
– audit of pension schemes        6 5
– taxation services        — 12
– other services        — 9
4. Staff costs
The average number of persons employed by the Group during the year was as follows:
         2011 2010 
         Number Number
Office and administration        131 96
The aggregate payroll costs of the above were:
         2011 2010 
        Note £000 £000
Salaries         16,485 14,250
Social security costs        1,736 1,569
Pension costs       16 731 668
Share‑based payments       20 267 394
         19,219 16,881
The remuneration of the key management, which were the Directors, was as follows:
         2011 2010 
         £000 £000
Salaries and short‑term benefits        1,539 1,630
Share‑based payments        (18) 119
         1,521 1,749
Further analysis of Directors’ remuneration, pension contributions and share options is shown within the Directors’ remuneration report.
5. Joint venture 
         2011 2010 
         £000 £000
Share of operating profit of joint venture        1,174 1,325
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.
6. Net interest 
         2011 2010 
        Note £000 £000
Bank interest        19 26
Pension: expected return on plan assets less interest on obligation     16 119 (53)
         138 (27) 28 ACM Shipping Group plc Annual report and accounts 2011
Notes to the financial statements continued
year ended 31 March 2011
7. Taxation 
(a) Analysis of charge in the year
         2011 2010 
        Note £000 £000
UK corporation tax        1,905 1,943
Over provision for previous years        (25) —
Current taxation         1,880 1,943
Deferred taxation        7(c) (322) (73)
        7(b) 1,558 1,870
(b) Factors affecting tax charge
         2011 2010 
        Note £000 £000
Profit before taxation        5,300 6,167
Profit at current tax rate in UK of 28% (2010: 28%)       1,484 1,727
Effects of:
– expenses not deductible for tax purposes        217 211
– unrelieved losses in overseas subsidiaries        — 13
– different tax rates and utilisation of losses in overseas subsidiaries      (124) (84)
– adjustment in respect of prior years        (25) —
– other        6 3
        7(a) 1,558 1,870
(c) Deferred taxation
         2011 2010 
        Note £000 £000
Depreciation in excess of capital allowances        6 (23)
Other timing differences        (45) 4
Timing differences in respect of share‑based payments       — (110)
Timing difference in respect of amortisation of intangibles       (173) (51)
Timing differences in respect of payments to pension scheme      129 107
Minority interest        (239) —
        7(a)/13(c) (322) (73)
8. Minority interest
Analysis of minority interest before and after taxation:
         2011 2010 
         £000 £000
Before taxation        382 —
Taxation        (95) —
After taxation        287 —
The Group has 60% investment in ACM Shipping Dry Cargo Limited, a company set up in April 2010 to act as shipbrokers in the dry cargo market. 
The minority interest represents the 40% share of the income statement allocated to the minority equity. 29 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
9. 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.
         2011 2010 
         £000 £000
Earnings 
Earnings for the year        4,029 4,297
Adjustment for amortisation of intangibles        800 436
Adjustment for taxation impact of amortisation of intangibles       (234) (122)
Earnings for adjusted EPS        4,595 4,611
         Number Number
Number of shares  
Weighted average number of shares        18,545,836 17,540,144
Dilutive effect of share plans        94,163 103,898
Diluted weighted average number of shares        18,639,999 17,644,042
The weighted average number of shares excludes those held by Employee Share Ownership Plan and those held in treasury.
         2011 2010 
         Pence Pence
EPS  
Basic        21.7 24.5
Diluted        21.6 24.4
Adjusted        24.8 26.3
Adjusted diluted        24.7 26.1
10. Property, plant and equipment
(a) Group
         Office and  
        Leasehold computer  
        improvements equipment Total 
        £000  £000  £000 
Cost 
At 1 April 2010        508 922 1,430
Additions        50 169 219
Acquisitions       — 71 71
Disposals       — (163) (163)
At 31 March 2011       558 999 1,557
Depreciation
At 1 April 2010        383 654 1,037
Charge for the year       100 133 233
Disposals       — (163) (163)
At 31 March 2011       483 624 1,107
Net book value
At 31 March 2011       75 375 450 30 ACM Shipping Group plc Annual report and accounts 2011
Notes to the financial statements continued
year ended 31 March 2011
10. Property, plant and equipment continued
(a) Group continued
         Office and  
        Leasehold computer  
        improvements equipment Total 
        £000  £000  £000 
Cost 
At 1 April 2009       502 885 1,387
Additions        6 64 70
Disposals       — (27) (27)
At 31 March 2010       508 922 1,430
Depreciation
At 1 April 2009       290 547 837
Charge for the year       93 134 227
Disposals       — (27) (27)
At 31 March 2010       383 654 1,037
Net book value
At 31 March 2010       125 268 393
(b) Company
The Company did not own any property and equipment at any time during the year.
11. Intangible assets 
        Other Goodwill Total 
        £000 £000 £000
Cost   
At 1 April 2010       2,960 8,929 11,889
Acquisition of a business (note 27)       1,802 4,100 5,902
Exchange        157 390 547
At 31 March 2011       4,919 13,419 18,338
Amortisation
At 1 April 2010       1,706 — 1,706
Amortisation during the year       800 — 800
Exchange       27 — 27
At 31 March 2011       2,533 — 2,533
Net book value
At 31 March 2011       2,386 13,419 15,805 31 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
11. Intangible assets continued
        Other Goodwill Total 
        £000 £000 £000
Cost   
At 1 April 2009       2,960 8,929 11,889
Acquisition of a business       — — —
At 31 March 2010       2,960 8,929 11,889
Amortisation   
At 1 April 2009       1,270 — 1,270
Amortisation during the year       436 — 436
At 31 March 2010       1,706 — 1,706
Net book value    
At 31 March 2010       1,254 8,929 10,183
Other intangible assets consist of forward order book and customer relationships.
All amortisation charges in the year have been charged through administrative expenses. 
Goodwill is allocated to cash‑generating units which are tested for impairment at least annually. 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:
  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;
 the period over which cash flows are projected based on financial budgets approved by the Board is one year; and
 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.
12. Investments
(a) Group
The Group’s investments were as follows:
         2011 2010 
         £000 £000
Investments         1,050 1,050
Investment in joint venture         — 158
At 31 March         1,050 1,208
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) Company
The Company’s investments represent investments in subsidiaries as follows:
         2011 2010 
         £000 £000
At 1 April and at 31 March        9,727 9,727
The Company has a wholly owned subsidiary, ACM Shipping Limited, a company incorporated in England. ACM Shipping Limited has four wholly owned 
subsidiaries, ACM Shipping Asia Pte Limited, ACM Shipping India Limited, ACM Shipping CIS Limited and ACM Shipping Endeavour Holdings Pty Limited. 
These companies are incorporated in Singapore, India, England and Australia respectively. It also owns 60% of ACM Shipping Dry Cargo Limited, 
a company incorporated in England.
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 2011. 32 ACM Shipping Group plc Annual report and accounts 2011
Notes to the financial statements continued
year ended 31 March 2011
13. Deferred tax 
The deferred tax asset consists of the tax effect of timing differences in respect of:
       Group  Company
       2011 2010 2011 2010 
       £000 £000 £000 £000
Pension liability      82 585 — —
Share‑based payments      — 160 — 160
Currency reserve      — 41 — —
Excess of capital allowances over depreciation      — 1 — —
Minority interest      239 — — —
Other timing differences      52 23 — —
Intangible assets      — (212) — —
At 31 March 2011      373 598 — 160
The deferred tax liabilities consist of the tax effect of temporary differences in respect of:
       Group  Company
       2011 2010 2011 2010 
       £000 £000 £000 £000
Excess of capital allowances over depreciation      5 — — —
Intangible assets      614 — — —
Share‑based payments       63 — 63 —
Currency reserve      4 — — —
Other timing differences      (37) — — —
       649 — 63 —
(a) The movement in the deferred tax asset during the year was:
       Group  Company
       2011 2010 2011 2010 
      Note £000 £000 £000 £000
At 1 April 2010      598 338 160 50
Transfer current tax      (223) — — —
Charge to income statement     13(c) 417 (135) (160) 110
Charge to statement of comprehensive income       (419) 395 — —
At 31 March 2011      373 598 — —
(b) The movement in the deferred tax liabilities during the year was:
       Group  Company
       2011 2010 2011 2010 
      Note £000 £000 £000 £000
At 1 April 2010      — 208 — —
Charge to income statement     13(c) (95) (208) 63 —
Increase due to business combination     27 520 — — —
Exchange difference      34 — — —
At 31 March 2011      649 — 63 — 33 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
13. Deferred tax continued
(c) Total credit to income statement:
       Group  Company
       2011 2010 2011 2010 
      Note £000 £000 £000 £000
Movement in deferred tax liability     12(b) (95) 208 63 —
Movement in deferred asset     12(a) 417 (135) (160) 110
Credit to income statement     7(c) 322 73 (97) 110
14. Trade and other receivables
       Group  Company
       2011 2010 2011 2010 
       £000 £000 £000 £000
Trade receivables      4,492 5,254 — —
Amounts owed by Group undertakings      — — — 22
Other receivables      799 596 12 —
       5,291 5,850 12 22
The ageing profile of Group trade receivables was as follows: 
       2011 2010 
       £000 £000
Up to 3 months      3,484 3,590
3 to 6 months       554 497
6 to 12 months       655 918
Over 12 months       332 637
        5,025 5,642
Less impairment       (533) (388)
       4,492 5,254
The movements on provisions for impairment of Group trade receivables were as follows:
       2011 2010 
       £000 £000
At 1 April 2010      388 276
Charge for the year       145 112
At 31 March 2011       533 388
15. Trade and other payables
       Group  Company
       2011 2010 2011 2010 
       £000 £000 £000 £000
Trade payables      585 1,393 — —
Other taxation and social security      1,659 2,414 — —
Accruals and deferred income      4,077 2,239 26 23
Amounts owed to Group undertakings      — — 385 3,585
       6,321 6,046 411 3,608
The amounts included in trade and other payables are due to be paid within twelve months. 34 ACM Shipping Group plc Annual report and accounts 2011
Notes to the financial statements continued
year ended 31 March 2011
16. Pension commitments
The Group operates a defined benefit scheme in the UK which is closed to new members. The Group also operates stakeholder schemes 
and contributes to independent funds on behalf of certain of the Group’s employees.
The operating charge for pension costs in the year is:
         2011 2010 
         £000 £000
UK defined benefit scheme        162 76
Defined contribution schemes         569 592
         731 668
The last full funding valuation on the defined benefit scheme was carried out as at 31 March 2008. A qualified independent actuary has carried out 
a valuation for IAS 19 purposes as at 31 March 2011 to obtain the figures in this disclosure note. The figures for the year ended 31 March 2010 have 
also been included for comparison.
The projected unit valuation method has been used. 
The principal actuarial assumptions at the balance sheet date were:
         2011 2010
Economic assumptions  
Discount rate        5.6% pa 5.6% pa
Price inflation (RPI)        3.6% pa 3.7% pa
Price inflation (CPI)        2.9% pa n/a
Rate of salary growth        5.6% pa 5.7% pa
Pension increase:  
– RPI increases subject to a maximum of 2.5% pa       2.1% pa 2.3% pa
– RPI increases subject to a maximum of 3.0% pa       2.4% pa 2.7% pa
– RPI increases subject to a maximum of 5.0% pa       2.9% pa 3.5% pa
Discretionary pension increases        0.0% pa 0.0% pa
Expected return on assets  
Diversified Growth Fund (DGF)        7.6% pa 7.7% pa
Cash        4.4% pa 4.5% pa
Demographic assumptions
Average expected remaining life of:
– 60 year old non‑retired male        28.2 yrs 28.1 yrs
– 60 year old retired male        27.1 yrs 27.0 yrs
– 60 year old non‑retired female        30.5 yrs 30.4 yrs
– 60 year old retired female        29.5 yrs 29.4 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 7.6% pa reflects 
historic returns on underlying assets and is within the range of assumptions typically used by other companies. The expected long‑term rate of return 
on cash of 4.4% pa is based upon the gross redemption yield available on long‑dated gilts. 35 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
16. Pension commitments continued
Employee benefit obligations
The amounts recognised in the balance sheet are as follows:
         2011 2010 
         £000 £000
Present value of funded obligations        12,322 12,712
Fair value of plan assets        (12,003) (10,623)
Net liability        319 2,089
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:
         2011 2010 
         £000 £000
Current service cost (excluding employee contributions)*       162 76
Interest on obligation        716 591
Expected return on plan assets        (835) (538)
Total recognised in income statement         43 129
Actual return on plan assets        931 2,789
* 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 comprehensive income in the year in which they occur.
         2011 2010 
         £000 £000
Actual return less expected return on plan assets        96 2,251
Experience gain arising on plan liabilities        42 305
Gain arising from changes in assumptions underlying the present value of the plan liabilities    1,199 (3,820)
Net actuarial gain/(loss)        1,337 (1,264)
Changes in the present value of the defined benefit obligation are as follows:
         2011 2010 
         £000 £000
At 1 April 2010        12,712 8,535
Service cost        162 76
Member contributions        73 73
Interest cost        716 591
Actuarial (gains)/losses         (1,241) 3,515
Benefits paid        (100) (78)
At 31 March 2011        12,322 12,712 36 ACM Shipping Group plc Annual report and accounts 2011
Notes to the financial statements continued
year ended 31 March 2011
16. Pension commitments continued
Employee benefit obligations continued
Changes in the fair value of plan assets are as follows:
         2011 2010 
         £000 £000
At 1 April 2010        10,623 7,329
Expected return        835 538
Actuarial gains        96 2,251
Contributions        549 583
Benefits paid        (100) (78)
At 31 March 2011        12,003 10,623
The employer expects to contribute £480,000 to the scheme in the year ending 31 March 2011. 
The major categories of plan assets as a percentage of total plan assets are as follows:
         2011 2010
UK equities        3% 7%
European excluding UK equities        3% 2%
Japanese equities        3% 4%
Pacific excluding Japanese equities        3% 4%
North American equities        11% 12%
Equity (other)        21% 19%
Property        3% 2%
Debt         27% 31%
Cash        3% 2%
Other        23% 17%
17. Share capital
Authorised share capital
         2011 2010 
         £000 £000
30,000,000 ordinary shares of 1 pence each        300 300
Allotted, called up and fully paid
         Number £000
Ordinary shares of 1 pence each  
Shares in issue 31 March 2009        17,641,514  176
Shares issued under LTIP        50,000 1
Shares in issue 31 March 2010        17,691,514 177
Shares issued as part of acquisition (note 27)        1,815,000 18
Shares issued under Sharesave scheme        44,125 1
Shares in issue 31 March 2011        19,550,639 196
The Company has no other form of share capital other than ordinary shares as shown in this note. 37 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
18. ESOP reserve 
The ESOP reserve in Group represents shares acquired by ACM Shipping Limited Employee Share Ownership Plan (ESOP). The shares are stated 
at cost to the ESOP . The number of shares held by the ESOP at 31 March 2011 was 489,000 (2010: 500,000). The market value of these shares at 
31 March 2011 was £1,012,230 (2010: £950,000). At 31 March 2011 40,000 of these shares were held under option (2010: none)
19. Treasury reserve 
The Treasury reserve in Group represents shares acquired by treasury. The shares are stated at cost to the treasury and the number of shares held 
at 31 March 2011 was 80,189 (2010: none). 
20. Share‑based payments 
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. 
Under the LTIP , 130,000 shares were awarded to employees during the year. The employees paid 1 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. These shares were issued from those 
held by the ESOP . 40,000 options under the EMI scheme were granted during the year; shares in the ESOP have been allocated against these options. 
109,179 shares were granted under the Sharesave scheme during the year.
The number of share options outstanding was:
      At    At 
     Exercise 31 March    31 March 
Year of grant   Exercisable price 2010 Granted Exercised Lapsed 2011
Sharesave scheme       
2008   2011 160.0p 45,600 — (44,125) (1,475) —
2008   2013 160.0p 147,000 — — — 147,000
2011   2014 177.0p — 55,508 — — 55,508
2011   2016 177.0p — 53,671 — — 53,671
      192,600 109,179 (44,125) (1,475) 256,179
EMI scheme       
2007   2010–2017 205.5p 48,661 — — — 48,661
2008   2011–2018 233.5p 50,000 — — — 50,000
2008   2011–2018 150.0p 146,666 — — — 146,666
2010   2013–2020 188.0p — 20,000 — — 20,000
2010   2013–2020 183.0p — 20,000 — — 20,000
      245,327 40,000 — — 285,327
LTIP       
2009   2012 0.0p 206,060 — — (142,888) 63,172
Total      643,987 149,179 (44,125) (144,363) 604,678
Under the EMI scheme there are no performance conditions attaching to the 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. One Director was awarded LTIP shares in January 2009 which shares vest after 
three years subject to an EPS performance target. 63,172 of these shares will awarded in January 2012 with the balance lapsing. 38 ACM Shipping Group plc Annual report and accounts 2011
Notes to the financial statements continued
year ended 31 March 2011
20. Share‑based payments continued
Share‑based payment expense
The total charge in the consolidated income statement for the year with regard to these awards is £267,000 (2010: £394,000).
The fair values of the LTIPs are inherently valued at the share price at the date of grant less 1 pence per share.
The fair values of the options granted were determined using the Binomial option pricing model. Assumptions used in the application of the option 
pricing models were: 
  Risk‑free interest rate – in the range 2.93% to 5.11% for the different grants 
  Dividend yield  – 3%
  Volatility – 30%
  Life of options – five and a half years
  Fair values range – from 36.6 pence to 64.5 pence 
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.
21. Dividends
         2011 2010 
         £000 £000
Declared and paid during the year  
Final dividend for 2010: 6.75 pence per share (2009: 6 pence per share)      1,283 1,058
Interim dividend for 2011: 3 pence per share (2010: 2.75 pence per share)     568 473
         1,851 1,531
Proposed for approval at AGM (not recognised as liability at 31 March)   
Final dividend for 2011: 7 pence per share (2010: 6.75 pence per share)      1,329 1,160
22. Commitments under operating leases
At 31 March 2011 the Group had commitments for leasehold land and buildings under non‑cancellable operating leases as follows:
         2011 2010 
         £000 £000
Operating leases which expire  
Less than one year        159 —
Between one and five years        522 775
23. Contingencies
The Group has given a guarantee to its bankers in the normal course of business amounting to £181,000 (2010: £181,000) 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 Limited. 39 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
24. Notes to the cash flow statements 
Analysis of changes in cash balances
        At  At 
        1 April  31 March 
        2010 Cash flows 2011 
        £000 £000 £000
Cash and cash equivalents       4,266 689 4,955
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 (2010: US$9.0 million) 
and to receive sterling. These contracts all had a maturity date of less than one year and were contracted at rates ranging from $1.58 to $1.63 to £1. 
The average rate of the forward contracts was $1.59 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 2011 the fair value of these contracts was an asset of £31,000 (2010: asset of £258,000).
The rate on the balance sheet date was $1.60 to £1 (2010: $1.52). The average rate for the year was $1.56 to £1 (2010: $1.60).
As at 31 March 2011 all cash and cash equivalents were held in sterling except for bank accounts totalling US$1.8 million (2010: US$1.8 million). 
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 £1.3 million adverse (2010: £1.2 million). This effect is before hedging and with all other variables being equal. A 10% strengthening 
in the average US dollar is approximately £1.3 million favourable (2010: £1.2 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. 
26. Ultimate controlling party
No individual shareholder has ultimate control of the Company.  40 ACM Shipping Group plc Annual report and accounts 2011
Notes to the financial statements continued
year ended 31 March 2011
27. Business combinations
On 1 July 2010, the Group acquired the business of Endeavour Shipbrokers, a dry cargo shipbroker based in Melbourne and Sydney, Australia. 
The acquisition was for a consideration of £5.4 million made up of £2.3 million cash plus 1,815,000 shares in ACM Shipping Group plc.
The fair value of the assets acquired was:
          Fair 
        Book value Fair 
        value adjustments value 
        £000 £000 £000
Office and computer equipment        71 — 71
Intangible assets       — 1,802 1,802
Non‑current liabilities       (70) — (70)
Deferred tax       21 (541) (520)
Net assets       22 1,261 1,283
Goodwill         4,100
          5,383
Consideration:
Cash         2,342
Shares         3,041
          5,383
Included in the £4,100,000 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.
£1,802,000 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.
Endeavour is highly complementary with the Group’s recently started venture for dry cargo in the UK. 41 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
Notice of Annual General Meeting
ACM Shipping Group plc (the “Company”)
NOTICE IS HEREBY GIVEN that the Annual General Meeting (AGM) of the Company will be held at the offices of Abchurch Communications, 
125 Old Broad Street, London EC2N 1AR on T uesday 6 September 2011 at 11.30am for the following purposes:
Ordinary business
1.  T o receive and adopt the Company’s annual accounts for the financial year ended 31 March 2011 together with the Directors’ report 
and the Directors’ remuneration report and the auditor’s report on those accounts and the auditable part of the remuneration report.
2. T o approve the Directors’ remuneration report for the financial year ended 31 March 2011.
3. T o declare a final dividend for the financial year ended 31 March 2011 of 7.0 pence per share.
4. T o re‑elect John Plumbe as a Director of the Company.
5. T o re‑elect Jürgen Breuer as a Director of the Company.
6. T o re‑elect Timothy Jaques as a Director of the Company.
7.  T o re‑appoint RSM T enon 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 8 will be proposed as an ordinary resolution 
and resolutions 9 and 10 will be proposed as special resolutions:
8. THAT :
 8.1  the Directors be generally and unconditionally authorised pursuant to Section 551 of the Companies Act 2006 (the “ Act”) to allot any relevant 
securities (as defined in Section 560 of the Act) of the Company up to a maximum aggregate nominal amount of £65,168 provided that:
  8.1.1  this authority shall expire at the conclusion of the next AGM of the Company after the passing of this resolution or 15 months after 
the date of this resolution (if earlier) unless previously varied, revoked or renewed by the Company in general meeting; 
  8.1.2  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; 
  8.1.3  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; and
  8.1.4  “relevant securities” means (a) shares in the Company other than shares allotted pursuant to an employee share scheme or pursuant 
to a right to subscribe for, or to convert any security into, shares in the Company; or (b) rights to subscribe for, or to convert any 
security into, shares in so allotted. 
9. THAT , subject to the passing of resolution 8 above:
 9.1  in substitution for any existing power under Section 95 of the Companies Act 1985 or under Section 570 of the Act or any unexercised powers 
previously granted to the Directors but without prejudice to the exercise of any such power prior to the date hereof, the Directors be and are 
hereby granted power pursuant to Section 570 of the Act to allot equity securities (as defined in Section 560 of the Act) for cash either pursuant 
to the authority conferred on them by resolution 8 above or by way of a sale of treasury shares as if Section 561 of the Act did not apply to any 
such allotment provided that this power shall be limited to:
  9.1.1  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; 42 ACM Shipping Group plc Annual report and accounts 2011
Notice of Annual General Meeting continued
ACM Shipping Group plc (the “Company”)
Special business continued
  9.1.2  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; 
  9.1.3  the allotment (otherwise than pursuant to paragraphs 9.1.1 or 9.1.2 above) of equity securities up to an aggregate nominal 
value of £19,550;
   and shall expire at the conclusion of the next AGM of the Company after the passing of this resolution or 15 months after the date of this 
resolution (if earlier) 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. 
10. THAT :
 10.1  the Company be and is generally and unconditionally authorised, pursuant to Section 701 of the Act, to make market purchases 
(within the meaning of Section 693 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:
  10.1.1 the maximum aggregate number of ordinary shares that may be purchased is 1,955,000; 
  10.1.2 the minimum price (excluding expenses) which may be paid for each ordinary share is 1 penny;
  10.1.3  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
  10.1.4  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
Company secretary
Registered Office
Kinnaird House
1 Pall Mall
London SW1Y 5AU
22 July 2011 43 ACM Shipping Group plc Annual report and accounts 2011
Year in review
Corporate governance
Financial statements
Notice of AGM
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 11.30am on 4 September 2011, 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.
  44 ACM Shipping Group plc Annual report and accounts 2011
Notice of Annual General Meeting continued
ACM Shipping Group plc (the “Company”)
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 2011.
Resolution 2 – to approve the Directors’ remuneration report for the financial year ended 31 March 2011.
Resolution 3 – to declare a final dividend for the financial year ended 31 March 2011 of 7 pence per share. Subject to approval, the final dividend 
will be payable on 7 October 2011 to shareholders on the register as at close of business on 9 September 2011.
Resolutions 4, 5 and 6 – 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, John Plumbe, Jürgen Breuer and Timothy Jaques offer themselves for re‑election.
Resolution 7 – Auditor – this resolution, if passed, will re‑appoint RSM T enon 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 8 – 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 £65,168 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 9 – 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 8 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 £19,550 representing approximately 10% of the current issued share capital of the Company.
Resolution 10 – 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 1,955,000 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 earnings per share.
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. Form of proxy
Annual General Meeting – ACM Shipping Group plc
I/We (name in full in block capitals ) .............................................................................................................................................................................................................
of ................................................................................................................................................................................................................................................................
being a member/members of ACM Shipping Group plc (the “Company”) hereby appoint the Chairman of the meeting (see note 1 below )
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 6 September 2011 at 11.30am 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/she thinks fit.
Please tick this box if this proxy instruction is one of multiple instructions being given 
Signature ..................................................................................................................... Dated ................................................................................................................... 2011
        Vote 
Resolution  For Against withheld
1.  To receive the Company’s audited  
annual accounts for the financial year ended  
31 March 2011 together with the Directors’ report  
and auditor’s report thereon. 	 	 
2.  To approve the Directors’ remuneration report  
for the financial year ended 31 March 2011. 	 	 
3.  To declare a final dividend for the  
financial year ended 31 March 2011. 	 	 
4.  To re-elect John Plumbe as a Director. 	 	 
        Vote 
Resolution  For Against withheld
5.  To re-elect Jürgen Breuer as a Director. 	 	 
6.  To re-elect Timothy Jaques as a Director. 	 	 
7.  To re-appoint RSM Tenon Audit Limited as auditor. 	 	 
8.  To authorise the Directors to allot shares pursuant  
to Section 551 of the Companies Act 2006. 	 	 
9.  T o disapply Section 570 of the Companies Act 2006. 	 	 
10.  To authorise the Company to make market  
purchases of its own shares. 	 	 
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/her 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 form of proxy will not prevent a shareholder attending the AGM and voting 
in person if he/she wishes to do so. Business Reply
Licence Number
RSBH-UXKS-LRBC
PXS
34 Beckenham Road
BECKENHAM
BR3 4TU Group head office
website: www.acmshipping.com
Group trading offices
website: www.acmshipping.co.uk
London
ACM Shipping Group PLC
Grand Buildings 
1-3 Strand 
London WC2N 5HR 
United Kingdom 
Telephone: +44 (0)20 7484 6311 
Email: investors@acmshipping.co.uk 
Web: www.acmshipping.com
Note:  the ACM Group moved to this new address from 1 August 2011.
London
ACM Shipping Limited
Grand Buildings 
1-3 Strand 
London WC2N 5HR 
United Kingdom 
Telephone: +44 (0)20 7484 6311 
Fax: +44 (0)20 7930 0115 
Email: brokers@acmshipping.co.uk
ACM Shipping Dry Cargo Limited
Grand Buildings 
1-3 Strand 
London WC2N 5HR 
United Kingdom 
Telephone: +44 (0)20 7484 6383 
Fax: +44 (0)20 7930 0043 
Email: dry@acmshipping.co.uk
Singapore
ACM Shipping Asia Pte Limited
16 Collyer Quay 
30-02 Hitachi Tower 
Singapore 049318 
Telephone: +65 6236 0822 
Fax: +65 6535 2145 
Email: brokers@acmshipping.com.sg
India
ACM Shipping India Limited
1118, 11th Floor 
Maker Chamber V 
Nariman Point 
Mumbai 400 021 
India 
Telephone: +91 22 6112 1212 
Fax: +91 22 6112 1213 
Email: sjuneja@acmshipping.co.uk
Australia
Endeavour Shipbrokers Pty Limited
Melbourne
Level 1 
56 Claremont Street 
South Yarra VIC 3141 
Australia 
Telephone: +61 398 242 600 
Fax: +61 398 242 633 
Email: chartering@
endeavourshipbrokers.com.au
Sydney
904, 6A Glen Street 
Milson’s Point  
NSW 2061 
Australia 
Telephone: +61 299 215 567 
Fax: +61 289 041 311
China
ACM Shipping Shanghai
Room 3003–4 
Bank of China Tower 
200 Middle Yincheng Road 
Pudong New District 
Shanghai 200120 
People’s Republic of China 
Telephone: +86 21 6075 3166 
Fax: +86 2160 753 170
ACM Shipping Beijing
9th Floor, Marco Polo Parkside 
80 An Li Road 
Chao Yong District 
Beijing 100101 
People’s Republic of China 
Telephone: +86 10 5963 6777 
Fax: +86 10 5963 6757
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
2011 Financial calendar
Annual General Meeting
6 September 2011
Ex-dividend date
7 September 2011
Record date
9 September 2011
Dividend payment date
7 October 2011
Interim results
December 2011*
* Provisional. ACM Shipping Group plc
Grand Buildings 
1–3 Strand 
London WC2N 5HR 
United Kingdom 
www.acmshippinggroup.com