Annual report and accounts 2010
ACM Shipping Group plc Corporate statement
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.
Year in review
 IFC  Corporate statement
 01  Summary
 02  Our business at a glance
 04  Chairman’s statement
 06   Chief Executive’s review 
of the business
 08  Financial review
Corporate governance
 10  Board of Directors and advisers
 12 Directors’ report
 14 Corporate governance
 15 Directors’ remuneration report
Financial statements
 16 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	statemen ts
 23	 Notes	to	the	financial	statements
 41 Notice of Annual General Meeting
 IBC Group	trading	offices
 IBC Financial calendar 01 ACM Shipping Group plc Annual report and accounts 2010
Year in review Financial statements Notice of AGM Corporate governance
Revenue (US$m)
US$41.1m
Summary
Profit (£m)
£6.6m
£6.6m
£3.7m
£5.5m
£8.7m
 Total revenue moderately ahead of management expectations 
at US$41.1 million (2009: US$50.9 million), down 19%, due to 
market conditions
 Profit  before  amortisation  and  taxation  down  24%  to £6.6 million 
(2009: £8.7 million)
Basic and adjusted EPS down 27%
 Final dividend of 6.75 pence per share, making 9.5 pence 
per share for year up 12% (2009: 8.5 pence per share)
Strong cash position of£4.3millionandnodebt
 9% increaseinthenumberofspot fixtures contracted during 
theperiodonorganicbusiness
 Overseas offices performing well, in particular Singapore 
and Beijing
 T i m e  c h a r t e r  f o r w a r d  o r d e r  b o o k  a t  U S $ 1 8  m i l l i o n  ( 2 0 0 9 :  U S $ 2 5  m i l l i o n ) ,
due to market uncertainty; however market conditions improving
 Entry in dry cargo: acquisition in Australia and venture set up 
in London
10 09 08 07
$41.1m
$25.6m
$39.3m
$50.9m
$23.6m
$25.2m
$15.7m
10 09 08 07 06 05 04 02 ACM Shipping Group plc Annual report and accounts 2010
Our business at a glance
ACMiswidelyrecognisedasoneoftheworld’s leading 
integrated shipbrokers. 
ACMhasachievedmarketleadershipinanumberofkeyareas.
T h e  G r o u p ’ s  s t r a t e g y  i s  t o  g a i n  m a r k e t  s h a r e  b y  e x p a n d i n g  i t s  t e a m  o f  e x p e r t
brokers  to  enter  new  shipping  sectors  and  penetrate  new  regional  markets,
which  is  being  achieved  both  organically  and  through  acquisition.
Revenue split (US$’000)
Spotbrokerage 
Time charter 
Demurrage 
Sale and purchase 
31March2010
Total revenue 
US$41,115
31March2009
Total revenue 
US$50,863
31March2008
Total revenue 
US$39,341
31March2007
Total revenue 
US$25,571
31March2006
Total revenue 
US$23,592
31March2005
Total revenue 
US$25,173
31March2004
Total revenue 
US$15,721
31March2003
Total revenue 
US$12,399
0
5,000
10,000
15,000
20,000
25,000
30,000
Worldwide coverage
Ateamofmorethan110brokers
andsupportstaffbasedinLondon,
S i n g a p o r e ,  M u m b a i ,  S h a n g h a i ,  B e i j i n g
a n d  r e c e n t l y  M e l b o u r n e  a n d  S y d n e y ,
p r o v i d e  c l i e n t s  w i t h  g l o b a l  e x p e r i e n c e
and intimate local knowledge. 03 ACM Shipping Group plc Annual report and accounts 2010
Year in review Corporate governance Financial statements Notice of AGM
Spotbrokerage
_ H i r e  o f  a  s h i p  f o r  a  s i n g l e  v o y a g e
_ ACM’s spot desks are highly 
ranked in the world
 •Crudeoil
 •Fueloil
 •Cleanpetroleum
Saleandpurchasebrokerage
_ Brokernewbuilds
and demolitions
_ Sale and purchase 
ofsecondhandships
_Demolition market
Gasshipbrokerage
_Spot market
_Long-term contracts
_FocusingontheLPGmarket
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
Operations
_Backoffice
What we do: Broking divisions – oil tankers
Diversifying our offering
Dry cargo entry
_ SincetheyearendtheGrouphasacquiredthebusinessofEndeavourShipbrokersPtyLimited,
adrycargoshipbrokerbasedinMelbourneandSydney,Australia
_ Endeavourconcentratesonthegrowingdrybulkmarketandhasawiderangeofglobal
clientsincludingmajorworldrecognisedbluechipmining,industrialandagricultural
companies as well as shipowners and operators
_ Theacquisitionwasforatotalconsiderationof£5.8million:£2.3millionincashandtheissue
of1,815,000newordinaryshares
_The Group has also recently set up a new dry cargo venture in London
 
The Group has now entered the dry cargo market and this is an 
importantexpansionstrategicallyasitenhancesourofferingand
diversifiestheGroup’searnings. 04 ACM Shipping Group plc Annual report and accounts 2010
Chairman’s statement
The strategy has produced a strong fundamental business with a solid 
platform for future growth. Againstadifficulteconomicbackdrop,
wearepleasedtobeabletoreportthatrevenueandprofitforthe
yearwereaheadofmanagementexpectations.Ourstrongcash
positionhasenabledustoincreaseourdividendby12%.Wehave
e n t e r e d  t h e  drycargomarketaswecontinuetobuildanintegrated
shipbrokingserviceprovider.
Despite  the  challenging  conditions  in  the  broader  market,  ACM  has
continuedtomakeexcellentprogress.TheGroup’smoveintothe
d r y  c a r g o  s e c t o r  i s  a  s i g n i fi c a n t  s t e p  t o w a r d s  a c h i e v i n g  o u r  s t r a t e g i c
aimofbecominganintegratedshipbrokingserviceprovider.
Results
A l t h o u g h  b e l o w  l a s t  y e a r ’ s  r e c o r d  r e s u l t s ,  G r o u p  r e v e n u e  w a s
U S $ 4 1 . 1  m i l l i o n  ( 2 0 0 9 :  U S $ 5 0 . 9  m i l l i o n )  a n d  p r o fi t  b e f o r e  a m o r t i s a t i o n
a n d  t a x a t i o n  w a s  £ 6 . 6  m i l l i o n  ( 2 0 0 9 :  £ 8 . 7  m i l l i o n ) ,  a h e a d  o f
management  expectations.  This  is  a  robust  outcome  given
the market conditions in the shipping sector over the last year.
ACM remains highly cash generative, and the Group has a strong 
balancesheetwithnetassetsof£13.3million(2009:£12.2million),
andnetcashof£4.3million.
Dividend
ACM continues to provide shareholders with a progressive dividend. 
T h e  D i r e c t o r s  a r e  r e c o m m e n d i n g  a  fi n a l  d i v i d e n d  o f  6 . 7 5  p e n c e  p e r
shareinrespectoftheyearto31March2010.Thismakesatotal
of9.5pencepersharefortheyearwhichisa12%increaseonthe
8.5pencepersharepaidforthepreviousyear.Thefinaldividend
ispayableon8October2010toshareholdersontheregisteras
at10September2010.Thedividendfortheyeariscoveredmore
thantwoandahalftimesbythefullyear’searnings.
Strategy
T h e  G r o u p ’ s  s t r a t e g y  i s  t o  g a i n  m a r k e t  s h a r e  b y  e x p a n d i n g  i t s  t e a m
o f  e x p e r t  b r o k e r s  t o  e n t e r  n e w  s h i p p i n g  s e c t o r s  a n d  p e n e t r a t e
n e w  r e g i o n a l  m a r k e t s .  B y  b u i l d i n g  o n  t h e  G r o u p ’ s  e x p e r t i s e  a n d
significant infrastructure, ACM is working towards its stated strategy
t o  b e c o m e  a n  i n t e g r a t e d  s h i p b r o k i n g  s e r v i c e  p r o v i d e r .  T h i s  i s  b e i n g
achievedbothorganicallyandthroughacquisition.
Intermsofenteringnewshippingsectors,theGrouprecently
a n n o u n c e d  i t s  e x p a n s i o n  i n t o  d r y  c a r g o .  A C M  c o n t i n u e s  t o  e x p a n d
i t s  g l o b a l  t e a m ,  w i t h  o f fi c e s  i n  L o n d o n ,  S i n g a p o r e ,  M u m b a i ,  S h a n g h a i
a n d  B e i j i n g  n o w  b e i n g  a d d e d  t o  b y  M e l b o u r n e  a n d  S y d n e y .
Resultsaheadofmanagement
expectations
 Dividendfortheyearincreased
by12%
Entry into the dry cargo market
Continuing  to  expand  the  global  team 05 ACM Shipping Group plc Annual report and accounts 2010
Year in review Corporate governance Financial statements Notice of AGM
Expansion into dry cargo 
InlinewiththeGroup’sstatedstrategytoexpanditsbrokerage
servicesgeographicallyandacrossshippingsectorstobecome
an  integrated  shipbroking  service  provider,  on  24  June  2010  ACM
a n n o u n c e d  that  it  has  acquired  the  business  of  Endeavour
S h i p b r o k e r s  P t y  L i m i t e d  ( “ E n d e a v o u r ” ) ,  a  d r y  c a r g o  s h i p b r o k e r
o p e r a t i n g  i n  A u s t r a l i a  a n d  t h e  F a r  E a s t .  T h i s  a c q u i s i t i o n  d i v e r s i fi e s
A C M ’ s  e a r n i n g s  a n d  b u i l d s  o n  t h e  G r o u p ’ s  s i g n i fi c a n t  e x p e r t i s e
i n  s h i p b r o k i n g .  T h e  a c q u i s i t i o n  i s  e x p e c t e d  t o  b e c o m e  e a r n i n g s
enhancingwithinthefirstyear.
Thisacquisitionishighlycomplementarytothedrycargoventure
which ACM recently started in London. This will dovetail with the 
acquisitiontoenabletheGrouptopenetratethedrycargo
market worldwide. 
ThesedevelopmentsdemonstratesignificantprogressonACM’s
statedstrategyand,boththeacquisitionandthejointventure,
provideACMwithbothadditionalgeographicreachaswellas
broadeningtheGroup’sofferingwithintheshipbrokingmarket.
Employees
ACM continues to recognise that the Group’s strength lies in 
itsbrokersandsupportstaff.Throughourexpansionintothedry
cargomarketsincetheperiodend,ACMisfurtherexpandingthe
teamandtheBoardcontinuestobededicatedtoensuringthat
thebrokingdesksarefullyintegratedandthatthebrokersacross
the Group are working together. The Board would like to thank all 
brokersandsupportstafffortheircontributionstoanotheryearof
significantachievement.
Current trading
T r a d i n g  a c r o s s  t h e  G r o u p  i s  i n c r e a s i n g l y  r o b u s t  a s  t h e  m a r k e t
i m p r o v e s .  A C M ’ s  g l o b a l  o f fi c e s  a r e  p e r f o r m i n g  w e l l ,  a n d  t h e  B o a r d
looksforwardtotheintegrationofEndeavourtofurtherbroaden
t h e  G r o u p ’ s  o f f e r i n g .  D e s p i t e  t h e  c h a l l e n g i n g  p e r i o d  t h a t  t h e
s e c t o r  h a s  e x p e r i e n c e d ,  t h e  G r o u p  i s  i d e a l l y  p o s i t i o n e d  t o
capitaliseontheupturninthemarket.Withglobaloildemand
regaining strength, and tanker demand increasing, particularly 
intheFarEast,theprospectsforACMremainstrong.
Peter Sechiari
Chairman 06 ACM Shipping Group plc Annual report and accounts 2010
Chief Executive’s review of the business
In line with its strategy to become an international diversified and 
integrated shipping services broker, ACM continues to expand its 
services and global reach. Our  business  has  continued  to  grow  both
i n  t h e  U K  a n d  g l o b a l l y .  W e  a r e  e x c i t e d  a b o u t  o u r  d i v e r s i fi c a t i o n  i n t o
drycargowhichtheBoardisconfidentwillenhanceourfinancial
performanceinthemediumandlong-term.
D u r i n g  w h a t  h a s  b e e n  a  c h a l l e n g i n g  p e r i o d  f o r  t h e  m a r k e t  g l o b a l l y ,
ACM has continued to deliver results and has since the year end 
b e e n  f u r t h e r  s t r e n g t h e n e d  b y  o u r  a c q u i s i t i o n  o f  E n d e a v o u r .
T h e  B o a r d  h a d  i d e n t i fi e d  t h e  o p p o r t u n i t y  i n  t h e  m a r k e t  t o  b e c o m e
a n  i n t e g r a t e d  p r o v i d e r  o f  s h i p b r o k i n g  s e r v i c e s  a n d ,  w i t h  t h i s
acquisitionandournewdrycargoteaminLondon,theGroup
hasmadeasignificantsteptowardsachievingthisgoal.
Spot brokerage
Thespotbrokeragedesk,whichinvolvesthehireofashipfora
singlevoyage,accountedfor42%ofrevenuesthisyear.ACMhas
continuedtoimprovethelevelofspotfixturesandthisisreflected
inbothGrouprevenueandprofitwhichareabovemanagement
f o r e c a s t s .  O v e r a l l ,  t h e r e  h a s  b e e n  a  9 %  i n c r e a s e  i n  t h e  n u m b e r
ofspotfixturescontractedduringtheperiod.Theaveragefreight
incomeperfixturefellby42%duetomarketconditions.
Time charter
Thetimecharterbusiness,whichinvolvesthelong-termhireof
tankers,producedasteadyamountofrevenueduringtheperiod.
TheGroup’slong-termorderbookiscurrentlyatalowerlevel
at US$18millionthanat31March2009.Thisisdue,inpart,tothe
uncertaintyinthebroadermarket,whichhasleadtoareluctance
forowners,oilcompaniesandoiltraderstotakeonlong-term
commitmentsonships.However,confidenceinthemarketis
now improving. 
Sale and purchase
T h e  s a l e  a n d  p u r c h a s e  b u s i n e s s ,  w h i c h  i n v o l v e s  t h e  s a l e  a n d  p u r c h a s e
o f  n e w  a n d  o l d e r  s h i p s ,  a c h i e v e d  m o d e s t  g r o w t h  d u r i n g  t h e  p e r i o d .
Thevolumeoftransactionsparticularlyincreasedinthesecond
half,partlyduetoassetpricesincreasing.Thismarketisshowing
furthersignsofimprovedperformanceandACMiswellpositioned
asoneoftheleadingbrokersinthissectorwithitsstrongteam.
Continue to gain market share 
with spot deals up 9%
 Timecharterforwardorderbook
at US$18 million
 Sales and purchase showing growth
Diversificationintodrycargo
 Overseasofficesgainingmomentum
Oil demand growing 07 ACM Shipping Group plc Annual report and accounts 2010
Year in review Corporate governance Financial statements Notice of AGM
willbelossmakingforaperiodoftime,thiswillbeoffsetbythe
contributionofEndeavour,andimportantlyisaninvestmentinthe
futureoftheGroup.TheBoardbelievesthatthedrycargomarket
isasignificantopportunitytod i v e r s i f y  w i t h i n  o u r  fi e l d  o f  e x p e r t i s e
a s  s h i p b r o k e r s ,  p u t t i n g  A C M  i n  a n  e v e n  s t r o n g e r  p o s i t i o n .
Gasshipbrokingisgoingaccordingtomanagementstrategy,
withtheGroupconcentratingonLPG.Thegasbrokingteam
hasnowbeenexpandedintoourSingaporeoffice.
Financial derivatives
T h e  G r o u p ’ s  j o i n t  v e n t u r e  w i t h  G F I  G r o u p ,  I n c .  t o  c o n d u c t  d e r i v a t i v e
b r o k e r a g e  h a d  a n o t h e r  g o o d  y e a r  d e s p i t e  d i f fi c u l t  m a r k e t  c o n d i t i o n s .
T h e  J V  c o n t i n u e d  t o  i n c r e a s e  i t s  c u s t o m e r  b a s e  a n d  i n c r e a s e  i n  t h e
v o l u m e  o f  d e a l s  c o m p l e t e d .  T h i s  v e n t u r e  a d d s  s i g n i fi c a n t  v a l u e  t o
ACM and its clients.
The market
ACM’sexpansionintothedrycargomarketisasignificantstep
f o r  t h e  G r o u p ,  a n d  b u i l d s  o n  o u r  e x p e r t i s e  i n  t h e  w e t  t a n k e r  m a r k e t ,
creating  an  integrated  shipbroking  services  business.  This  also  comes
atatimewhentheglobaldemandforoilisregainingitsstrength
withglobaloildemandforecastsbacktoprerecessionpeaks.
Tankerdemandhasmadearemarkablecomebacksinceglobal
oildemandbottomedoutinearly2009,thanksinlargeparttoa
significant  jump  in  Chinese  crude  oil  imports.  Rapid  Asian  economic 
g r o w t h  o v e r  t h e  p a s t  y e a r  h a s  d r i v e n  a  r e c o v e r y  i n  g l o b a l  o i l
demandthatisnowexpectedtoaverage86.4millionbarrelsper
day(Source:IEA)–nearly1.7%higherthanlastyear.Therecession
encouraged an acceleration in the rate at which older vessels 
areremovedfromtheactivefleetandithastemperedtherate
atwhichnewbuildingsdeliverfromtheyards.Overallthishasleft
tanker supply in a much healthier position going into 2011 than 
previouslyexpected.
Outlook
TheGroup’sforwardorderbookissolid,althoughitisnotatthe
s a m e  l e v e l s  a s  a t  t h e  e n d  o f  2 0 0 9 .  T h i s  i s  i n  p a r t  a  r e s u l t  o f  t h e
broadermarketconditions.Theteamisbeingstrengthenedfrom
internal resources, and as market sentiment improves the Board 
isconfidentthattheorderbookwillbepositivegoingforward.
A C M  h a s  b u i l t  t h e  r i g h t  i n f r a s t r u c t u r e  f o r  i t s  g l o b a l  o p e r a t i o n s ,  a n d  i s
i n  a  s t r o n g  p o s i t i o n  f o r  t h e  o p p o r t u n i t i e s  t h a t  a r e  p r e s e n t i n g  t h e m s e l v e s
n o w ,  a s  w e l l  a s  f o r  t h e  f u t u r e  f o r  t h e  i n d u s t r y .  T h e  m a r k e t  i s  s t a r t i n g  t o
r e c o v e r  i n  t h e  t a n k e r  a n d  d r y  c a r g o  b u s i n e s s ,  w i t h  b i g  s h i p s  e a r n i n g
more than predicted, and in particular the sale and purchase 
businessshowsfurthersignsofincreasedvolumes.ACMiswell
positioned  for  this  upturn,  with  its  strong  team  with  an  established  list
of  clients,  and  the  Board  will  continue  to  seek  opportunities  for  further
growth  geographically,  both  organically  and  acquisitively.  Having
maintained its market leading position during this challenging period, 
the Group is ready to capitalise on the improvements in the market.
Johnny Plumbe
Chief Executive
Overseas operations
C e n t r a l  t o  A C M ’ s  o f f e r i n g  t o  i t s  c l i e n t s  i s  t h e  G r o u p ’ s  a b i l i t y  t o  p r o v i d e
globalshipbrokingservicesfromitsofficesinkeygeographic
locations;localteamswithsignificantexpertise,supported
byglobalinfrastructure,areoneoftheGroup’sstrengths.
The Group’s overseas operations are starting to gain momentum, 
w i t h  S i n g a p o r e  h a v i n g  b e e n  p a r t i c u l a r l y  s u c c e s s f u l  d u r i n g  t h e  p e r i o d .
T h e  B e i j i n g  o f fi c e  h a s  s u c c e s s f u l l y  b e e n  p u t  o n  t h e  p a n e l  a s  b r o k e r s
o f  s o m e  l a r g e  C h i n e s e  o i l  c o m p a n i e s  w h i l e  t h e  p r o s p e c t s  f o r  S h a n g h a i
aregoodwithremarkablyhighlevelsofnewbuildingoccurring
particularlyintheChineseyards.TheofficeinIndia,whichisalso
initsinfancy,showedamodestcontributionfortheyear.
Diversification
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.
TheacquisitionofEndeavourdiversifiesandenhancestheGroup’s
incomeand,combinedwithACM’sinfrastructureandexpertise,
w i l l  c r e a t e  a n  i n t e g r a t e d  s h i p b r o k i n g  s e r v i c e s  c o m p a n y .  E n d e a v o u r
isbasedinMelbourneandSydney,Australiaandhasconnections
throughouttheAsiaPacificregion,andisanexcellentfitforour
businessintermsofgeographicreach.Itisparticularlypleasing
tohavealreadysecuredinterestfromexistingclientsinthismarket.
TheGroup’sentryintothedrycargomarketisfurtherdrivenby
s e t t i n g  u p  a  n e w  s u b s i d i a r y  a n d  s t a r t i n g  t o  b u i l d  a  t e a m  o f  b r o k e r s
inLondon.Thisventureisinitially60%ownedbyACMwiththe
other40%ownedbybrokersdirectlyinvolvedindevelopingthis
partofthebusiness.ACMhasanoptiontopurchasetheminority
interest  at  any  time  after  April  2012.  This  is  an  important  step  forward
forthefutureofthebusiness,asACM’smoveintodrycargois
animportantinvestmentintheGroup’sfuture.Whilsttheventure 08 ACM Shipping Group plc Annual report and accounts 2010
Financial review
The strong financial performance and cash generative nature of the 
business enables a progressive increase in dividends andhasenabled
theGrouptopayforthecashelementoftheacquisitionwithoutthe
needforanyborrowing.
Profit and earnings
A d j u s t e d  p r o fi t  b e f o r e  t a x  a n d  a m o r t i s a t i o n  f o r  t h e  y e a r  w a s
£6.6million.Althoughthisrepresentsadecreaseof24%fromthe
p r e v i o u s  y e a r ,  i t  i s  t h e  s e c o n d  b e s t  r e s u l t  i n  o u r  h i s t o r y  a n d  t h e
Boardconsidersthistobeagoodperformanceintheprevailing
market conditions.
P r o fi t  b e f o r e  t a x a t i o n  f o r  t h e  y e a r  w a s  £ 6 . 2  m i l l i o n  ( 2 0 0 9 :  £ 8 . 1  m i l l i o n )
afterchargingamortisationof£0.4million(2009:£0.6million).
R e v e n u e  f e l l  1 4 %  b u t  t h i s  w a s  p a r t l y  o f f s e t  b y  a d m i n i s t r a t i v e  o v e r h e a d s
b e i n g  1 0 %  l o w e r .  T h e  l o w e r  a d m i n i s t r a t i v e  e x p e n s e s  w e r e  m a i n l y
due  to  lower  bonuses  paid  to  brokers  as  a  result  of  the  lower  profit.
B a s i c  e a r n i n g s  p e r  s h a r e  ( “ E P S ” )  d e c r e a s e d  2 7 %  t o  2 4 . 5  p e n c e  f r o m
33.4  pence  with  adjusted  EPS  down  from  35.9  pence  to  26.3  pence.
Onadilutedbasis,EPSalsodecreasedby27%to24.4pence
(26.1penceadjusted).
Theeffectivetaxationratewas30.3%(2009:28.0%).In2009itwas
lowerthanusualduetoutilisationofoverseastaxlosses.
Foreign exchange
T h e  b u l k  o f  t h e  G r o u p ’ s  i n c o m e  i s  d e n o m i n a t e d  i n  U S  d o l l a r s .
T h e  a v e r a g e  e f f e c t i v e  e x c h a n g e  r a t e  f o r  t h e  2 0 0 9 / 2 0 1 0  y e a r  w a s
U S $ 1 . 5 9  c o m p a r e d  w i t h  U S $ 1 . 6 9  f o r  t h e  p r e v i o u s  y e a r ,  w h i l e  t h e  r a t e  a t
3 1  M a r c h  2 0 1 0  w a s  U S $ 1 . 5 2  c o m p a r e d  w i t h  U S $ 1 . 4 3  a t  3 1  M a r c h  2 0 0 9 .
T h e  o v e r a l l  e f f e c t  o f  t h e  c h a n g e  i n  e x c h a n g e  r a t e s  w a s  t o  i n c r e a s e
r e v e n u e  b y  £ 1 . 5  m i l l i o n  a n d  p r o fi t  b e f o r e  t a x a t i o n  b y  £ 0 . 6  m i l l i o n .
A t  t h e  y e a r  e n d ,  t h e  G r o u p  h a d  f o r w a r d  c u r r e n c y  c o n t r a c t  t o  s e l l
U S $ 9 . 0  m i l l i o n  a t  a n  a v e r a g e  e x c h a n g e  r a t e  o f  U S $ 1 . 6 0  t o  £ 1 .
Dividends
TheDirectorsarerecommendingafinaldividendof6.75pence
pershareinrespectoftheyearended31March2010withatotal
cost of £1,160,000. Together with an interim dividend of 2.75 pence
p a i d  d u r i n g  t h e  y e a r ,  t h e  t o t a l  d i v i d e n d  i n  r e s p e c t  o f  t h e  y e a r
would  be  9.5  pence  with  a  total  cost  of  £1,633,000.  The  total
dividendof9.5penceis12%higherthanthepreviousyearfull
 Profitbeforeamortisationand
taxwas£6.6million
 Despiteadecreaseinprofitfrom
the previous year, the medium term 
trendisstillforstrongprofitgrowth
 Dividend up 12% and covered 
2.8 times
 Cashbalanceatyearend
£4.3million 09 ACM Shipping Group plc Annual report and accounts 2010
Year in review Corporate governance Financial statements Notice of AGM
dividendof8.5pencepershareandiscovered2.8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at£2.6million
(2009:£9.0million)wasrelativelylowduetothetimingofbonus
payments.  This  inflow  excludes  a  further  £1.6  million  (2009:  £1.5  million)
receivedfromjointventures.Thecashbalanceattheyearend
was£4.3million(2009:£4.9million)afterhavingutilised£1.0million
ofcashtopurchasesharesfortheEmployeeShareOptionPlan.
Balance sheet 
The value of net assets at the balance sheet date was £13.3 million
(2009: £12.2 million).
Included  within  non-current  assets  is  £10.2  million  (2009:  £10.6  million)
forintangibleassetswhichresultedfromacquisitions.
Thepensiondeficitforthedefinedbenefitschemehasincreased
t o  £ 2 . 1  m i l l i o n  f r o m  £ 1 . 2  m i l l i o n .  T h e  i n c r e a s e  i s  p r i m a r i l y  d u e  t o
corporatebondyieldsfalling.Adeferredtaxassetof£0.6million
( 2 0 0 9 :  £ 0 . 3  m i l l i o n )  e x i s t s  a s  a  r e s u l t  o f  t h i s  l i a b i l i t y .  T h i s  s c h e m e  i s
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.
Thecalculationofthedeficitasat31March2010doesnot
affectthisfundingplan.
T r a d e  a n d  o t h e r  p a y a b l e s  h a v e  d e c r e a s e d  b y  a p p r o x i m a t e l y
£3.0million.Themajorityofthisrelatestoalowerbonusaccrualat
theyearendwhichispartlyduetotimingofbonuspaymentsand
partlyduetolowerbonusesdueonthelowerlevelofprofitability.
DuringtheyeartheGroupacquired500,000ofitsownshares
throughitsEmployeeShareOptionPlan.Thecostofthiswas
£1.0millionandisshownonthebalancesheetasanESOP
reserveasadeductionfromequity.
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  2010
the  Group  had  forward  foreign  exchange  contracts  in  place  to  sell
US$9.0  million  (2009:  US$9.0  million)  at  an  average  rate  of  US$1.60
(2008: US$1.48) 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
Profit before amortisation 
and tax (£m) Adjusted EPS (p) Dividends per share (p)
26.3p
–27%
26.3p
14.9p
22.3p
35.9p
9.5p
+12%
9.5p
2.0p
6.0p
8.5p
10 09 08 07
£6.6m
-24%
£6.6m
£3.7m
£5.5m
£8.7m
10 09 08 07 10 09 08 07 10 ACM Shipping Group plc Annual report and accounts 2010
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, 
B r i c o m  G r o u p  p l c  a n d  M a y b o r n  G r o u p  p l c .
HeisresponsibleforadvisingACMon
financialstrategy,seniormanagement
structure, remuneration, succession issues 
andfinancialoversight.
John Plumbe
Chief Executive
JohnnyhasbeenwiththeGroupfor
2 8  y e a r s .  H e  h a s  b e e n  a  s p e c i a l i s t  i n  l a r g e
t a n k e r  b r o k e r i n g  f o r  3 7  y e a r s ,  d e a l i n g  w i t h
the major oil companies such as BP, Shell, 
V e l a ,  a n d  T r a d e r s  V i t o l  a n d  m a n y  o w n e r s
suchasEmbiricos,Goulandris,Lemos,
Frontline,PacificStarandNSCSA.Heis
involved in time charters, projects and 
sale and purchase.
Ian Hartley
Finance director
IanjoinedtheBoardinMarch2007.Hewas
p r e v i o u s l y  fi n a n c e  d i r e c t o r  w i t h  M a y b o r n
Group plc, a consumer products group. 
M a y b o r n  w a s  a  l i s t e d  c o m p a n y  f r o m
1 9 8 6  t o  2 0 0 6 ,  w h i c h  t r a n s f e r r e d  f r o m  t h e
O f fi c i a l  L i s t  t o  A I M  i n  2 0 0 3 .  I a n  s p e n t  o v e r
20yearswithMaybornandwasappointed
companysecretaryin1996andfinance
d i r e c t o r  i n  1 9 9 8 .  I a n  q u a l i fi e d  a s  a  c h a r t e r e d
accountantin1976,followingwhichhe
g a i n e d  e x p e r i e n c e  i n  a  v a r i e t y  o f  c o m p a n i e s
beforemovingtoMayborn.
Company secretary
Ian Hartley
Registered office
Kinnaird House 
1 Pall Mall 
LondonSW1Y5AU 
Email:  investors@acmshipping.co.uk 
Web:  www.acmshippinggroup.com 11 ACM Shipping Group plc Annual report and accounts 2010
Financial statements Notice of AGM Year in review Corporate governance
James Gundy
Chief Operating Officer
JameshasbeenwithACMfor17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 
p u r c h a s e  c o n t r a c t s .  J a m e s ’  m a i n  c l i e n t s
include Total, CPC, Chevron, Arcadia, Great 
Elephant  Corporation,  Glafki  and  Metrofin.
Timothy Chadwick
Director (non-executive)
Timothy joined the Board in March 2007 
andwaspreviouslyexecutivechairman
at Simon Group plc, where he oversaw the 
r e s t r u c t u r i n g  a n d  r e f o c u s i n g  o f  t h e  c o m p a n y
intoaspecialisedandprofitableseaports
business.HethenledSimonGroupinan
agreedacquisitionbyMontaubanS.A.,
the private Belgian shipping group. Prior 
tojoiningSimonGroup,Timothyfloated
Benicia Ports plc on the London Stock 
Exchangein1993.Hegrewthebusiness
into a large seaport and airport group 
with operations throughout the US, UK 
andBelgium.In1999Timothysoldthe
businesstoAssociatedBritishPortsplc
where  he  remained  on  their  board  until  2001.
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
p r e s i d e n t  o f  t h e  I n s t i t u t e  o f  M a r i n e  E n g i n e e r s
Science and Technologists. He was elected 
sheriffintheCityofLondonin2004.
Registered number
5990315 
Nominated adviser and broker
Execution Noble & Company Limited
The Old Truman Brewery 
91 Brick Lane 
LondonE16QL
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 
Tel: +44(0)2073987700 
Email:j o a n n e . s h e a r s @ a b c h u r c h - g r o u p . c o m
Registrar
Capita Registrars Ltd
The Registry 
34BeckenhamRoad 
Beckenham 
KentBR34TU 
Tel: 08716640300* 
Fax: +44(0)2086392342 
Tel: +44(0)2086393399(overseas) 
Email:  ssd@capitaregistrars.com
*  calls  cost  10  pence  per  minute  plus  network  charges. 12 ACM Shipping Group plc Annual report and accounts 2010
The Directors present their report and the financial statements of the Company for the year ended 31 March 2010.
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 2.75 pence per share was paid on 26 February 2010. The Directors are recommending a final dividend of 6.75 pence 
per share payable on 8 October 2010 to shareholders on the register as at 10 September 2010.
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 
         2010 2009
PG Sechiari        153,000 153,000
DB Cobb        4,000 2,000
TJM Chadwick        — —
JL Plumbe         769,000 769,000
JCD Gundy        1,225,000 1,225,000
IM Hartley        — —
None of the Directors have any non-beneficial interests.
John Plumbe had an interest in 206,060 LTIP shares. John Plumbe, James Gundy and Ian Hartley had an interest in 6,000, 10,500 
and 54,661 share options respectively, details of which are given in the Directors’ remuneration report.
Further information on the Directors is given on page 10 and 11.
Between 31 March 2010 and 16 July 2010 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 2 July 2010 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        616,000 3.2%
L Maze        613,000 3.1%
Others   
GFI Holdings Ltd         1,419,600 7.3%
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.
Directors’ report 13 ACM Shipping Group plc Annual report and accounts 2010
Year in review Corporate governance Financial statements Notice of AGM
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 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.
Donations 
During the year the Group made charitable donations of £37,951 (2009: £42,663).
Financial risk
The Group’s financial risk and its management policies are set out in note 23 to the financial statements.
Annual General Meeting
At the Annual General Meeting (AGM) resolutions will be proposed. Details of these resolutions together with explanatory notes 
can be found in the enclosed notice of meeting.
Auditor
Our auditors have changed their name to RSM Tenon Audit Limited and have signed the audit report using their new name. 
RSM Tenon 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
16 July 2010
  14 ACM Shipping Group plc Annual report and accounts 2010
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 three non-executive Directors, a composition which the Board believes is best suited 
to the continued success of the Group. 
The Board is responsible for establishing the strategic direction of the Group and monitoring the Group’s performance against its 
business plan. It is also responsible for leading and controlling the Group and in particular for formulating, reviewing and approving 
the Group’s strategy, budget, major items of capital expenditure and acquisitions and disposals. Regular meetings are held and all 
necessary information is supplied on a timely basis to enable the Board to discharge its duties effectively. Additionally, special meetings 
take place, or other arrangements are made when Board decisions are required in advance of the regular meetings. 
It is the Company’s policy that Directors are re-elected by shareholders and the Company’s Articles of Association require one third 
to retire by rotation. 
Board committees
The Board has a remuneration committee, an audit committee and a nomination committee. Each of these committees consist of the 
three non-executive Directors and are chaired by Peter Sechiari. The Board also has a compliance committee consisting of Peter Sechiari 
and Ian Hartley.
The remuneration committee is discussed within the Directors’ remuneration report on page 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 2010
Year in review Corporate governance Financial statements Notice of AGM
Directors’ remuneration report
Remuneration committee
The remuneration committee consists of the three non-executive Directors: Peter Sechiari (as Chairman), David Cobb, and Timothy Chadwick. 
The committee meets formally at least twice a year and otherwise as required. The remuneration committee considers all material elements 
of remuneration policy, including remuneration and incentives of executive Directors and senior management (including pension rights 
and compensation payments) with reference to independent remuneration research and professional advice. The Board is responsible 
for implementing the recommendations and agreeing the remuneration packages for individual Directors. The remuneration committee 
is also responsible for making recommendations for grants of options under share option and incentivisation schemes. No Director is able 
to participate in discussions relating to his own terms and conditions of remuneration. Non-executive Directors’ and the Chairman’s 
fees are determined by the full Board on the advice of the remuneration committee.
Directors’ remuneration (audited) 
    Salary Benefits- Annual  Pension  Share-based Total Total 
    and fees in-kind bonus contributions benefit 2010 2009 
    £000 £000 £000 £000 £000 £000 £000
Executive Directors
JL Plumbe   170 15 330 — 113 628 612
JCD Gundy   100 12 630 22 — 764 1,040
IM Hartley   100 4 85 30 6 225 200
Non‑executive Directors
PG Sechiari*   76 — — — — 76 97
TJM Chadwick   28 — — — — 28 27
DB Cobb   28 — — — — 28 27
Total    502 31 1,045 52 119 1,749 2,003
* The fees payable to Peter Sechiari include £33,000 for his fees as a non-executive Director and £43,000 payable to PGS Associates for his services as a consultant.
Annual bonus
In order to attract and retain the highest calibre of employees, a significant proportion of remuneration packages of executive Directors 
and senior management are geared towards an annual bonus. The Group adopts an industry standard bonus model whereby proportions 
of revenue and profit are distributed to senior employees as bonuses. The individual allocation of this bonus between the Directors and 
senior employees is discretionary. This discretion is exercised by the remuneration committee upon the recommendation of senior executives.
Pension contributions
The Company makes pension contributions on behalf of its executive Directors. James Gundy is a member of the Group’s defined 
benefit scheme. Ian Hartley is a member of the Group’s stakeholder scheme. John Plumbe and the non-executive Directors do not 
participate in the Group’s pension schemes. 
Share incentives
The following Director was granted options under the EMI scheme in July 2007:
Ian Hartley  –   awarded 48,661 options at an option price of 205.5 pence vesting between July 2010 and July 2012. The option 
price was the mid market price at the date of the award.
The following Directors were granted options at an option price of 160 pence under the Sharesave scheme in January 2008:
John Plumbe  –  granted 6,000 options maturing in 2011.
James Gundy  –  granted 10,500 options maturing in 2013.
Ian Hartley  –  granted 6,000 options maturing in 2011.
The mid market price at the date of grant of the options under the Sharesave scheme was 199 pence.
The following Director was granted options under the LTIP scheme in January 2009:
John Plumbe  –  granted 206,060 LTIPs maturing in January 2012. The exercise of these LTIPs is conditional upon targeted EPS growth 
in the three years to 31 March 2011.
Service contracts
The service agreements of executive Directors have a notice period of six months. The non-executive Directors have service contracts 
with a notice period of six months after an initial one year term. 16 ACM Shipping Group plc Annual report and accounts 2010
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 2010 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. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone 
other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and auditor
As 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 2010 
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. 17 ACM Shipping Group plc Annual report and accounts 2010
Year in review Financial statements Corporate governance Notice of AGM
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
16 July 2010
  18 ACM Shipping Group plc Annual report and accounts 2010
         2010 2009 
        Note £000 £000
Revenue       2 25,852 30,143
Administrative expenses        (20,547) (22,907)
Amortisation of intangible assets       10 (436) (606)
         4,869 6,630
Share of operating profit in joint venture       5 1,325 1,490
Operating profit        6,194 8,120
Net interest        6 (27) (5)
Profit before taxation        6,167 8,115
Taxation        7 1,870 2,275
Profit for the year         4,297 5,840
   
Earnings per share       8  
Basic         24.5p 33.4p
Fully diluted        24.4p 33.2p
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 2010
  
         2010 2009 
         £000 £000
Profit for the year        4,297 5,840
Actuarial loss in respect of defined benefit pension scheme      (1,264) (652)
Deferred tax in respect of defined benefit pension scheme      354 183
Exchange differences on translation of foreign operations      50 (100)
Currency reserve        (155) 9
Deferred tax on currency reserve        41 —
Total comprehensive income for the year         3,323 5,280
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.
 
Consolidated income statement
year ended 31 March 2010 19 ACM Shipping Group plc Annual report and accounts 2010
Year in review Financial statements Corporate governance Notice of AGM
Balance sheets
as at 31 March 2010
       Group  Company
       2010 2009 2010 2009 
      Note £000 £000 £000 £000
Non‑current assets      
Property, plant and equipment     9 393 550 — —
Intangible assets     10 10,183 10,619 — —
Investments      11 1,208 1,493 9,727 9,727
Deferred tax asset     12 598 338 160 50
       12,382 13,000 9,887 9,777
Current assets      
Trade and other receivables     13 5,850 5,997 22 14
Cash and cash equivalents      4,266 4,935 2 —
       10,116 10,932 24 14
Total assets      22,498 23,932 9,911 9,791
Current liabilities      
Trade and other payables     14 (6,046) (9,014) (3,608) (3,922)
Current tax payable       (1,014) (1,317) — —
       (7,060) (10,331) (3,608) (3,922)
Non‑current liabilities      
Deferred tax liabilities     12 — (208) — —
Pension liability     15 (2,089) (1,206) — —
       (2,089) (1,414) — —
Total liabilities      (9,149) (11,745) (3,608) (3,922)
Net assets      13,349 12,187 6,303 5,869
Capital and reserves      
Share capital      16 177 176 177 176
Share premium account      3,730 3,730 3,730 3,730
ESOP reserve     17 (1,025) — — —
Retained earnings      10,125 8,219 1,815 1,776
Other reserves      342 62 581 187
Total equity      13,349 12,187 6,303 5,869
These financial statements were approved by the Board on the 16 July 2010 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 2010
Statements of changes in equity
as at 31 March 2010
     Share Share ESOP Retained Other 
     capital  premium reserve earnings  reserves Total 
Group    £000 £000 £000 £000 £000 £000
Balance at 1 April 2008     173 3,730 — 4,087 (125) 7,865
Profit for the year    — — — 5,840 — 5,840
Dividends to equity shareholders    — — — (1,139) — (1,139)
Actuarial loss in respect of defined benefit pension scheme    — — — (652) — (652)
Deferred tax in respect of defined benefit pension scheme  — — — 183 — 183
Currency translation differences     — — — (100) — (100)
Currency reserve    — — — — 9 9
Issue of shares    3 — — — — 3
Fair value of share-based payments    — — — — 178 178
Balance at 31 March 2009     176 3,730 — 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 (note 17)    — — (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
      Share Share Retained Other 
      capital  premium earnings  reserves Total 
Company     £000 £000 £000 £000 £000
Balance at 1 April 2008      173 3,730 1,094 9 5,006
Profit for the year     — — 1,821 — 1,821
Dividends to equity shareholders     — — (1,139) — (1,139)
Issue of shares     3 — — — 3
Fair value of share-based payments     — — — 178 178
Balance at 31 March 2009      176 3,730 1,776 187 5,869
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 21 ACM Shipping Group plc Annual report and accounts 2010
Year in review Financial statements Corporate governance Notice of AGM
Other reserves are made up of:
       Group  Company
       2010 2009 2010 2009 
       £000 £000 £000 £000
Merger reserve      (135) (135) — —
Currency reserve      (104) 10 — —
Share-based payment reserve      581 187 581 187
       342 62 581 187
The currency reserve arises from exchange gains and losses arising on consolidation.
The share-based payment reserve represents the fair value of share options which have been granted.
The merger reserve arose when the shares of ACM Shipping Limited were exchanged for shares in ACM Shipping Group plc. 
Since the members and their rights were unchanged the transfer of ownership was accounted for in accordance with the principles 
of merger accounting.
The notes on pages 23 to 40 form part of the financial statements.  22 ACM Shipping Group plc Annual report and accounts 2010
Cash flow statements
year ended 31 March 2010
       Group  Company
       2010 2009 2010 2009 
       £000 £000 £000 £000
Profit before taxation      6,167 8,115 1,386 1,699
Depreciation      227 228 — —
Net interest      27 5 — —
Share of operating profit in joint venture      (1,325) (1,490) — —
Amortisation of intangibles      436 606 — —
Share-based payments      394 178 394 178
Operating cash flow before changes in working capital and provisions   5,926 7,642 1,780 1,877
Decrease/(increase) in debtors      148 (2,018) (8) (8)
(Decrease)/increase in creditors      (3,073) 3,831 (240) 2,201
Provision for pension scheme costs      76 228 — —
Pension scheme contributions paid      (510) (695) — —
Cash generated from operating activities      2,567 8,988 1,532 4,070
Taxation paid      (2,247) (2,137) — 80
Net cash from operating activities      320 6,851 1,532 4,150
Cash flows from investing activities    
Purchase of property and equipment      (70) (267) — —
Investment      — (44) — —
Acquisition of subsidiary, net of cash acquired     — (3,017) — (3,017)
Acquisition of business       — (2,538) — —
Dividends received from associates       — 78 — —
Amounts received from joint venture      1,610 1,472 — —
Interest received      26 (29) — —
Net cash used in investing activities      1,566 (4,345) — (3,017)
Cash flows from financing activities     
Dividends paid      (1,531) (1,139) (1,531) (1,139)
Shares acquired for ESOP      (1,025) — — —
Issue of new shares      1 3 1 3
Net cash used in financing activities      (2,555) (1,136) (1,530) (1,136)
Net (decrease)/increase in cash and cash equivalents     (669) 1,370 2 (3)
Cash and cash equivalents at the beginning of the year    4,935 3,565 — 3
Cash and cash equivalents at the end of the year     4,266 4,935 2 —
The notes on pages 23 to 40 form part of the financial statements.
  23 ACM Shipping Group plc Annual report and accounts 2010
Year in review Financial statements Corporate governance Notice of AGM
Notes to the financial statements
year ended 31 March 2010
1. Accounting policies 
(a) Basis of accounting
These financial statements have been prepared in accordance with the Companies Act 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 2010). 
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, Companies Act 2006. 
(b) Basis of consolidation
The consolidated financial statements include the accounts of ACM Shipping Group plc and its subsidiary and associated 
undertakings and joint venture arrangements.
(c) Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow and can be reliably measured. Revenue 
is recognised when the Group has a contractual entitlement to commission. This is generally the point at which there is completion 
of contractual terms between the principles of a transaction. Time charter revenue is recognised on a monthly basis.
(d) Property, plant and equipment
Property, plant and equipment are recorded at cost less accumulated depreciation and any impairment in value. Depreciation 
is provided on a straight line basis over the expected economic life of that asset as follows:
Leasehold improvements –  seven years 
Fixtures, fittings and office equipment – two to five years
(e) Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged 
against profits on a straight line basis over the period of the lease.
(f) Pension costs and other post-retirement benefits
The Group operates a defined benefit scheme and recognises the pension liability in the Group balance sheet. The liability is the 
present value of the accrued defined benefit 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 recognised 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 2010
Notes to the financial statements continued
year ended 31 March 2010
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.
(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 three to four years and for 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.
Trade receivables
Trade receivables are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. 25 ACM Shipping Group plc Annual report and accounts 2010
Year in review Financial statements Corporate governance Notice of AGM
1. Accounting policies continued
(n) Financial instruments continued
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 trust
Transactions of the Group-sponsored ESOP trust are treated as being those of the Group and are therefore reflected in the Group’s 
financial statements. In particular, the trust’s purchases of shares in the Company are debited directly to equity.
(p) Adopted IFRS not yet applied
The following new standards, amendments to standards or interpretations are mandatory for the first time for the financial year 
beginning 1 April 2009:
—  IAS 1 (revised), Presentation of financial statements has resulted in the statement of recognised income and expense being 
renamed the statement of comprehensive income and the introduction of the statement of changes in equity as a primary 
statement. The Group has chosen to present two statements, an income statement and a statement of comprehensive income. 
—  IFRS 2 (amendment), Share-based payment deals with vesting conditions and cancellations. The amendment does not have 
a material impact on the Group or Company’s financial statements.
—  IFRIC 16, Hedges of a net investment in a foreign operation. This has not had any impact on the Group. 
The following new standards, amendments to standards or interpretations are also mandatory for the first time for the financial year 
beginning 1 April 2009 but are not currently relevant for the Group:
—  IFRIC 13, Customer loyalty programmes.
—  IFRIC 15, Agreements for the construction of real estate.
—  IAS 39 (amendment), Financial instruments: Recognition and measurement. 
The following new standards, amendments to standards and interpretations have been issued, but are not effective for the financial 
year beginning 1 April 2009 and have not been early adopted:
—  IFRS 3 (revised), Business combinations and consequential amendments to IAS 27, Consolidated and separate financial statements.
—  IAS 28, Investments in associates and IAS 31, Interests in joint ventures, effective prospectively to business combinations for which 
the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 July 2009. Management 
is assessing the impact of the new requirements regarding acquisition accounting, consolidation and associates on the Group. 
The following new standards, amendments to standards and interpretations have been issued, but are not effective for the financial 
year beginning 1 April 2009 and are not currently relevant to the Group:
—  IFRIC 17, Distributions of non-cash assets to owners, effective for annual periods beginning on or after 1 July 2009. This is not currently 
applicable to the Group, as it has not made any non-cash distributions.
—  IFRIC 18, Transfers of assets from customers, effective from 1 July 2009. This is not relevant to the Group, as it has not received 
any assets from customers.
—  IFRIC 19, Extinguishing financial liabilities with equity investments. This is not relevant to the Group as no equity instruments have 
been issued to extinguish any financial liabilities.
—  IFRS 9, Financial Instruments effective for annual periods beginning on or after 1 January 2010. Earlier application is permitted 
but will not be taken.
The Directors do not anticipate that the adoption of any of these standards and interpretations will have a material impact on these 
financial statements. 26 ACM Shipping Group plc Annual report and accounts 2010
Notes to the financial statements continued
year ended 31 March 2010
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’s revenue:
         2010 2009 
         £000 £000
Spot brokerage        10,997 15,750
Time charter        8,073 8,339
Demurrage        1,419 1,103
Sale and purchase        5,363 4,951
         25,852 30,143
 
3. Operating profit
Operating profit is stated after charging:
         2010 2009 
         £000 £000
Depreciation of property, plant and equipment       227 228
Amortisation of intangible assets (see note 10)       436 606
Operating lease costs        644 720
Remuneration of the auditor:  
– audit of the Company        9 9
– audit of subsidiaries        16 16
– audit of pension schemes        5 5
– taxation services        12 12
– other services        9 9 27 ACM Shipping Group plc Annual report and accounts 2010
Year in review Financial statements Corporate governance Notice of AGM
4. Staff costs
The average number of persons employed by the Group during the year was as follows:
         2010 2009 
         Number Number
Office and administration        96 84
The aggregate payroll costs of the above were:
         2010 2009 
        Note £000 £000
Salaries         14,250 16,398
Social security costs        1,569 1,664
Pension costs       15 668 995
Share-based payments       18 394 178
         16,881 19,235
The remuneration of the key management, which were the Directors, was as follows:
         2010 2009 
         £000 £000
Total emoluments        1,749 2,003
Further analysis of Directors’ remuneration, pension contributions and share options is shown within the Directors’ remuneration report.
5. Joint venture 
         2010 2009 
         £000 £000
Share of operating profit of joint venture        1,325 1,490
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 
         2010 2009 
        Note £000 £000
Bank interest        26 24
Pension-expected return on plan assets less interest on obligation     15 (53) 24
         (27) 48
Bank interest        — (53)
         (27) (5) 28 ACM Shipping Group plc Annual report and accounts 2010
Notes to the financial statements continued
year ended 31 March 2010
7. Taxation 
(a) Analysis of charge in the year
         2010 2009 
        Note £000 £000
UK corporation tax        1,943 2,339
Over provision for previous years        — (16)
Current taxation         1,943 2,323
Deferred taxation        7(c) (73) (48)
        7(b) 1,870 2,275
(b) Factors affecting tax charge
         2010 2009 
        Note £000 £000
Profit before taxation        6,167 8,115
Profit at current tax rate in UK of 28% (2009: 28%)       1,727 2,272
Effects of:   
– expenses not deductible for tax purposes        211 172
– unrelieved losses in overseas subsidiaries        13 —
– utilisation of losses in overseas subsidiaries        (84) (126)
– adjustment in respect of prior years        — (16)
– other        3 (27)
        7(a) 1,870 2,275
(c) Deferred taxation
         2010 2009 
        Note £000 £000
Depreciation in excess of capital allowances       (23) (10)
Other timing differences        4 (27)
Timing differences in respect of share-based payments       (110) (50)
Timing difference in respect of amortisation of intangibles      (51) (99)
Timing differences in respect of payments to pension scheme      107 138
        7(a)/12 (73) (48) 29 ACM Shipping Group plc Annual report and accounts 2010
Year in review Financial statements Corporate governance Notice of AGM
8.  Earnings per share 
EPS is calculated by dividing the profit attributable to equity shareholders by the weighted average number of shares in issue in the year.
         2010 2009 
         £000 £000
Earnings  
Earnings for the year        4,297 5,840
Adjustment for amortisation of intangibles        436 606
Adjustment for taxation impact of amortisation of intangibles      (122) (170)
Earnings for adjusted EPS        4,611 6,276
 
         Number Number
Number of shares  
Weighted average number of shares        17,540,144 17,463,980
Dilutive effect of share plans        103,898 115,827
Diluted weighted average number of shares        17,644,042 17,579,807
The weighted average number of shares excludes those held by Employee Share Ownership Plan.
         2010 2009 
         Pence Pence
EPS  
Basic        24.5 33.4
Diluted        24.4 33.2
Adjusted        26.3 35.9
Adjusted diluted        26.1 35.7 30 ACM Shipping Group plc Annual report and accounts 2010
Notes to the financial statements continued
year ended 31 March 2010
9.  Property, plant and equipment
(a)  Group
         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
 
         Office and  
        Leasehold computer  
        improvements equipment Total 
        £000  £000  £000 
Cost   
At 1 April 2008        416 855 1,271
Additions        86 196 282
Disposals       — (183) (183)
Exchange adjustments       — 17 17
At 31 March 2009       502 885 1,387
Depreciation   
At 1 April 2008        214 573 787
Charge for the year       76 152 228
Disposals       — (183) (183)
Exchange adjustments       — 5 5
At 31 March 2009       290 547 837
Net book value   
At 31 March 2009       212 338 550
 
(b)  Company
The Company did not own any property and equipment at any time during the year. 31 ACM Shipping Group plc Annual report and accounts 2010
Year in review Financial statements Corporate governance Notice of AGM
10.  Intangible assets 
        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 Goodwill Total 
        £000 £000 £000
Cost   
At 1 April 2008       1,958 7,408 9,366
Acquisition of a business       1,002 1,521 2,523
At 31 March 2009       2,960 8,929 11,889
Amortisation   
At 1 April 2008       664 — 664
Amortisation during the year       606 — 606
At 31 March 2009       1,270 — 1,270
Net book value    
At 31 March 2009       1,690 8,929 10,619
Other 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. 32 ACM Shipping Group plc Annual report and accounts 2010
Notes to the financial statements continued
year ended 31 March 2010
11.  Investments
(a) Group
The Group’s investments were as follows:
         2010 2009 
         £000 £000
Investments         1,050 1,050
Investment in joint venture (note 5)        158 443
At 31 March         1,208 1,493
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:
         2010 2009 
         £000 £000
At 1 April         9,727 9,727
Additions        — —
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 
two wholly owned subsidiaries, ACM Shipping Asia Pte Limited and ACM Shipping India Limited. These companies are incorporated 
in Singapore and India respectively.
In the case of each subsidiary company, the investment represents investment in ordinary shares of the Company.
All subsidiary companies’ principal activity is shipbroking. Each has a year end of 31 March and the consolidated results include 
their results to 31 March 2010. 
12.  Deferred tax 
The deferred tax asset consists of the tax effect of timing differences in respect of:
       Group  Company
       2010 2009 2010 2009 
       £000 £000 £000 £000
Pension liability      585 338 — —
Share-based payments      160 — 160 50
Currency reserve      41 — — —
Excess of capital allowances over depreciation     1 — — —
Other timing differences      23 — — —
Intangible assets      (212) — — —
At 31 March 2010      598 338 160 50
The deferred tax liabilities consist of the tax effect of temporary differences in respect of:
       Group  Company
       2010 2009 2010 2009 
       £000 £000 £000 £000
Excess of capital allowances over depreciation     — 22 — —
Other timing differences      — (77) — —
Intangible assets      — 263 — —
       — 208 — — 33 ACM Shipping Group plc Annual report and accounts 2010
Year in review Financial statements Corporate governance Notice of AGM
12.  Deferred tax continued
(a) The movement in the deferred tax asset during the year was:
       Group  Company
       2010 2009 2010 2009 
      Note £000 £000 £000 £000
At 1 April 2009      338 293 50 —
Charge to income statement     12(c) (135) (138) 110 50
Charge to statement of comprehensive income      395 183 — —
At 31 March 2010      598 338 160 50
(b) The movement in the deferred tax liabilities during the year was:
       Group  Company
       2010 2009 2010 2009 
      Note £000 £000 £000 £000
At 1 April 2009      208 394 — —
Credit to income statement     12(c) (208) (186) — —
At 31 March 2010      — 208 — —
(c) Total credit to income statement:
       Group  Company
       2010 2009 2010 2009 
      Note £000 £000 £000 £000
Movement in deferred tax liability     12(b) 208 186 — —
Movement in deferred asset     12(a) (135) (138) 110 50
Credit to income statement     7(c) 73 48 110 50
 
13.  Trade and other receivables
       Group  Company
       2010 2009 2010 2009 
       £000 £000 £000 £000
Trade receivables      5,254 5,336 — —
Amounts owed by Group undertakings      — — 22 14
Other receivables      596 661 — —
       5,850 5,997 22 14
The ageing profile of Group trade receivables was as follows: 
         2010 2009 
         £000 £000
Up to 3 months        3,590 3,192
3 to 6 months         497 1,555
6 to 12 months         918 618
Over 12 months         637 247
At 31 March 2010         5,642 5,612
Less impairment         (388) (276)
         5,254 5,336 34 ACM Shipping Group plc Annual report and accounts 2010
Notes to the financial statements continued
year ended 31 March 2010
13.  Trade and other receivables continued
The movements on provisions for impairment of Group trade receivables were as follows:
         2010 2009 
         £000 £000
At 1 April 2009        276 99
Charge for the year         112 177
At 31 March 2010         388 276
14. Trade and other payables
       Group  Company
       2010 2009 2010 2009 
       £000 £000 £000 £000
Trade payables      1,393 2,160 — —
Other taxation and social security      2,414 2,163 — —
Accruals and deferred income      2,239 4,691 23 16
Amounts owed to Group undertakings      — — 3,585 3,906
       6,046 9,014 3,608 3,922
The amounts included in trade and other payables are due to be paid within twelve months.
15. 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:
         2010 2009 
         £000 £000
UK defined benefit scheme        76 228
Defined contribution schemes         592 767
         668 995
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 2010 to obtain the figures in this disclosure note. The figures for the year 
ended 31 March 2009 have also been included for comparison.
The projected unit valuation method has been used.  35 ACM Shipping Group plc Annual report and accounts 2010
Year in review Financial statements Corporate governance Notice of AGM
15. Pension commitments continued
The principal actuarial assumptions at the balance sheet date were:
         2010 2009
Economic assumptions  
Discount rate        5.6% pa 6.9% pa
Price inflation        3.7% pa 3.0% pa
Rate of salary growth        5.7% pa 5.0% pa
Pension increase:  
– RPI increases subject to a maximum of 2.5% pa       2.3% pa 2.3% pa
– RPI increases subject to a maximum of 3.0% pa       2.7% pa 2.6% pa
– RPI increases subject to a maximum of 5.0% pa       3.5% pa 3.0% pa
Discretionary pension increases        0.0% pa 0.0% pa
Expected return on assets  
Diversified Growth Fund (“DGF”)        7.7% pa 7.1% pa
Cash        4.5% pa 3.8% pa
Demographic assumptions  
Average expected remaining life of:  
– 60 year old non-retired male        28.1 yrs 28.0 yrs
– 60 year old retired male        27.0 yrs 26.9 yrs
– 60 year old non-retired female        30.4 yrs 30.4 yrs
– 60 year old retired female        29.4 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 7.7% 
pa reflects historic UK equity returns and DGFs and is within the range of assumptions typically used by other companies. The expected 
long-term rate of return on cash of 4.5% pa is based upon the gross redemption yield available on long-dated gilts.
Employee benefit obligations
The amounts recognised in the balance sheet are as follows:
         2010 2009 
         £000 £000
Present value of funded obligations        12,712 8,535
Fair value of plan assets        (10,623) (7,329)
Net liability        2,089 1,206
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:
         2010 2009 
         £000 £000
Current service cost (excluding employee contributions)*      76 120
Past service cost        — 108
Interest on obligation        591 627
Expected return on plan assets        (538) (651)
Total recognised in income statement         129 204
Actual return on plan assets        2,789 (1,644)
* Excludes insurance premiums for Group life cover paid by the Group via the pension scheme. 36 ACM Shipping Group plc Annual report and accounts 2010
Notes to the financial statements continued
year ended 31 March 2010
15. Pension commitments continued
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.
         2010 2009 
         £000 £000
Actual return less expected return on plan assets        2,251 (2,295)
Experience gain/(loss) arising on plan liabilities       305 (440)
Gain arising from changes in assumptions underlying the present value of the plan liabilities   (3,820) 2,083
Net actuarial loss        (1,264) (652)
Changes in the present value of the defined benefit obligation are as follows:
         2010 2009 
         £000 £000
At 1 April 2009        8,535 9,440
Service cost        76 120
Past service cost        — 108
Member contributions        73 71
Interest cost        591 627
Actuarial losses/(gains)         3,515 (1,643)
Benefits paid        (78) (188)
At 31 March 2010        12,712 8,535
Changes in the fair value of plan assets are as follows:
         2010 2009 
         £000 £000
At 1 April 2009        7,329 8,395
Expected return        538 651
Actuarial gains/(losses)        2,251 (2,295)
Contributions        583 766
Benefits paid        (78) (188)
At 31 March 2010        10,623 7,329
 
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:
         2010 2009
UK equities        7% 17%
European excluding UK equities        2% 0%
Japanese equities        4% 1%
Pacific excluding Japanese equities        4% 8%
North American equities        12% 6%
Equity (other)        19% 7%
Property        2% 2%
Debt        31% 40%
Cash        2% 6%
Other        17% 13% 37 ACM Shipping Group plc Annual report and accounts 2010
Year in review Financial statements Corporate governance Notice of AGM
16. Share capital
Authorised share capital
         2010 2009 
         £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 2008        17,281,514 173
Shares issued under LTIP        360,000 3
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
The Company has no other form of share capital other than ordinary shares as shown in this note.
17. ESOP reserve 
The ESOP reserve in Group represents 500,000 shares (2009: nil) held by ACM Shipping Limited Employee Share Ownership Plan. The shares 
are stated at cost. The market value of these shares at 31 March 2010 was £950,000 (2009: £nil).
18. 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, 50,000 shares were awarded to an employee during the year. The employee paid one pence per share for the LTIPs 
which vest 50% after three years, 25% after four years and 25% after five years subject only to the employee remaining with the Group. 
No share options were granted under either the EMI scheme or 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 2009 Lapsed 2010
Sharesave scheme     
2008     2011 160.0p 60,000 (14,400) 45,600
2008     2013 160.0p 157,500 (10,500) 147,000
        217,500 (24,900) 192,600
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
        245,327 — 245,327
LTIP     
2009     2012 0.0p 206,060 — 206,060
Total        668,887 (24,900) 643,987
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 206,060 LTIP shares in 
January 2009. These shares vest after three years subject to the satisfaction of an EPS performance target. 38 ACM Shipping Group plc Annual report and accounts 2010
Notes to the financial statements continued
year ended 31 March 2010
18. 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 £394,000 (2009: £178,000).
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.
19. Dividends
         2010 2009 
         £000 £000
Declared and paid during the year  
Final dividend for 2009: 6 pence per share (2008: 4 pence per share)     1,058 698
Interim dividend for 2010: 2.75 pence per share (2009: 2.5 pence per share)     473 441
         1,531 1,139
Proposed for approval at AGM (not recognised as liability at 31 March)   
Final dividend for 2010: 6.75 pence per share (2009: 6 pence per share)     1,160 1,058
20. Commitments under operating leases
At 31 March 2010 the Group had commitments for leasehold land and buildings under non-cancellable operating leases as follows:
         2010 2009 
         £000 £000
Operating leases which expire  
Between one and five years        775 1,352
21. Contingencies
The Group has given a guarantee to its bankers in the normal course of business amounting to £181,000 (2009: £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 
Group Limited. 39 ACM Shipping Group plc Annual report and accounts 2010
Year in review Financial statements Corporate governance Notice of AGM
22. Notes to the cash flow statements 
Analysis of changes in cash balances
        At  At 
        1 April  31 March 
        2009 Cash flows 2010 
        £000 £000 £000
Cash and cash equivalents       4,935 (669) 4,266
 
23. 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 
(2009: 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 $1.49 to $1.67 to £1. The average rate of the forward contracts was $1.60 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 2010 the fair value of these contracts was a liability of £258,000 
(2009: asset £10,000).
The rate on the balance sheet date was $1.52 to £1 (2009: $1.43). The average rate for the year was $1.60 to £1 (2009: $1.69).
As at 31 March 2010 all cash and cash equivalents were held in Sterling except for bank accounts totalling US$1.8 million (2009: US$1.6 million) 
and Euro 0.0 million (2009: Euro 0.3 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 £1.2 million adverse (2009: £1.4 million). This effect is before hedging and with all other variables being 
equal. A 10% strengthening in the average US Dollar is approximately £1.2 million favourable (2009: £1.4 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 22. 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.  40 ACM Shipping Group plc Annual report and accounts 2010
Notes to the financial statements continued
year ended 31 March 2010
24. Ultimate controlling party
No individual shareholder has ultimate control of the Company. 
25. Post balance sheet event – purchase of Endeavour Shipbrokers 
On 24 June 2010 the Group entered into an agreement to acquire the business of Endeavour Shipbrokers Pty Limited (“Endeavour”), 
a dry cargo shipbroker based in Melbourne and Sydney, Australia. This acquisition takes the Group into the dry cargo market and 
is an important expansion strategically as it enhances ACM’s offering and diversifies the Group’s earnings. This is in line with ACM’s 
stated strategy to become an integrated global shipbroking services provider.
The acquisition was for a total consideration of AU$10 million (£5.8 million). The consideration comprises AU$4 million (£2.3 million) 
in cash and the issue of 1,815,000 new ordinary shares in ACM (“Consideration Shares”). The Consideration Shares were admitted to 
trading on AIM on 30 June 2010. These ordinary shares rank pari passu with the existing ordinary shares of the Group. All Consideration 
Shares are the subject of a lock-in and orderly market arrangement. The cash element of the consideration was funded from the 
existing cash resources of the Group.
Endeavour concentrates on the growing Asia Pacific dry bulk market and has a wide range of global clients including major world 
recognised blue chip mining, industrial and agricultural companies, as well as ship owners and operators. For the eight months to 
28 February 2010, on an unaudited basis, Endeavour achieved revenue of AU$4.0 million. The unaudited accounts of Endeavour 
for the year to 30 June 2009 showed revenue of AU$5.4 million and a profit before taxation of AU$3.1 million before allowing for 
Director bonuses.
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 2010
Year in review Financial statements Corporate governance Notice of AGM
NOTICE IS HEREBY GIVEN that the Annual General Meeting (“AGM”) of the Company will be held at the offices of Dechert LLP, 
160 Queen Victoria Street, London EC4V 4QQ on Thursday 2 September 2010 at 11.30am for the following purposes:
Ordinary business
1.  To receive and adopt the Company’s annual accounts for the financial year ended 31 March 2010 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. To approve the Directors’ remuneration report for the financial year ended 31 March 2010.
3. To declare a final dividend for the financial year ended 31 March 2010 of 6.75 pence per share.
4. To re-elect Peter Sechiari as a Director of the Company.
5. To re-elect James Gundy as a Director of the Company.
6.  To re-appoint RSM Tenon Audit Limited as auditor to hold office from the conclusion of the meeting to the conclusion of the next 
meeting at which the accounts are laid before the Company and to authorise the Directors to fix their remuneration.
Special business
As special business to consider and, if thought fit, to pass the following resolutions of which resolution 7 will be proposed as an ordinary 
resolution and resolutions 8 and 9 will be proposed as special resolutions:
7. THAT:
 7.1  the Directors be generally and unconditionally authorised pursuant to Section 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 £65,021 provided that:
  7.1.1  this authority shall expire at the conclusion of the next AGM of the Company after the passing of this resolution or 
15 months after the date of this resolution (if earlier) unless previously varied, revoked or renewed by the Company 
in general meeting; 
  7.1.2  the Company shall be entitled to make, prior to the expiry of such authority, any offer or agreement which would or might 
require relevant securities to be allotted after the expiry of such authority and the Directors may allot any relevant securities 
pursuant to such offer or agreement as if such authority had not expired; and
  7.1.3  all prior authorities to allot relevant securities be revoked but without prejudice to the allotment of any relevant securities 
already made or to be made pursuant to such authorities.
8. THAT, subject to the passing of resolution 7 above:
 8.1  in substitution for any existing power under Section 95 of the Companies Act 1985 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 570 of the Act) 
for cash either pursuant to the authority conferred on them by resolution 7 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:
  8.1.1  the allotment of equity securities, in connection with a rights issue, subject to such exclusions or other arrangements as the 
Directors may deem necessary or expedient to deal with fractional entitlements or legal or practical problems under the 
laws of, or the requirements of, any regulatory body or any stock exchange or otherwise in any territory; and for the purposes 
of this resolution “rights issue” means an offer of equity securities to holders of ordinary shares in proportion to their respective 
holdings (as nearly as may be) and holders of other securities to the extent expressly required or (if considered appropriate 
by the Directors) permitted by the rights attached thereto;
  8.1.2  the allotment of equity securities pursuant to the terms of the Company’s existing employees’ share or share option 
schemes or any other employees’ share scheme approved by the members of the Company in general meeting; 
Notice of Annual General Meeting
ACM Shipping Group plc (the “Company”) 42 ACM Shipping Group plc Annual report and accounts 2010
Special business continued
8. continued
  8.1.3  the allotment (otherwise than pursuant to paragraphs 8.1.1 or 8.1.2 above) of equity securities up to an aggregate 
nominal value of £19,506;
   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; and
 8.2  all prior powers granted under Section 95 of the Companies Act 1985 be revoked provided that such revocation shall not have 
retrospective effect.
9. THAT:
 9.1  the Company is authorised, pursuant to Section 701 of the Act, to make market purchases (within the meanings of Sections 
701(3) and (5) of the Act) of any of its ordinary shares of 1 penny each (ordinary shares) in such manner and on such terms 
as the Directors may from time to time determine provided that:
  9.1.1 the maximum aggregate number of ordinary shares that may be purchased is 1,950,600; 
  9.1.2 the minimum price (excluding expenses) which may be paid for each ordinary share is 1 penny;
  9.1.3  the maximum price (excluding expenses) which may be paid for any ordinary share is an amount equal to 105% of 
the average of the middle market quotations for an ordinary share taken from the London Stock Exchange Daily 
Official List for the five business days immediately preceding the date on which such share is contracted to be 
purchased; and
  9.1.4  the authority conferred by this resolution shall expire on the earlier of 18 months from the date of this AGM and the 
conclusion of the Company’s next AGM save that the Company may, before the expiry of the authority granted by 
this resolution, enter into a contract to purchase ordinary shares which will or may be executed wholly or partly after 
the expiry of such authority.
By order of the Board
Ian Hartley
Company Secretary
Registered Office
Kinnaird House
1 Pall Mall
London SW1Y 5AU
16 July 2010
Notice of Annual General Meeting continued
ACM Shipping Group plc (the “Company”) 43 ACM Shipping Group plc Annual report and accounts 2010
Year in review Financial statements Corporate governance 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. To 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 31 August 2010, 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 2010
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 2010.
Resolution [2] – to approve the Directors’ remuneration report for the financial year ended 31 March 2010.
Resolution [3] – to declare a final dividend for the financial year ended 31 March 2010 of 6.75 pence per share. Subject to 
approval, the final dividend will be payable on 8 October 2010 to shareholders on the register as at close of business on 10 
September 2010.
Resolutions [4 and 5] – under the Company’s Articles of Association, and in accordance with Group policy, one third of the 
Company’s Directors retire by rotation and, being eligible, Peter Sechiari and James Gundy offer themselves for re-election.
Resolution [6] – Auditor – this resolution, if passed, will re-appoint RSM Tenon Audit Limited as auditor of the Company and authorise 
the Directors to fix their remuneration.
As special business
The following item will be proposed as an ordinary resolution:
Resolution [7] – Authority to allot shares
This resolution, if passed, will authorise the Directors of the Company generally and unconditionally to allot ordinary shares of the 
Company up to a maximum nominal value of £65,021 representing approximately one third of the current issued share capital of 
the Company. This authority will expire at the conclusion of the next AGM of the Company unless previously varied, revoked or renewed 
by the Company in general meeting.
The following items will be proposed as special resolutions:
Resolution [8] – Disapplication of pre‑emption rights
This resolution, if passed, will grant the Directors of the Company power to allot shares wholly for cash pursuant to the authority 
conferred on them by resolution 7 otherwise than to the existing shareholders of the Company in proportion to their existing holdings of 
ordinary shares. The first part of the disapplication is limited to rights issues, open offers and similar pro-rata issues. In relation to a 
rights issue, open offer or other pro rata issues the disapplication authority is unlimited and allows the Directors to offer shares to 
existing shareholders other than strictly in proportion to their holdings, where for example, overseas regulations make it difficult 
to offer shares pro rata to existing overseas shareholders or when dealing with fractions of shares. The second part of the 
disapplication is limited to issues of shares pursuant to the terms of the Company’s current share scheme and any other share 
schemes approved by the Company in general meeting. The final part of the resolution also enables your Board to allot shares for 
any purpose up to an aggregate nominal value of £19,506 representing approximately 10% of the current issued share capital of the 
Company.
Resolution [9] – Share buy back 
This resolution seeks authority for the Company to make market purchases of its own shares and is proposed as a special resolution. 
If passed, the resolution gives authority for the Company to purchase up to 1,950,600 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.
 
Notice of Annual General Meeting continued
explanatory notes Group	trading	offices
website: www.acmshipping.co.uk 
London
ACM Shipping Limited
Kinnaird House 
1 Pall Mall 
London SW1Y 5AU 
United Kingdom 
Telephone: +44 (0)20 7930 7555 
Fax: +44 (0)20 7930 0115 
Email: brokers@acmshipping.co.uk
ACM Shipping Dry Cargo Limited
Kinnaird House 
1 Pall Mall 
London SW1Y 5AU 
United Kingdom 
Telephone: +44 (0)20 7484 6383 
Fax: +44 (0)20 7930 0043 
Email: dry@acmshipping.co.uk
GFI Joint Venture
Telephone 
London:  +44 (0)20 7422 1180 
Singapore: +65 6820 2980 
New York: +1 212 968 2050 
Fax:  +44 (0)20 7930 0115 
Email: futures@acmshipping.co.uk
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 2282 9737 
Fax: +91 22 2282 9738 
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
605, 6A Glen Street 
Milson’s Point  
NSW 2061 
Australia 
Telephone: +61 299 215 567 
Fax: +61 289 041 311 
2010
Annual General Meeting
2 September 2010
Ex-dividend date
8 September 2010
Record date
10 September 2010
Dividend payment date
8 October 2010
Interim results
December 2010*
2011
Interim dividend date
February 2011*
Year end
31 March 2011
Preliminary results
June 2011*
 
* Provisional.
Financial calendar ACM Shipping Group plc 
Kinnaird House 
1 Pall Mall 
London SW1Y 5AU 
United Kingdom  
www.acmshippinggroup.com