ACM Shipping Group plc
Annual report and accounts 2012 ACM is one of the world’s leading shipbrokers, 
providing fully integrated solutions for worldwide 
industrial transportation.
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  Highlights 
02  Our business at a glance 
04  Chairman’s statement 
06  Chief Executive’s review 
08  Financial review
Corporate governance
10  Board of Directors 
 and advisers 
12 Directors’ report 
15 Corporate governance 
16  Directors’ 
remuneration report
Financial statements
18 Independent auditor’s report 
20 Consolidated income  
 statement 
20 Consolidated statement 
 of comprehensive income 
21 Balance sheets 
22 Statements of changes  
 in equity 
24 Cash flow statements 
25  Notes to the financial 
statements
Notice of AGM
45 Notice of Annual  
 General Meeting 
IBC Group trading offices 
IBC Financial calendar ACM Shipping Group plc Annual report and accounts 2012 01
YEAR IN REVIEW
Highlights
  Revenue of US$42.4 million, in line with market expectations 
(2011: US$45.7 million); in sterling £26.6 million (2011: £29.3 million)
  Overall number of fixtures continues to grow despite a challenging 
shipping market 
  Profit before tax and amortisation and impairment of intangibles 
was £4.3 million for the year (2011: £6.1 million)
  Adjusted EPS of 17.7 pence (2011: 24.8 pence) (adjusted for non-cash 
impacts of amortisation and impairment of intangible assets).
Basic loss per share was 23.8 pence (2011: earnings of 21.7 pence)
  Final dividend held at 7 pence per share, which will provide a total 
dividend of 10.15 pence for the full year (2011: 10.00 pence per share)
  Strong cash position of £3.1 million and no debt 
  The Group continues to make good progress implementing its global 
expansion strategy
  Global dry cargo division making good headway, with US$ revenue increasing 
by 29% during the period, now representing 14% of Group revenue
  Key appointments made; particularly in rebuilding the sale and purchase 
and projects teams
’12 10.15
’11 10.0
’10 9.5
’09 8.5
’08 6.0
’07 2.0
Dividends per share (p)
10.15p
’12 17.7
’11 24.8
’10 26.3
’09 35.9
’08 22.3
’07 14.9
Adjusted EPS (p)
17.7p
’12 42.4
’11 45.7
’10 41.1
’09 50.9
’08 39.3
’07 25.6
Revenue (US$m)
US$42.4m
Spot tures
2004
500
0
£2,000
£0
1,000
£4,000
1,500
£6,000
2,000
£8,000
2,500
£10,000
3,000
3,500
£12,000
£14,000
£16,000
£18,000
£20,000
2005 2006 2007 2008 2009 2010 2011 2012
Num er o tures Average value per tan er ture Annual report and accounts 2012 ACM Shipping Group plc 02
Our business at a glance
’08
’12
’11
’10
’09
1,571
1,687
1,486
1,359
1,140
’07 1,016
’06 886
’05 772
’04 760
Number o tan er spot tures
1,571
Number o tures completed in the ear b ACM 
e cluding small tan ers and dr cargo A compound annual gro th rate o 10 increasing mar et share Our services
ACM offers an integrated selection of services. 
Research is at the heart of all areas of our 
business departments.
Spot brokerage
 Hire o a ship or single vo age
 ACM s spot desks are highl 
ranked in the world
 Crude oil
 Fuel oil
 Clean petroleum
 Gas
Time charter brokerage
 Long-term charters based 
on dail hire
 Strong forward order book
Derivatives brokerage
 50% joint venture with GFI
 Hedging volatilit in the 
freight market
Research
 Client added value
Dr cargo
 On 1 ul 2010 the Group 
acquired the business of 
Endeavour Shipbrokers Pt 
Limited a dr cargo shipbroker 
based in Australia
 This followed the Group having 
set up a new dr cargo venture 
in London This enhances our 
offering and diversi es the 
Group’s earnings
 Spot brokerage
 Time charter
Sales and purchase 
brokerage
 Second hand ships
 New builds
 Demolitions
Operations
 ack of ce ACM Shipping Group plc Annual report and accounts 2012 03
YEAR IN REVIEW
London
Opened 1982
New York
Opened 2002
Beijing
Opened 2009
Shanghai
Opened 2009
Singapore
Opened 2005
Mumbai
Opened 2007
Melbourne
Acquired 2010
S dne Acquired 2010
Dubai
Opened 2011
International coverage and e pansion strateg We have a team of more than 155 brokers and support staff worldwide providing clients with 
global experience and intimate local knowledge. We gain market share by expanding our teams 
of expert brokers to enter new shipping centres and penetrate new regional markets.
London
 Main of ce
 Full range of service 
in tanker broking
 Derivatives brokerage 
 Dr cargo from 2010
Mumbai
 Tanker broking
 Performing well with other 
international of ces
 Signi cant potential
 Opportunit to widen scope
Singapore
 Tanker broking
 Derivatives brokerage
 S&P broking since 2008
 Dr cargo from autumn 2011
 Performing particularl well
Melbourne and S dne Dr cargo broking
 Integrating well
 Working with of ces in London 
and Shanghai
New York
 Derivatives brokerage
Dubai
 Tanker brokering
 Dr cargo from 2012
Beijing
 Tanker broking
 Signi cant potential
Shanghai
 Dr cargo from 2010 Annual report and accounts 2012 ACM Shipping Group plc 04
Chairman’s statement
Peter Sechiari
Chairman
The Group is in a strong position to capitalise 
on an upturn in the market when it occurs.
“ The Group is continuing to successfully 
execute its strategy. ”
 Results in line with expectations
 International expansion continues
 Final dividend of 7 pence, 
making 10.15 pence for the year
 New management structure in place
 Number of the key new hires added 
to the team
 The medium and longer-term 
prospects remain strong
W
hilst the market is generally weak, 
it is showing some signs of volatility 
and ACM’s focus continues to be 
on ensuring that the Group is in a strong 
position to capitalise on an upturn in the 
market when it occurs. The ongoing 
international expansion has continued.
During the period the Group received 
an approach and an indicative offer from 
RS Platou LLP. Options were also examined 
on the two groups working closely together. 
However, after reviewing these options, the 
Board concluded that none of the proposals 
discussed reflected full shareholder value 
or were in the best interests of the Group. 
Discussions concluded in March 2012.
Results
The Board reports that the results are in line 
with expectations and, although the Group 
experienced a fall in revenue from its sale 
and purchase desk, increases were achieved 
in dry cargo and tanker spot brokerage. 
Profit before tax and amortisation and 
impairment of intangibles was £4.3 million for 
the year (2011: £6.1 million). This solid profit 
was achieved despite the challenging markets.
As announced on 6 October 2011, the sale and 
purchase division was impacted by a number 
of personnel departures. As a consequence 
the Group has made a £7.8 million impairment 
of intangible assets (a non-cash item) capitalised 
in relation to the acquisition of ACM Shipping 
Services Limited in 2007. The effect of this is 
that the Group shows a £3.8 million loss 
before taxation for the year (2011: profit 
of £5.3 million). 
Earnings per share (EPS), adjusted for 
the non-cash impacts of amortisation and 
impairment of intangible assets, was down 
from 24.8 pence to 17.7 pence. Basic loss 
per share was 23.8 pence (2011: earnings 
of 21.7 pence).
Dividend
The Board remains positive about the future 
of the business and is pleased to maintain 
its dividend policy to reflect this. The final  ACM Shipping Group plc Annual report and accounts 2012 05
YEAR IN REVIEW
Emplo ees
ACM’s global structure is 
working well with a strong new 
management structure in place 
and a number of ke new hires 
that have added to the team dividend is being held at 7 pence per share 
(2011: 7 pence per share), which will provide 
a total dividend of 10.15 pence for the full year 
(2011: 10.00 pence per share). The dividend 
remains well covered against the adjusted 
EPS and it is a key part of the Group’s strategy 
to maintain a good yield. The final dividend 
is payable on 5 October 2012 to shareholders 
on the register as at close of business on 
7 September 2012.
Strateg The Group is continuing to successfully 
execute its strategy to be a globally integrated 
shipbroking service provider. With new offices 
opening overseas and a strong team in place, 
the Board believes that the elements are in 
place for significant future growth.
With the ongoing rebuilding of the sale 
and purchase team underway and the global 
offices working well together, the Group’s 
strategy is very much on track and the Board 
believes that ACM has the right team and 
structure in place to take the business 
forward in the future.
Emplo ees
ACM’s global structure is working well, with 
a strong new management structure in place 
and a number of key new hires that have added 
to the team. The successful office move in 
August 2011 has provided room for further 
expansion. The Board would like to thank all 
of the Group’s employees for their ongoing 
dedication to ACM.
Prospects
ACM is in a strong position in the market 
and, despite the cyclicality of the shipping 
market, the Board remains confident of 
future growth. The Group’s strategy to 
become a diversified shipbroking service 
provider is being successfully executed 
and, given ACM’s successful expansion into 
new areas from the Group’s core business 
of tanker broking, the Board remains 
positive about the prospects for ACM.
Peter Sechiari
Chairman Annual report and accounts 2012 ACM Shipping Group plc 06
Chief E ecutive’s review
 ohnn Plumbe
Chief Executive
ACM has continued to make good strategic 
progress during the period, expanding into 
new geographies that are important to the 
Group and building new global teams.
 Overall number of fixtures 
continues to grow
 Sale and purchase business being 
rebuilt with some key appointments
 Building a strong global team 
of highly motivated people
 Well positioned for any upturn 
in the markets
A
CM’s strategy remains firmly on track 
and has continued to progress during 
the period. Whilst the market remains 
generally weak in terms of freight rates, ACM 
itself is in a strong position to capitalise on 
the upturn in the market when it occurs. 
The longer-term growth prospects for the 
Group remain strong.
Profit before tax and amortisation and 
impairment of intangibles was £4.3 million 
(2011: £6.1 million). The Group continues to 
have a strong cash position with cash balances 
at the year end of £3.1 million, a decrease 
on the previous year due to £1.0 million 
exceptional capex relating to the Group’s 
office move and £1.4 million due to timing 
differences relating to bonus payments.
The Board is pleased to report that the Group’s 
overall number of fixtures continues to grow 
despite a challenging market. 
Spot brokerage
ACM’s spot brokerage desk, involving the hire 
of a ship for a single voyage, is the Group’s 
principal business. The Group’s tanker spot 
brokerage desk had a strong year with US$ 
revenue showing growth of 7% year on year. 
Rates have generally continued to show 
weakness throughout the year, although the 
Group’s average fixture rate did increase on 
2011 levels. The small tankers desk had 
an excellent year and volume grew by 4%.
The global spot brokerage desks continue 
to work well together.
Time charter
Whilst the Group’s time charter business, 
which involves the long-term hire of tankers, 
is maintaining a fairly steady volume of 
ships which it is fixing, lower hire rates are 
continuing to hold back revenue in this 
division. The team is concluding a number 
of forward time charters, although these are 
being fixed at historically low rates and over 
shorter periods due to market conditions. 
As previously stated, the forward order book 
has reduced and this continues to impact 
performance in this division.
The Group has restructured this section of 
the business and the Board is positive it now 
has the right team and structure in place 
to capitalise on any upturn in the market.
Sale and purchase
The Group has commenced the process of 
rebuilding the sale and purchase team during 
the period, following the personnel departures 
last year. This has progressed well to date, 
with the appointment of Staffan Bulow, 
Herlof Sorensen and a number of other key 
brokers in the team to build this aspect of 
c 
Overall the Group is in a strong 
position to capitalise on an future 
strengthening in the c clical 
shipping market and in particular 
our tanker spot business has 
continued to perform well 
Although the market at present 
remains challenging the Board 
is con dent that ACM has the 
right team and structure in place 
to take the business forward 
in the future ACM Shipping Group plc Annual report and accounts 2012 07
YEAR IN REVIEW
the business globally. For the period under 
review, the previous sale and purchase team 
had some ongoing business that provided a 
contribution to these results, without the full 
year costs associated with the team at that 
time. The year to 31 March 2013 will incur 
the costs of the new team, and the Board 
expects that there will be some delay before 
their full contribution to the business will 
come through.
Dr cargo
Dry cargo US$ revenue increased by 29% 
during the period and now represents 14% 
of Group revenue. For ACM, volumes are 
starting to pick up globally. In London, 
the Far East and Australia, the dry cargo 
broking desk is in the right position to take 
advantage of any future increase in freight 
rates. This sector has been particularly 
affected by low market rates and is taking 
longer than originally expected to reach 
profitability; however the Board is still 
confident in the strategy. Having invested 
in the right structure, the Group’s dry cargo 
desk is now maturing and is succeeding 
in growing its market share.
The Group has also successfully expanded 
internationally with the commencement 
of a venture in Dubai and with a Singapore 
desk being opened in this division.
Gas/LPG
Having set up a small London-based broking 
team for gas/LPG shipbroking, this continues 
to grow, although it is still in its infancy. 
The Board believes that this is an interesting 
area with considerable growth potential 
in the future and the Group will continue 
to develop this area of the business.
Overseas operations
The Board is pleased with the progress made 
by the Group’s global operations during the 
period. The international offices are working 
well together and, having invested in the right 
structure and teams globally, we are now 
in a position to grow the business. ACM’s 
international offering is one of its core 
strengths, and the Board is pleased with 
the progress made by the teams whose local 
knowledge in key regions are helping to drive 
the business forward, underpinned by the 
Group’s global infrastructure.
Financial derivatives
ACM has an established joint venture with 
GFI Group, Inc. (GFI) to conduct derivative 
brokerage, although trading volumes have 
decreased as this sector has been impacted by 
the wider market. The joint venture continues 
to contribute to ACM and financial derivatives 
are a valuable addition to the Group’s offering.
The market
The shipping industry has historically been very 
cyclical with the supply and demand for ships 
being out of step. The year to 31 March 2012 
has seen freight rates at historically low 
levels with some volatility. The average 
Baltic Exchange indices for the year in most 
markets was below those for the previous year. 
For the first half of 2012, freight rates have 
shown some increase and come in stronger 
than many expected for VLCC’s, with all 
other sizes experiencing high levels of volatility. 
The International Energy Agency (IEA) 
sees oil demand continue to grow, although 
growth is slightly down on its estimates 
earlier this year at 800,000 barrels per day 
this year. This growth is similar to that seen 
in the 2004 to 2008 period. Global stock 
building of oil, particularly for China’s 
strategic reserves, continues to support 
seaborne oil trades despite recent evidence 
of slowing economic growth. While recent 
rapid growth of US crude oil production 
and weak demand poses a threat to tanker 
earnings, the resulting rise in Atlantic basin 
crude moving to Asia is expected to lengthen 
voyages for crude carriers. Higher earnings 
have meant that scrapping of older tonnage 
has been limited so far this year, but so has the 
introduction of newbuildings as a result of 
delivery delays. The shift of refinery capacity 
East (closures in Europe/US, new additions 
in Asia) could trigger regional product 
supply shortages, increasing the need for 
seaborne product imports.
Dry bulk markets have suffered across the size 
spectrum. The average Baltic Exchange Dry 
Index for the year was 39% below the previous 
year and 67% below the average for the previous 
five years. The easing of China’s construction 
boom has limited its requirement for imported 
iron ore and coal, hitting the capesize sector 
at a time of rapid fleet growth. However, major 
bulker owners are finally taking corrective 
action by scrapping and laying up relatively 
young (15 year plus) tonnage.
The LPG and petchem gas tanker market has, 
by comparison, been in rude health so far 
this year. 
Outlook
ACM’s overall strategy remains on track 
and this has been achieved against the well 
documented challenges that the whole sector 
has faced during the period. 
Whilst the Board is mindful that the market 
is unlikely to materially change in the short 
term, we remain confident of the medium 
and long-term prospects for the Group. 
Subdued market rates are likely to constrain 
growth in the short term, but having invested 
in the building of a strong global team of 
highly motivated people, we believe that 
ACM continues to be well positioned to 
capitalise on any upturn in the markets.
Johnny Plumbe
Chief Executive Annual report and accounts 2012 ACM Shipping Group plc 08
Financial review
Pro t and earnings
A 
fall in revenue from our sale and 
purchase desk meant overall sterling 
revenue fell by 9%. Increases in revenue 
for dry cargo, tanker spot brokerage and 
demurrage more than offset a fall in time 
charter revenue and the effects of adverse 
currency movements. Administrative expenses 
fell by 4% despite continued expansion and 
an increase in the number of brokers employed.
Profit before tax and amortisation and 
impairment of intangibles was £4.3 million 
for the year (2011: £6.1 million). Contribution 
from dry cargo broking was a loss of £0.8 million 
(2011: loss of £0.5 million); the increase in the 
loss arises from the full year effect of new 
brokers recruited in 2010/11 year. Current 
market conditions will mean that it will take 
longer than originally expected to reach 
profitability for this division. However, 
revenue is increasing and the Board is 
confident in this division for the medium 
and longer term.
As a result of personnel departures, the Group 
has made an impairment of £7.8 million 
against intangible assets regarding the sale and 
purchase department. This department has 
recently been strengthened and restructured.
The effective taxation rate, having adjusted 
for the effects of intangible assets, was 29.7% 
(2011: 29.4%).
Loss attributable to equity shareholders was 
£4.5 million (2011: profit of £4.0 million).
Basic loss per share (EPS) was 23.8 pence 
(2011: earnings of 21.7 pence) with EPS 
adjusted for non-cash items of amortisation 
and impairment of intangible assets down 
from 24.8 pence to 17.7 pence.
Foreign e change
The bulk of the Group’s income is denominated 
in US dollars. The average effective exchange 
rate for the 2011/2012 year was US$1.60 
compared with US$1.56 for the previous year, 
while the rate at 31 March 2012 was US$1.60 
compared with US$1.60 at 31 March 2011. 
The overall effect of the change in exchange 
rates was to decrease revenue by £0.6 million 
and profit before taxation by £0.2 million. 
At the year end, the Group had forward 
currency contracts to sell US$7.5 million at 
an average exchange rate of US$1.57 to £1.
Dividends
The Directors are recommending a final 
dividend of 7.0 pence per share in respect of 
the year ended 31 March 2012 with a total 
cost of £1,344,000. Together with an interim 
dividend of 3.15 pence paid during the year, 
the total dividend in respect of the year will 
be 10.15 pence with a total cost of £1,949,000. 
The total dividend of 10.15 pence is 1.5% 
higher than the previous year’s full dividend 
Ian Hartle Finance director
The Group continues to be 
in sound financial shape.
 Solid profit despite weak 
freight rates
 Dividends up 1.5% year on year
 Dividend covered 1.7 times 
by adjusted EPS
 Strong cash position
Dividends
The Directors are recommending 
a nal dividend of 7 0 pence per 
share in respect of the ear ended 
31 March 2012 with a total cost 
of 1 344 000 Together with an 
interim dividend of 3 15 pence 
paid during the ear the total 
dividend in respect of the ear will 
be 10 15 pence with a total cost 
of 1 4 000 ACM Shipping Group plc Annual report and accounts 2012 0 YEAR IN REVIEW
of 10.0 pence per share and is covered 
1.7 times by the adjusted earnings per share.
Cash ow
Cash generated from operating activities 
was £1.6 million (2011: £5.9 million). 
This inflow excludes a further £0.9 million 
(2011: £1.3 million) received from our joint 
ventures. The cash balance at the year end was 
£3.1 million (2011: £5.0 million). The reduction 
in cash was the result of exceptional capital 
expenditure of £1.0 million in relation to the 
move of our London offices and £1.4 million 
in relation to timing differences in relation to 
bonus payments. The Group continues to be 
cash generative after allowing for these items.
Balance sheet
The value of net assets at the balance sheet date 
decreased to £12.0 million (2011: £19.9 million). 
The total value fell during the year due to 
the impairment of intangible assets and 
an increase in pension liability.
In accordance with IFRS, the Board has 
reviewed the carrying value of its intangible 
assets. Following this review the Board 
has made an impairment and the value 
for intangible assets, which resulted from 
acquisitions, fell to £7.7 million 
(2011: £15.8 million).
The pension deficit for the defined benefit 
scheme has increased to £1.7 million from 
£0.3 million. The increase is primarily due 
to a change in the assumptions relating to 
the discount rate. A deferred tax asset of 
£0.4 million (2011: £0.1 million) exists as a 
result of this liability. This scheme is closed 
to new members. On the back of a full 
actuarial valuation as at 31 March 2011 
the Group has agreed to continue to make 
additional contributions of £320,000 
per annum to the pension scheme.
Trade and other payables have decreased 
by approximately £1.3 million. This mainly 
relates to the timing of bonus payments.
During the year the Group acquired 49,963 
of its own shares through its Employee Share 
Option Plan. The cost of shares acquired is 
shown on the balance sheet within the ESOP 
reserve which is shown as a deduction from 
equity. The plan owned 270,791 shares of the 
Group as at 31 March 2012.
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 31 March 2012, 
the Group had forward foreign exchange 
contracts in place to sell US$7.5 million 
(2011: US$9.0 million) at an average rate 
of US$1.57 (2011: US$1.59) 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 2012 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
’12 4.3
’11 6.1
’10 6.6
’09 8.7
’08 5.5
’07 3.7
Pro t before amortisation 
impairment and ta ( m)
£4.3m
’12 10.15
’11 10.0
’10 9.5
’09 8.5
’08 6.0
’07 2.0
Dividends per share (p)
10.15p
’12 17.7
’11 24.8
’10 26.3
’09 35.9
’08 22.3
’07 14.9
Adjusted EPS (p)
17.7p Annual report and accounts 2012 ACM Shipping Group plc 10
Board of Directors and advisers
Peter Sechiari 
Chairman (non-executive)
Peter joined ACM as Chairman 
in April 2000. He has strong listed 
company experience through 
his previous appointments at 
Rio Tinto plc, Steele Brothers 
Holdings plc, Bricom Group plc 
and Mayborn Group plc. He is 
responsible for advising ACM 
on financial strategy, senior 
management structure, 
remuneration, succession issues 
and financial oversight.
 ohn ( ohnn ) Plumbe
Chief Executive
Johnny has been with the Group 
for 29 years. He has been 
a specialist in large tanker 
brokering for 38 years, dealing 
with the major oil companies 
such as BP , Shell, Vela and 
traders Vitol and many owners 
such as Embiricos, Goulandris, 
Lemos, Frontline, Pacific Star 
and NSCSA. He is involved in 
time charters, projects and sale 
and purchase.
Ian Hartle Finance director
Ian joined the Board in March 2007. 
He was previously finance director 
with Mayborn Group plc, 
a consumer products group. 
Mayborn was a listed company 
from 1986 to 2006, which 
transferred from the Official List 
to AIM in 2003. Ian spent over 
20 years with Mayborn and was 
appointed company secretary 
in 1996 and finance director in 
1998. Ian qualified as a chartered 
accountant in 1976, following 
which he gained experience in 
a variety of companies before 
moving to Mayborn.
Company secretary
Ian Hartley
 e stere o ce
Grand Buildings, 1–3 Strand 
London WC2N 5HR 
Email: investors@acmshipping.co.uk 
Web: www.acmshippinggroup.com
Registered number
5990315 
Nominated adviser and broker
Execution Noble & Company Limited
10 Paternoster Square 
London EC4M 7AL
Statutory auditor
RSM Tenon Audit Limited
66 Chiltern Street 
London W1U 4JT
Bankers
Royal Bank of Scotland plc
Shipping Business Centre  
1 Princes Street  
London EC2R 8BP
Financial PR
Abchurch Communications
125 Old Broad Street 
London EC2N 1AR 
Telephone: +44 (0)20 7398 7700 
Email:  joanne.shears@abchurch-group.com
Registrar
Capita Registrars Ltd
The Registry 
34 Beckenham Road, Beckenham 
Kent BR3 4TU 
Telephone: 0871 664 0300* 
Fax: +44 (0)20 8639 2342 
Telephone: +44 (0)20 8639 3399 (overseas) 
Email: ssd@capitaregistrars.com
*  Calls cost 10 pence per minute plus 
network charges.
ACM Shipping Executive Management Team ACM Shipping Group plc Annual report and accounts 2012 11
CORPORATE GOVERNANCE
David Cobb
Director (non-executive)
David joined the Board in 
March 2007. He initially trained 
as a naval architect and was then 
involved in shipbuilding in the 
UK and Canada. David then 
spent 17 years with Ingram 
Corporation, firstly as vice 
president and then as president. 
Ingram was a privately owned US 
company specialising in oil and 
shipping. Following this, in 1994, 
he joined James Fisher & Sons plc, 
a quoted shipping company, 
serving as executive chairman 
until 2002. David was awarded a 
CBE in 1999 for his services to 
the shipping industry. He is a 
past president of the Chamber of 
Shipping and a past president of 
the Institute of Marine Engineers 
Science and Technologists. He 
was elected sheriff in the City of 
London in 2004.
Timoth aques
Director (non-executive)
Timothy has 46 years of 
experience of shipbroking in dry 
cargo, tanker chartering and sale 
and purchase. For 30 years he 
was commercial director for 
Greek Shipowners Embiricos; 
prior to that he was a partner 
with J.C. O’Keefe Ltd specialist 
sale and purchase brokers in 
London. He was commercial 
manager of shipping for a major 
American trader and refiner, 
Koch Industries. He is a Liveryman 
of the Worshipful Company 
of Shipwrights.
 ames Gund Chief Operating Officer
James has been with ACM for 
20 years, previously at Clarksons 
for ten years. He personally heads 
the very successful VLCC desk 
and specialises in VLCC spot 
chartering. He has also concluded 
numerous long-term time charters 
and sale and purchase contracts. 
James’ main clients include Total, 
CPC, Euronav, Arcadia, Great 
Elephant Corporation, Glafki 
and Frontline.
Jürgen Breuer
Director (non-executive)
Jürgen has over 18 years of front 
line and managerial experience 
of brokering in financial markets, 
commodities and shipbroking. 
Following dealer appointments 
at Société Générale, Citibank 
and Sal Oppenheim, he followed 
a career building interest rate 
products and freight swap 
brokering businesses for GFI 
Group Inc (GFI). In October 2003, 
Jürgen commenced the successful 
build up of GFI Asia cash and 
derivatives broking desks, managing 
offices in Hong Kong, Singapore, 
Seoul, Sydney, T okyo and Shanghai. 
In late 2007, Jürgen ran global 
e-commerce at GFI until his 
retirement in October 2008. 
GFI is a leading provider of 
wholesale brokerage which serves 
the global financial markets 
and is listed on the NYSE. Annual report and accounts 2012 ACM Shipping Group plc 12
The Directors present their report and the financial statements of the Company for the year ended 31 March 2012.
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 sta tements.
An interim dividend of 3.15 pence per share was paid on 24 February 2012. The Directors are recommending a final dividend of 7 pence 
per share payable on 5 October 2012 to shareholders on the register as at 7 September 2012.
Directors and their interests in the shares
The Directors who served during the year together with their interests in the shares of the Group were as follows:
At
31 March
2012
At
31 March
2011
PG Sechiari 153,000 153,000
DB Cobb 4,000 4,000
TW Jaques — —
JH Breuer — —
JL Plumbe 938,172 775,000
JCD Gundy 1,225,000 1,225,000
IM Hartley 6,000 6,000
None of the Directors have any non-beneficial interests.
John Plumbe had an interest in 150,000 LTIP shares. John Plumbe, James Gundy and Ian Hartley had an interest in 5,084, 10,500 
and 53,745 share options respectively, details of which are given in the Directors’ remuneration report.
Further information on the Directors is given on pages 10 and 11.
Between 31 March 2012 and 9 July 2012 there have been no changes in the interests of the Directors in the shares of the Company. 
No Director had a material interest in any contract of significance to the Company.
Substantial shareholdings
At 1 July 2012 the Company had received notification of the non-Director shareholdings over 3% of the Company’s share capital as follows:
Number of 
ordinary
shares 
% of issued 
share
capital
Employees
WS Middleton 1,225,000 6.3%
MAC Rudd 1,225,000 6.3%
BAL Peck 995,000 5.1%
APG Wakely 622,000 3.2%
L Maze 613,000 3.1%
Others
GFI Holdings Ltd 1,419,600 7.3%
Axa Investment Managers SA 1,092,503 5.6%
Directors’ report ACM Shipping Group plc Annual report and accounts 2012 13
Employees
The Group has high regard for its employees. The Group seeks to enhance their careers with training and career development as wel l as 
continuing to motivate them. Share option schemes have been set up to add to the annual bonus structure. The Group seeks to have equal 
opportunity policies in place at each location.
Payment policy
The Group pays in accordance with agreed payment terms. The Company does not have any trade creditors.
Directors’ responsibilities
The Directors are responsible for preparing the Annual Report and Accounts and the Group and parent company financial statements 
in accordance with applicable law and regulations.
Company law requires the Directors to prepare Group and parent company financial statements for each financial year. As required by the 
AIM Rules of the London Stock Exchange they are required to prepare the Group financial statements in accordance with IFRS as adopted 
by the European Union. The Directors have chosen to prepare financial statements for the parent company in accordance with IFRS 
as adopted by the European Union.
International Accounting Standard 1 requires that financial statements present fairly for each financial year the Company’s financial 
position, financial performance and cash flows. This requires the faithful representation of the effects of transactions, other eve nts and 
conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the International 
Accounting Standards Board’s “Framework for the preparation and presentation of financial statements”. In virtually all circumstances, 
a fair presentation will be achieved by compliance with all applicable IFRS. A fair presentation also requires the Directors to:
 consistently select and apply appropriate accounting policies;
 present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; 
 make judgements and accounting estimates that are reasonable and prudent;
 provide additional disclosures when compliance with the specific requirements in IFRS is insufficient to enable users to understand 
the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance; and
 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the parent company 
will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent company’s and the 
Group’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and parent company and enable 
them to ensure that its financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets 
of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Compan y’s website. 
Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Insofar as the Directors, individually, are aware:
 there is no relevant audit information of which the Company’s auditor is unaware; and
 the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish 
that the auditor is aware of that information.
Donations 
During the year the Group made charitable donations of £41,472 (2011: £43,990).
Financial risk
The Group’s financial risk and its management policies are set out in note 25 to the financial statements.
CORPORATE GOVERNANCE Annual report and accounts 2012 ACM Shipping Group plc 14
Annual General Meeting
At the Annual General Meeting (AGM) a number of resolutions will be proposed. Details of these resolutions together with explanatory 
notes can be found in the enclosed notice of meeting.
Auditor
RSM Tenon Audit Limited has expressed its willingness to continue in office and a resolution to re-appoint it will be proposed at the AGM.
Signed by order of the Board
Ian Hartley
Company secretary
9 July 2012
 
Directors’ report continued ACM Shipping Group plc Annual report and accounts 2012 15
Introduction
The Board is committed to achieving good standards of corporate governance. Although under the rules of AIM the Group is not required 
to comply with the Combined Code, the Directors intend to comply so far as reasonably practicable for a company of ACM’s size and nature. 
Where full compliance is not appropriate due to the Company’s size and/or nature, the Directors will refer to guidance for AIM listed 
companies issued by the Quoted Companies Alliance.
Board of Directors
The Board consists of three executive and four non-executive Directors, a composition which the Board believes is best suited 
to the continued success of the Group. 
The Board is responsible for establishing the strategic direction of the Group and monitoring the Group’s performance against its business 
plan. It is also responsible for leading and controlling the Group and, in particular, for formulating, reviewing and approving the Group’s 
strategy, budget, major items of capital expenditure and acquisitions and disposals. Regular meetings are held and all necessary information 
is supplied on a timely basis to enable the Board to discharge its duties effectively. Additionally, special meetings take place, or other 
arrangements are made, when Board decisions are required in advance of the regular meetings. 
It is the Company’s policy that Directors are re-elected by shareholders and the Company’s Articles of Association require one third 
to retire by rotation. 
Board committees
The Board has a remuneration committee, an audit committee and a nomination committee. Each of these committees consists of the four 
non-executive Directors and is chaired by Peter Sechiari. The Board also has a compliance committee consisting of Peter Sechiari 
and Ian Hartley.
The remuneration committee is discussed within the Directors’ remuneration report on page 16.
The audit committee meets whenever there is business to discuss and meets at least twice each year. The audit committee is respon sible 
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. 
 
Corporate governance
CORPORATE GOVERNANCE Annual report and accounts 2012 ACM Shipping Group plc 16
Remuneration committee 
The remuneration committee consists of the non-executive Directors: currently Peter Sechiari (as Chairman), David Cobb, Timothy Jaques 
and Jürgen Breuer. The committee meets formally at least twice a year and otherwise as required. The remuneration committee consi ders 
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
and fees
£000
Bene ts-
in-kind
£000
Annual 
bonus
£000
Pension 
contributions
£000
Total
2012
£000
Total
2011
£000
Executive Directors
JL Plumbe 170 14 237 — 421 509
JCD Gundy 100 12 362 22 496 692
IM Hartley 100 3 78 20 201 212
Non-executive Directors
PG Sechiari* 70——— 70 68
TJM Chadwick ———— — 14
DB Cobb 30 ——— 30 29
TW Jaques 30 ——— 30 10
JH Breuer 30 — — — 30 5
Total 530 29 677 42 1,278 1,539
* The fees payable to Peter Sechiari include £35,000 for his fees as a non-executive Director and £35,000 payable to PGS Associates for his services as a consultant.
Annual bonus
In order to attract and retain the highest calibre of employees, a significant proportion of the remuneration packages of executive Directors 
and senior management is geared towards an annual bonus. The Group adopts an industry standard bonus model whereby proportions of 
revenue and profit are distributed to senior employees as bonuses. The individual allocation of this bonus between the Directors and senior 
employees is discretionary. This discretion is exercised by the remuneration committee upon the recommendation of senior executives.
Pension contributions
The Company makes pension contributions on behalf of its executive Directors. James Gundy is a member of the Group’s defined benefit 
scheme. Ian Hartley is a member of the Group’s stakeholder scheme. John Plumbe and the non-executive Directors do not participate 
in the Group’s pension schemes. 
Directors’ remuneration report ACM Shipping Group plc Annual report and accounts 2012 17
Share incentives
The following Director was granted options under the EMI scheme in July 2007:
 Ian Hartley  –  awarded 48,661 options at an option price of 205.5 pence vesting between July 2010 and July 2017. 
The option price was the mid-market price at the date of the award.
The following Director was granted options at an option price of 160 pence under the Sharesave scheme in January 2008:
 James Gundy – granted 10,500 options maturing in 2013.
The mid-market price at the date of grant of the options under the Sharesave scheme was 199 pence.
The following Directors were granted options at an option price of 177 pence under the Sharesave scheme in January 2011:
 John Plumbe  – granted 5,084 options maturing in 2014.
 Ian Hartley  – granted 5,084 options maturing in 2014.
The mid-market price at the date of grant of the options under the Sharesave scheme was 221 pence.
The following Director was granted options under the LTIP scheme in December 2011:
 John Plumbe  –  awarded 63,172 shares which were part of the award conditionally granted on 7 January 2009. 
The remainder of the shares which were conditionally granted on that date are not capable of vesting.
  –  an award of up to 250,000 at a price payable of 1 pence per share. The award is as follows:
Number of shares Date of acquisition Vesting date 
100,000 2 December 2011 7 January 2014
75,000 7 January 2013 7 January 2014
75,000 7 January 2014 7 January 2015
Service contracts
The service agreements of executive Directors have a notice period of six months. The non-executive Directors have service contra cts 
with a notice period of six months after an initial one-year term.
CORPORATE GOVERNANCE Annual report and accounts 2012 ACM Shipping Group plc 18
We have audited the Group and parent company financial statements (“the financial statements”) of ACM Shipping Group plc for the year 
ended 31 March 2012 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 1 to 26. 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.
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 and express an opinion 
on 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.
In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited 
financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on nancial 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 2012 
and of the Group’s loss for the year then ended;
 the financial statements have been properly prepared in accordance with IFRS as adopted by the European Union; and
 the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
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.
Independent auditor’s report
to the members of ACM Shipping Group plc ACM Shipping Group plc Annual report and accounts 2012 19
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. 
David Talbot
Senior Statutory Auditor
For and on behalf of RSM Tenon Audit Limited, Statutory Auditor
66 Chiltern Street
London W1U 4JT
9 July 2012
FINANCIAL STATEMENTS Annual report and accounts 2012 ACM Shipping Group plc 20
Note
2012
£000
2011
£000
Revenue 2 26,576 29,257
Administrative expenses (23,511) (24,469)
Amortisation of intangible assets 11 (347) (800)
Impairment of intangible assets 11 (7,772) —
(5,054) 3,988
Share of operating pro t in joint ventures 5 973 1,174
Operating (loss) pro t (4,081) 5,162
Net interest 6 280 138
( oss) pro t before taxation (3,801) 5,300
Taxation 7 (1,078) (1,558)
( oss) pro t for the year (4,879) 3,742
Non-controlling interest 8 333 287
( oss) pro t attributable to e uity shareholders (4,546) 4,029
Earnings per share 9
Basic (23.8)p 21.7p
Fully diluted (23.8)p 21.6p
All of the activities are classed as continuing.
The notes on pages 25 to 44 form part of the financial statements.
 
2012
£000
2011
£000
(Loss)/pro t for the year (4,546) 4,029
Actuarial (loss)/gain in respect of de ned bene t pension scheme (1,976) 1,337
Deferred tax in respect of de ned bene t pension scheme 514 (374)
Exchange differences on translation of foreign operations (5) 454
Currency reserve 66 159
Deferred tax on currency reserve (16) (45)
Total comprehensive income for the year attributable to e uity shareholders (5,963) 5,560
The notes on pages 25 to 44 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 2012
Consolidated statement of comprehensive income
year ended 31 March 2012 ACM Shipping Group plc Annual report and accounts 2012 21
Balance sheets
as at 31 March 2012
Registered number 5990315
Group Company
Note
2012
£000
2011
£000
2012
£000
2011
£000
Non-current assets
Property, plant and equipment 10 1,246 450 — —
Intangible assets 11 7,717 15,805 — —
Investments 12 1,050 1,050 10,144 9,727
Deferred tax asset 13 1,001 373 — —
11,014 17,678 10,144 9,727
Current assets
Trade and other receivables 14 5,987 5,291 11 12
Cash and cash equivalents 3,092 4,955 1 5
9,079 10,246 12 17
Total assets 20,093 27,924 10,156 9,744
Current liabilities
Trade and other payables 15 (5,020) (6,321) (520) (411)
Current tax payable (804) (750) — —
(5,824) (7,071) (520) (411)
Non-current liabilities
Deferred tax liabilities 13 (570) (649) — (63)
Pension liability 16 (1,734) (319) — —
(2,304) (968) — (63)
Total liabilities (8,128) (8,039) (520) (474)
Net assets 11,965 19,885 9,636 9,270
E uity
Share capital 17 196 196 196 196
Share premium account 6,823 6,823 6,823 6,823
ESOP reserve 18 (1,394) (1,289) — —
Retained earnings 5,548 13,720 1,353 1,404
Other reserves 1,189 722 1,264 847
12,362 20,172 9,636 9,270
Non-controlling interest (397) (287) — —
Total equity 11,965 19,885 9,636 9,270
These financial statements were approved by the Board on 9 July 2012 and are signed on its behalf by:
John Plumbe Ian Hartley
Director Director
The notes on pages 25 to 44 form part of the financial statements. 
 
FINANCIAL STATEMENTS Annual report and accounts 2012 ACM Shipping Group plc 22
Group
Share
capital
£000
Share
premium
£000
ESOP
reserve
£000
Retained
earnings 
£000
Other
reserves
£000
Non-
controlling
 interest
£000
Total
£000
Balance at 1 April 2010 177 3,730 (1,025) 10,125 342 — 13,349
Pro t for the year ——— 4,029—— 4,029
Dividends to equity shareholders — — — (1,851) — — (1,851)
Actuarial gain in respect of de ned bene t pension scheme — — — 1,337 — — 1,337
Deferred tax in respect of de ned bene t pension scheme — — — (374) — — (374)
ESOP shares acquired —— (264) ——— (264)
Currency translation differences — — — 454 — — 454
Currency reserve ———— 159— 159
Deferred tax on currency reserve ———— (45) — (45)
Issue of shares 19 3,093———— 3,112
Non-controlling interest — — — — — (287) (287)
Treasury shares acquired — — — — (1) — (1)
Fair value of share-based payments ———— 267 — 267
Balance at 31 March 2011 196 6,823 (1,289) 13,720 722 (287) 19,885
Loss for the year — — — (4,546) — — (4,546)
Dividends to equity shareholders — — — (1,936) — — (1,936)
Actuarial loss in respect of de ned bene t pension scheme — — — (1,976) — — (1,976)
Deferred tax in respect of de ned bene t pension scheme — — — 514 — — 514
ESOP shares acquired —— (105) ——— (105)
Currency translation differences — — — (5) — — (5)
Currency reserve ———— 66 — 66
Deferred tax on currency reserve ———— (16) — (16)
Non-controlling interest ——— —— (333) (333)
Reduction in non-controlling interest — — — (223) — 223 —
Fair value of share-based payments —  —  — — 417 — 417
Balance at 31 March 2012 196 6,823 (1,394) 5,548 1,189 (397) 11,965
Statements of changes in equity
as at 31 March 2012 ACM Shipping Group plc Annual report and accounts 2012 23
Company
Share
capital 
£000
Share
premium
£000
Retained
earnings 
£000
Other
reserves
£000
Total
£000
Balance at 1 April 2010 177 3,730 1,815 581 6,303
Pro t for the year —— 1,440— 1,440
Dividends to equity shareholders — — (1,851) — (1,851)
Issue of shares 19 3,093 — — 3,112
Treasury shares acquired ——— (1) (1)
Fair value of share-based payments — — — 267 267
Balance at 31 March 2011 196 6,823 1,404 847 9,270
Pro t for the year —— 1,885— 1,885
Dividends to equity shareholders — — (1,936) — (1,936)
Fair value of share-based payments — — — 417 417
Balance at 31 March 2012 196 6,823 1,353 1,264 9,636
Other reserves are made up of:
Group Company
2012 2011 2012 2011
£000 £000 £000 £000
Merger reserve (135) (135) — —
Currency reserve 60 10 — —
Treasury shares (1) (1) (1) (1)
Share-based payment reserve 1,265 848 1,265 848
1,189 722 1,264 847
The currency reserve arises from exchange gains and losses arising on consolidation.
The share-based payment reserve represents the fair value of share options which have been granted.
The merger reserve arose when the shares of ACM Shipping Limited were exchanged for shares in ACM Shipping Group plc. Since the 
members and their rights were unchanged the transfer of ownership was accounted for in accordance with the principles of merger accounting.
The treasury reserve arises from where the Company acquired shares in itself.
The notes on pages 25 to 44 form part of the financial statements. 
FINANCIAL STATEMENTS Annual report and accounts 2012 ACM Shipping Group plc 24
Group Company
Note
2012
£000
2011
£000
2012
£000
2011
£000
( oss) pro t before taxation (3,801) 5,300 1,800 1,288
Depreciation 363 233 — —
Net interest (280) (138) — —
Share of operating pro t in joint ventures (973) (1,174) — —
Amortisation and impairment of intangibles 8,119 800 — —
Share-based payments 417 267 — 267
Operating cash o before changes in orking capital and provisions 3,845 5,288 1,800 1,555
(Increase)/decrease in trade and other receivables (800) 559 1 10
(Decrease)/increase in trade and other payables (1,150) 409 131 219
Provision for pension scheme costs 158 162 — —
Pension scheme contributions paid (483) (476) — —
Cash generated from operating activities 1,570 5,942 1,932 1,784
Taxation paid (1,176) (1,922) — —
Net cash from operating activities 394 4,020 1,932 1,784
Cash o s from investing activities
Purchase of property and equipment (1,159) (219) — —
Acquisition of business — (2,342) — —
Amounts received from joint ventures 899 1,256 — —
Interest received 44 19 — —
Net cash used in investing activities (216) (1,286) — —
Cash o s from nancing activities
Dividends paid 21 (1,936) (1,851) (1,936) (1,851)
Shares acquired for ESOP (105) (264) — —
Shares acquired by treasury — (1) — (1)
Issue of new shares — 71 — 71
Net cash used in nancing activities (2,041) (2,045) (1,936) (1,781)
Net (decrease) increase in cash and cash e uivalents 24 (1,863) 689 (4) 3
Cash and cash e uivalents at the beginning of the year 24 4,955 4,266 5 2
Cash and cash e uivalents at the end of the year 24 3,092 4,955 1 5
The notes on pages 25 to 44 form part of the financial statements.
Cash ow statements
year ended 31 March 2012 ACM Shipping Group plc Annual report and accounts 2012 25
Notes to the nancial statements
year ended 31 March 2012
1. Accounting policies 
(a) Basis of accounting
These financial statements have been prepared in accordance with the Companies Act 2006 and those European Union endorsed IFRS 
and IFRIC interpretations issued and effective or issued and early adopted as at the time of preparing these statements (July 2012). 
The policies set out below have been consistently applied to all the years presented.
These consolidated financial statements have been prepared under the historical cost convention except as noted below.
No separate profit and loss account is presented for the parent company as provided by Section 408 of the Companies Act 2006. 
(b) Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and enterprises controlled by the Compan y 
(and its subsidiaries) made up to 31 March each year. Control is achieved where the Company has the power to govern the financial 
and operating policies of an investee enterprise so as to obtain benefits from its activities.
On acquisition, the identifiable assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of 
acquisition. The interest of minority shareholders is stated at the minority’s proportion of the fair values of the identifiable assets, liabilities 
and contingent liabilities recognised.
The results of subsidiaries acquired during the year are included in the consolidated income statement from the effective date of acquisition. 
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used 
by other members of the Group. All significant intercompany transactions and balances between group enterprises are eliminated on consolidation.
(c) Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow and can be reliably measured. Revenue is recognised 
when the Group has a contractual entitlement to commission. This is generally the point at which there is completion of contractual terms 
between the principles of a transaction. Time charter revenue is recognised on a monthly basis.
(d) Property, plant and equipment
Property, plant and equipment are recorded at cost less accumulated depreciation and any impairment in value. Depreciation is provided 
on a straight line basis over the expected economic life of that asset as follows:
Leasehold improvements – over the life of the lease
Fixtures, fittings and office equipment – two to five years
(e) Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged 
against profits on a straight line basis over the period of the lease.
(f) Pension costs and other post retirement bene ts
The Group operates a defined benefit scheme and recognises the pension liability in the Group balance sheet. The liability is the p resent 
value of the accrued defined benefit obligation at the balance sheet date less the fair value of the scheme’s assets. The present value of the 
defined benefit obligation is measured using the projected unit method and discounted at an AA corporate bond rate. Assets are valued at 
market value. The Group recognises actuarial gains and losses via the statement of comprehensive income in the year in which they occur. 
The Company also contributes to defined contribution schemes. Contributions to these schemes have been charged against profit as they fall due. 
(g) Deferred tax
Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities 
and their carrying amounts in the consolidated financial statements. The deferred tax is not accounted for if it arises from initial recognition 
of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor 
taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance 
sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. 
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary 
differences can be utilised. 
FINANCIAL STATEMENTS Annual report and accounts 2012 ACM Shipping Group plc 26
1. Accounting policies continued
(h) Foreign currencies
Transactions denominated in foreign currencies are converted into sterling at the rate of exchange at the time of the transaction. At each balance 
sheet, monetary assets and liabilities are converted at the rate of exchange at the balance sheet date with any gain or loss being included 
in the income statement.
On consolidation, assets and liabilities of overseas operations are converted at the balance sheet rate while the income statement is translated 
at the average rate for the year. Any exchange gain or loss arising on consolidation is charged to reserves.
(i) Joint ventures
A joint venture is a contractual arrangement whereby the Group and other parties undertake an economic activity which is subject to joint control.
The financial statements incorporate the share of the results, assets and liabilities of jointly controlled entities (joint ventures) using the equity 
method of accounting. The investment is carried at cost plus post-acquisition changes in the share of net assets of the joint venture less any 
provision for impairment. Where necessary, adjustments are made to bring the accounting policies used by the joint ventures into line with 
those used by the Group in its financial statements. Intercompany transactions are eliminated. Losses in excess of the consolidated interest 
in joint ventures are not recognised, except where the Group has made a commitment to make good those losses.
(j) Investments
All investments are stated at cost less provisions for diminution in value.
(k) Goodwill
On the acquisition of a business, fair values are attributed to the net assets (including any identifiable intangible assets) acquired. Goodwill 
arises where the fair value of the consideration exceeds the fair value of the net assets acquired. Goodwill is recognised as an asset and is 
reviewed for impairment at least annually. Impairments are recognised immediately in the income statement. Goodwill is allocated to 
cash-generating units for the purposes of impairment testing. On the disposal of a business, goodwill relating to that business remaining 
on the balance sheet is included in the determination of the profit or loss on disposal. 
(l) Other intangible assets
Intangible assets acquired as part of a business combination are stated in the balance sheet at their fair value at the date of acquisition less 
accumulated amortisation and any provisions for impairment. The amortisation of the carrying value of the capitalised forward order book 
and customer relationships is charged to the income statement over an estimated useful life determined by either the expected due dates for 
future income in the case of forward order books or the expected duration of customer relationships. The carrying values of intangible assets 
are reviewed for impairment at least annually or when there is an indication that they may be impaired. The estimated useful life of the items 
in the forward order book is generally up to four years and the customer relationships is ten years.
(m) Impairment 
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets with finite lives to determine whether 
there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset 
is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount 
of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Goodwill arising on acquisition is allocated to cash-generating units. The recoverable amount of the cash-generating unit to which goodwill 
has been allocated is tested for impairment annually, or on such other occasions that events or changes in circumstances indicate that it might 
be impaired. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount 
of the asset (cash-generating unit) is reduced to its recoverable amount. Impairment losses are recognised as an expense immediately, unless 
the relevant asset is land or buildings at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an 
impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its 
recoverable amount but so that the increased carrying amount does not exceed the carrying amount that would have been determined had 
no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised as income 
immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation 
increase. However, impairment losses relating to goodwill may not be reversed.
Notes to the nancial statements continued
year ended 31 March 2012 ACM Shipping Group plc Annual report and accounts 2012 27
1. Accounting policies continued
(n) Share-based payments
The Company awards employees equity settled bonuses in the form of share options and long-term incentive plan share awards, on a discretionary 
basis from time to time. These are accounted for as equity settled transactions. The options and awards are normally subject to v esting 
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 fair value is assessed at the time of the grant. Awards made 
under the LTIP scheme are inherently valued at the share price at the date of the grant. EMI and Sharesave scheme options are valued using 
the Binomial option pricing model and the Black Scholes model. The cash proceeds received, when the options are exercised, net of any 
directly attributable transaction costs are credited to share capital (nominal value) and share premium. 
(o) Financial instruments
Classi cation
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.
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 at fair value.
(p) Own shares held by ESOP
Transactions of the Group-sponsored ESOP are treated as being those of the Group and are therefore reflected in the Group’s financial 
statements. In particular, the plan’s purchases of shares in the Company are debited directly to equity.
(q) Adopted IFRS applied and not yet applied 
The following standards and interpretations were effective in the year ended 31 March 2012:
 IFRS 1 First-time adoption of international financial reporting standards (revised May 2010);
 IFRIC 19 Extinguishing financial liabilities with equity instruments (new IFRIC);
 IFRIC 14 IAS 19 – The limit on a defined benefit asset, minimum funding requirements and their interaction (revised July 2010);
 IAS 24 Related party disclosures (revised July 2010);
 IFRS 3 Business combinations (revised May 2010);
 IFRS 7 Financial instruments: Disclosures (revised May 2010);
 IFRS 1  First-time adoption of international financial reporting standards (revised May 2010);
 IAS 1 Presentation of financial statements (revised May 2010);
 IAS 34 Interim financial reporting (revised May 2010);
 IFRIC 13 Customer loyalty programmes (revised May 2010); and
 IFRS 7 Amendments to IFRS 7: Disclosures – transfers of financial assets (revised October 2010).
FINANCIAL STATEMENTS Annual report and accounts 2012 ACM Shipping Group plc 28
1. Accounting policies continued
(q) Adopted IFRS applied and not yet applied continued
The following standards and interpretations were in issue at the date of approval of these financial statements but not yet effective:
 IFRS 1 Amendments to IFRS 1: Severe hyperinflation and removal of fixed dates for first-time adopters (revised December 2010);
 IAS 12 Deferred tax: Recovery of underlying assets (revised December 2010);
 IFRS 9 Financial instruments (revised October 2010);
 IFRS 10 Consolidated financial statements (revised May 2011);
 IFRS 11 Joint arrangements (revised May 2011);
 IFRS 12 Disclosure of interests in other entities (revised May 2011);
 IFRS 13 Fair value measurement (revised May 2011);
 IAS 27 Separate financial statements (revised May 2011); 
 IAS 28 Investments in associates and joint ventures (revised May 2011);
 IAS 1 Presentation of items of other comprehensive income (revised June 2011); 
 IAS 19 Employee benefits (revised June 2011);
 IFRIC 20 Stripping costs in the production phase of a surface mine (issued October 2011);
 IAS 32 Amendment to IAS 32: Offsetting financial assets and financial liabilities (revised December 2011);
 IFRS 7 Amendment to IFRS 7: Disclosures – offsetting (revised December 2011); and
 IFRS 1 Amendment to IFRS 1: Government loans (revised March 2012).
(r) Critical accounting estimates and judgements
In preparing the Group’s financial statements management make certain estimates and judgements. In evaluating these estimates and judgements 
management uses historical knowledge and available current information. They assume a reasonable expectation of future events and 
are based on market and economic data, obtained both externally and within the Group. The main areas that could be affected by these 
judgements are:
(i) Impairment of intangible assets
Intangible assets are assessed for impairment at least annually. Management estimate future cash flows and use a suitable discount rate 
to assess the present value of those cash flows. Further details of the assumptions used are set out in note 11.  
(ii) Trade receivables
The provision for impairment of trade receivables represents management’s estimate at each balance sheet date.
(iii) Share-based payments
The cost of share-based payments is calculated by reference to the fair value of the equity instrument at the date of grant. Estimating fair 
value requires determining the most appropriate valuation model which is dependent on the terms and conditions of the grant. Key variables 
include the life of the option, volatility, yield and interest rates. Further details of the assumptions used are set out in note 20.  
(iv) Pensions
The net liability and cost of the defined benefit pension scheme is calculated by a qualified independent actuary. The valuation is based 
on making assumptions including those for discount rate, price inflation, expected return on assets and mortality rates. Further details 
of the assumptions used are set out in note 16.  
Notes to the nancial statements continued
year ended 31 March 2012 ACM Shipping Group plc Annual report and accounts 2012 29
2. Segmental reporting
The Group operates in one business sector. Internally, revenue streams are reported by function along with profit analysis between tanker 
broking and dry cargo broking. Geographical information is not produced and is not readily available. In view of management, the cost 
of developing this information would be excessive.
Analysis of Group revenue:
2012
£000
2011
£000
Tanker broking:
 Spot brokerage 13,941 13,530
 Time charter 5,060 6,560
 Demurrage 1,781 1,285
 Sale and purchase 2,173 5,140
22,955 26,515
Dry cargo broking 3,621 2,742
26,576 29,257
Analysis of Group (loss)/profit before taxation and non-controlling interest:
2012
£000
2011
£000
Tanker broking (3,146) 6,150
Dry cargo broking (935) (988)
(4,081) 5,162
Interest 280 138
(3,801) 5,300
Analysis of Group (loss)/profit before taxation adjusted for amortisation and impairment of intangible assets:
2012
£000
2011
£000
(Loss)/pro t before taxation (3,801) 5,300
Add back: amortisation and impairment of intangible assets 8,119 800
4,318 6,100
  
2012
£000
2011
£000
Tanker broking 4,814 6,466
Dry cargo broking (776) (504)
4,038 5,962
Interest 280 138
4,318 6,100
FINANCIAL STATEMENTS Annual report and accounts 2012 ACM Shipping Group plc 30
3. Operating (loss)/pro t
Operating (loss)/profit is stated after charging:
2012
£000
2011
£000
Depreciation of property, plant and equipment 363 233
Amortisation of intangible assets (see note 11) 347 800
Operating lease costs 687 722
Remuneration of the auditor:
– audit of the Company 11 10
– audit of subsidiaries 22 23
– audit of subsidiaries by the Group auditor’s af liates 14 10
– audit of pension schemes 4 6
– other services 6 —
Operating (loss)/profit represents the results from operations before interest.
4. Staff costs
The average number of persons employed by the Group during the year was as follows:
2012
Number
2011
Number
Of ce and administration 138 131
The aggregate payroll costs of the above were:
Note
2012
£000
2011
£000
Salaries 15,244 16,485
Social security costs 1,608 1,736
Pension costs 16 873 731
Share-based payments 20 417 267
18,142 19,219
The remuneration of the key management, which were the Directors, was as follows:
2012
£000
2011
£000
Salaries and short-term bene ts 1,278 1,539
Share-based payments 53 (18)
1,331 1,521
Further analysis of Directors’ remuneration, pension contributions and share options is shown within the Directors’ remuneration report.
5. Joint ventures 
2012
£000
2011
£000
Share of operating pro t of joint ventures 973 1,174
The Group has a 50% interest with GFI Brokers Limited in an unincorporated joint venture, which provides a market for derivative products 
within the oil freight business. The Group also has a 35% interest with GFI Brokers Limited in an unincorporated joint venture, which provides 
a market for derivative products within the container freight business.
Notes to the nancial statements continued
year ended 31 March 2012 ACM Shipping Group plc Annual report and accounts 2012 31
6. Net interest 
Note
2012
£000
2011
£000
Bank interest 44 19
Pension: expected return on plan assets less interest on obligation 16 236 119
280 138
7. Taxation 
(a) Analysis of charge in the year
Note
2012
£000
2011
£000
UK corporation tax 1,392 1,905
Over provision for previous years (105) (25)
Current taxation 1,287 1,880
Deferred taxation 7(c) (209) (322)
7(b) 1,078 1,558
(b) Factors affecting tax charge
Note
2012
£000
2011
£000
(Loss)/pro t before taxation (3,801) 5,300
(Loss)/pro t at current tax rate in UK of 26% (2011: 28%) (988) 1,484
Effects of:
– impairment of intangible assets 1,922 —
– expenses not deductible for tax purposes 252 217
– different tax rates and utilisation of losses in overseas subsidiaries (26) (124)
– adjustment in respect of prior years (50) (25)
– other (32) 6
7(a) 1,078 1,558
(c) Deferred taxation
Note
2012
£000
2011
£000
Depreciation in excess of capital allowances (20) 6
Other timing differences (39) (45)
Timing differences in respect of share-based payments 39 —
Timing difference in respect of amortisation of intangibles (127) (173)
Timing differences in respect of payments to pension scheme 162 129
Non-controlling interest (224) (239)
7(a)/13(c) (209) (322)
 
FINANCIAL STATEMENTS Annual report and accounts 2012 ACM Shipping Group plc 32
8. Non-controlling interest
Analysis of non-controlling interest before and after taxation:
2012
£000
2011
£000
Before taxation 430 382
Taxation (97) (95)
After taxation 333 287
The Group has 75% investment in ACM Shipping Dry Cargo Limited, a company set up in April 2010 to act as shipbrokers in the dry cargo market. 
The investment increased from 60% to 75% on 20 February 2012. The non-controlling interest represents the share of the income sta tement 
allocated to the non-controlling interest equity.
9. (Loss)/earnings per share 
EPS is calculated by dividing the profit or loss attributable to equity shareholders by the weighted average number of shares in issue in the year.
2012
£000
2011
£000
Earnings
(Loss)/earnings for the year (4,546) 4,029
Adjustment for amortisation and impairment of intangibles 8,119 800
Adjustment for taxation impact of amortisation and impairment of intangibles (203) (234)
Earnings for adjusted EPS 3,370 4,595
2012
Number
2011
Number
Number of shares
Weighted average number of shares 19,061,341 18,545,836
Dilutive effect of share plans 37,525 94,163
Diluted weighted average number of shares 19,098,866 18,639,999
The weighted average number of shares excludes those held by Employee Share Ownership Plan and those held in treasury.
2012
Pence
2011
Pence
EPS
Basic (23.8) 21.7
Diluted (23.8) 21.6
Adjusted 17.7 24.8
Adjusted diluted 17.6 24.7
Notes to the nancial statements continued
year ended 31 March 2012 ACM Shipping Group plc Annual report and accounts 2012 33
10. Property, plant and equipment
(a) Group
Leasehold
improvements
£000 
Of ce and
computer
equipment
£000 
Total
£000 
Cost
At 1 April 2011 558 999 1,557
Additions 901 296 1,197
Disposals (511) (471) (982)
At 31 March 2012 948 824 1,772
Depreciation
At 1 April 2011 483 624 1,107
Charge for the year 175 188 363
Disposals (509) (435) (944)
At 31 March 2012 149 377 526
Net book value
At 31 March 2012 799 447 1,246
Leasehold
improvements
£000 
Of ce and
computer
equipment
£000 
Total
£000 
Cost
At 1 April 2010 508 922 1,430
Additions 50 169 219
Acquisition —71 71
Disposals —(163) (163)
At 31 March 2011 558 999 1,557
Depreciation
At 1 April 2010 383 654 1,037
Charge for the year 100 133 233
Disposals —(163) (163)
At 31 March 2011 483 624 1,107
Net book value
At 31 March 2011 75 375 450
(b) Company
The Company did not own any property and equipment at any time during the year.
 
FINANCIAL STATEMENTS Annual report and accounts 2012 ACM Shipping Group plc 34
11. Intangible assets 
Other
£000
Goodwill
£000
Total
£000
Cost
At 1 April 2011 4,919 13,419 18,338
Write off of fully amortised impaired amounts (1,958) (7,407) (9,365)
Exchange 10 22 32
At 31 March 2012 2,971 6,034 9,005
Amortisation
At 1 April 2011 2,533 — 2,533
Amortisation during the year 347 — 347
Impairment during the year 365 7,407 7,772
Write off of fully amortised impaired amounts (1,958) (7,407) (9,365)
Exchange 1— 1
At 31 March 2012 1,288 — 1,288
Net book value
At 31 March 2012 1,683 6,034 7,717
Other
£000
Goodwill
£000
Total
£000
Cost
At 1 April 2010 2,960 8,929 11,889
Acquisition of a business 1,802 4,100 5,902
Exchange 157 390 547
At 31 March 2011 4,919 13,419 18,338
Amortisation
At 1 April 2010 1,706 — 1,706
Amortisation during the year 800 — 800
Exchange 27 — 27
At 31 March 2011 2,533 — 2,533
Net book value 
At 31 March 2011 2,386 13,419 15,805
Other intangible assets consist of forward order book and customer relationships.
All amortisation and impairment 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 pre-tax discount rate applied to the cash flow projections is 16%. 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 between 0% and 10% for the first three years 
and between 0% and 3% thereafter. These growth rates are based on a modest recovery in shipping freight rates.
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.
Notes to the nancial statements continued
year ended 31 March 2012 ACM Shipping Group plc Annual report and accounts 2012 35
12. Investments
(a) Group
The Group’s investments were as follows:
2012
£000
2011
£000
At 31 March 1,050 1,050
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:
2012
£000
2011
£000
At 1 April 9,727 9,727
Additions 417 —
At 31 March 10,144 9,727
The addition during the year represents a capital contribution in respect of share-based payment charges for shares in the parent company 
with regards to employees of subsidiaries.
The Company has a wholly owned subsidiary, ACM Shipping Limited, a company incorporated in the UK. ACM Shipping Limited has four 
wholly owned subsidiaries: ACM Shipping Asia Pte Limited, ACM Shipping India Limited, ACM Shipping CIS Limited and ACM Shipping 
Endeavour Holdings Pty Limited. These companies are incorporated in Singapore, India, UK and Australia respectively. It also owns 75% 
of ACM Shipping Dry Cargo Limited, a company incorporated in the UK. The holding of shares in ACM Shipping Dry Cargo Limited 
increased from 60% to 75% on 20 February 2012. ACM Shipping Dry Cargo Limited has a wholly owned subsidiary ACM Shipping Dry 
Cargo Pte Limited, a company incorporated in Singapore.
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 2012.
13. Deferred tax 
The deferred tax asset consists of the tax effect of timing differences in respect of:
Group Company
2012
£000
2011
£000
2012
£000
2011
£000
Pension liability 434 82 — —
Unrelieved Group losses 463 239 — —
Other timing differences 104 52 — —
At 31 March 1,001 373 — —
FINANCIAL STATEMENTS Annual report and accounts 2012 ACM Shipping Group plc 36
13. Deferred tax continued
The deferred tax liabilities consist of the tax effect of temporary differences in respect of:
Group Company
2012
£000
2011
£000
2012
£000
2011
£000
Excess of capital allowances over depreciation (15) 5 — —
Intangible assets 487 614 — —
Share-based payments 102 63 — 63
Currency reserve 20 4 — —
Other timing differences (24) (37) — —
570 649 — 63
(a) The movement in the deferred tax asset during the year was:
Group Company
Note
2012
£000
2011
£000
2012
£000
2011
£000
At 1 April 373 598 — 160
Transfer current tax — (223) — —
Credit/(charge) to income statement 13(c) 114 417 — (160)
Credit/(charge) to statement of comprehensive income 514 (419) — —
At 31 March 1,001 373 — —
(b) The movement in the deferred tax liabilities during the year was:
Group Company
Note
2012
£000
2011
£000
2012
£000
2011
£000
At 1 April 649 — 63 —
(Charge)/credit to income statement 13(c) (95) 95 (63) 63
Charge to statement of comprehensive income 16 — — —
Increase due to business combination — 520 — —
Exchange difference — 34 — —
At 31 March 570 649 — 63
(c) T otal credit to income statement:
Group Company
Note
2012
£000
2011
£000
2012
£000
2011
£000
Movement in deferred tax liability 13(b) 95 (95) (63) 63
Movement in deferred asset 13(a) 114 417 — (160)
Credit/(charge) to income statement 7(c) 209 322 — (97)
Notes to the nancial statements continued
year ended 31 March 2012 ACM Shipping Group plc Annual report and accounts 2012 37
14. Trade and other receivables
Group Company
2012
£000
2011
£000
2012
£000
2011
£000
Trade receivables 5,004 4,492 — —
Other receivables 983 799 11 12
5,987 5,291 11 12
The ageing profile of Group trade receivables, net of impairment provision, was as follows: 
2012
£000
2011
£000
Up to three months 3,740 3,158
Three to six months 503 543
Six to twelve months 483 546
Over twelve months 278 245
5,004 4,492
The movements on provisions for impairment of Group trade receivables were as follows:
2012
£000
2011
£000
At 1 April 533 388
Charge for the year 68 145
At 31 March 601 533
15. Trade and other payables
Group Company
2012
£000
2011
£000
2012
£000
2011
£000
Trade payables 534 585 — —
Other taxation and social security 1,638 1,659 — —
Accruals and deferred income 2,848 4,077 38 26
Amounts owed to Group undertakings — — 482 385
5,020 6,321 520 411
The amounts included in trade and other payables are due to be paid within twelve months.
FINANCIAL STATEMENTS Annual report and accounts 2012 ACM Shipping Group plc 38
16. Pension commitments
The Group operates a defined benefit scheme in the UK which is closed to new members. The Group also operates stakeholder schemes 
and contributes to independent funds on behalf of certain of the Group’s employees.
The operating charge for pension costs in the year is:
2012
£000
2011
£000
UK de ned bene t scheme 158 162
De ned contribution schemes 715 569
873 731
The last full funding valuation on the defined benefit scheme was carried out as at 31 March 2011. A qualified independent actuary has carried 
out a valuation for IAS 19 purposes as at 31 March 2012 to obtain the figures in this disclosure note. The figures for the year en ded 31 March 2011 
have also been included for comparison.
The projected unit valuation method has been used. 
The principal actuarial assumptions at the balance sheet date were:
2012 2011
Economic assumptions
Discount rate 5.0% pa 5.6% pa
Price in ation (RPI) 3.4% pa 3.6% pa
Price in ation (CPI) 2.4% pa 2.9% pa
Rate of salary growth 5.4% pa 5.6% pa
Pension increase:
– RPI increases subject to a maximum of 2.5% pa 1.8% pa 2.1% pa
– RPI increases subject to a maximum of 3.0% pa 2.1% pa 2.4% pa
– RPI increases subject to a maximum of 5.0% pa 2.4% pa 2.9% pa
Discretionary pension increases 0.0% pa 0.0% pa
Expected return on assets
Diversi ed Growth Fund (DGF) 7.9% pa 7.6% pa
Cash 3.1% pa 4.4% pa
Demographic assumptions
Average expected remaining life of:
– 60 year old non-retired male 28.2 yrs 28.2 yrs
– 60 year old retired male 27.2 yrs 27.1 yrs
– 60 year old non-retired female 30.5 yrs 30.5 yrs
– 60 year old retired female 29.6 yrs 29.5 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 7.9% pa 
reflects historic returns on underlying assets and is within the range of assumptions typically used by other companies. The expected 
long-term rate of return on cash of 3.1% pa is based upon the gross redemption yield available on long-dated gilts.
Notes to the nancial statements continued
year ended 31 March 2012 ACM Shipping Group plc Annual report and accounts 2012 39
16. Pension commitments continued
Employee bene t obligations
The amounts recognised in the balance sheet are as follows:
2012
£000
2011
£000
Present value of funded obligations 14,004 12,322
Fair value of plan assets (12,270) (12,003)
Net liability 1,734 319
Note: the AVC investments are excluded from the assets and liabilities set out above. 
The amounts recognised in the income statement are as follows:
2012
£000
2011
£000
Current service cost (excluding employee contributions)* 158 162
Interest on obligation 694 716
Expected return on plan assets (930) (835)
Total recognised in income statement (78) 43
Actual return on plan assets (205) 931
* Excludes insurance premiums for Group life cover paid by the Group via the pension scheme.
The Group’s accounting policy is to recognise actuarial gains and losses via the statement of comprehensive income in the year in which 
they occur.
2012
£000
2011
£000
Actual return less expected return on plan assets (1,135) 96
Experience (losses)/gains arising on plan liabilities (189) 42
(Loss)/gain arising from changes in assumptions underlying the present value of the plan liabilities (652) 1,199
Net actuarial (loss)/gain (1,976) 1,337
Changes in the present value of the defined benefit obligation are as follows:
2012
£000
2011
£000
At 1 April 2011 12,322 12,712
Service cost 158 162
Member contributions 76 73
Interest cost 694 716
Actuarial losses/(gains) 841 (1,241)
Bene ts paid (87) (100)
At 31 March 2012 14,004 12,322
FINANCIAL STATEMENTS Annual report and accounts 2012 ACM Shipping Group plc 40
16. Pension commitments continued
Employee bene t obligations continued
Changes in the fair value of plan assets are as follows:
2012
£000
2011
£000
At 1 April 2011 12,003 10,623
Expected return 930 835
Actuarial (losses)/gains (1,135) 96
Contributions 559 549
Bene ts paid (87) (100)
At 31 March 2012 12,270 12,003
The employer expects to contribute £480,000 to the scheme in the year ending 31 March 2013. 
The major categories of plan assets as a percentage of total plan assets are as follows:
2012 2011
UK equities 4% 3%
European excluding UK equities 1% 3%
Japanese equities 0% 3%
Paci c excluding Japanese equities 3% 3%
North American equities 10% 11%
Equity (other) 26% 21%
Property 1% 3%
Debt 28% 27%
Cash 8% 3%
Other 19% 23%
The fair value of the scheme assets, the present value of the scheme liabilities and the resulting net liabilities are:
2012
£000
2011
£000
2010
£000
2009
£000
2008
£000
Total market value of assets 12,270 12,003 10,623 7,329 8,395
Present value of scheme liabilities (14,004) (12,322) (12,712) (8,535) (9,440)
De cit in the scheme (1,734) (319) (2,089) (1,206) (1,045)
Related deferred tax asset 434 83 586 338 293
Net pension liability (1,300) (236) (1,503) (868) (752)
Analysis of the amount recognised in the statement of comprehensive income:
2012
£000
2011
£000
2010
£000
2009
£000
2008
£000
Actual return less expected return on plan assets (1,135) 96 2,251 (2,295) (981)
Experience (losses)/gains arising on plan liabilities (189) 42 305 (440) 52
(Loss)/gain arising from changes in assumptions underlying  
the present value of the plan liabilities (652) 1,199 (3,820) 2,083 1,252
Net actuarial (loss)/gain (1,976) 1,337 (1,264) (652) 323
Notes to the nancial statements continued
year ended 31 March 2012 ACM Shipping Group plc Annual report and accounts 2012 41
17. Share capital
Authorised share capital
2012
£000
2011
£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 at 1 April 2010 17,691,514 177
Shares issued as part of acquisition 1,815,000 18
Shares issued under Sharesave scheme 44,125 1
Shares in issue at 31 March 2011 and 31 March 2012 19,550,639 196
The Company has no other form of share capital other than ordinary shares as shown in this note.
18. ESOP reserve 
The ESOP reserve in Group represents shares acquired by ACM Shipping Limited Employee Share Ownership Plan (ESOP). The shares are 
stated at cost to the ESOP. The number of shares held by the ESOP at 31 March 2012 was 270,791 (2011: 489,000). The market value of these 
shares at 31 March 2012 was £341,000 (2011: £1,012,230). At 31 March 2012 230,000 of these shares were held under option (2011: 40,000).
19. Treasury reserve 
The treasury reserve in Group represents shares acquired by treasury. The shares are stated at cost to the treasury and the numbe r of shares 
held at 31 March 2012 was 80,189 (2011: 80,189). 
20. Share-based payments 
The Enterprise Management Incentive (EMI) scheme, Sharesave scheme and Long Term Incentive Plan (LTIP) have been set up to provide 
executives and employees with options to purchase ordinary shares in the Company. 
Under the LTIP, 105,000 shares were awarded to employees during the year. The employees paid 1 pence per share for the LTIPs which vest 
between three and five years subject only to the employee remaining with the Group. A further 100,000 shares, which vest in January 2014, 
were awarded to a Director subject to him remaining with the Group. All of these shares were issued from those held by the ESOP. 
In addition a further 150,000 LTIP options were granted and to be awarded in the future.
190,000 options under the EMI scheme were granted during the year; shares in the ESOP have been allocated against these options. 
Under the EMI scheme there are no performance conditions attaching to the grants which vest between three years and five years subject 
only to the employee remaining with the Group. 
FINANCIAL STATEMENTS Annual report and accounts 2012 ACM Shipping Group plc 42
Notes to the nancial statements continued
year ended 31 March 2012
20. Share-based payments continued
The number of share options outstanding was:
Calendar year of grant Exercisable
Exercise
price
At
31 March
2011 Granted Exercised Lapsed
At
31 March
2012
Sharesave scheme
2008 2013 160.0p 147,000 — — (10,500) 136,500
2011 2014 177.0p 55,508 — — (11,184) 44,324
2011 2016 177.0p 53,671 — — (13,765) 39,906
256,179 — — (35,449) 220,730
EMI scheme
2007 2010–2017 205.5p 48,661 — — — 48,661
2008 2011–2018 233.5p 50,000 — — — 50,000
2008 2011–2018 150.0p 146,666 — — — 146,666
2010 2013–2020 188.0p 20,000 — — — 20,000
2010 2013–2020 183.0p 20,000 — — — 20,000
2011 2014–2021 212.5p — 40,000 — — 40,000
2011 2014–2021 1.0p — 150,000 — — 150,000
285,327 190,000 — — 475,327
LTIP
2010 2012 1.0p 63,172 — (63,172) — —
2011 2013–2014 1.0p — 150,000 — — 150,000
Total 604,678 340,000 (63,172) (35,449) 846,057
The share options outstanding may be satisfied by issues from the ESOP or granted as new shares. As at 31 March 2012 230,000 of the shares 
held in the ESOP had been allocated against options outstanding. 
The number of share options which had been granted and issued but not fully vested was:
Calendar year of grant Fully vested
Exercise
price
At
31 March
2011 Granted Fully vested Lapsed
At
31 March
2012
LTIP
2008 2011–2013 1.0p 360,000 — (180,000) — 180,000
2009 2012–2014 1.0p 50,000 — — — 50,000
2010 2013–2015 1.0p 130,000 — — — 130,000
2011 2013–2016 1.0p — 205,000 — — 205,000
Total 540,000 205,000 (180,000) — 565,000
The share options issued have been satisfied by a mixture of issues from the ESOP and new shares. ACM Shipping Group plc Annual report and accounts 2012 43
20. Share-based payments continued
Share-based payment expense
The total charge in the consolidated income statement for the year with regard to these awards is £417,000 (2011: £267,000).
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 Sharesave scheme and EMI options granted were determined using the Binomial option pricing model 
and the Black Scholes 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 – three to five and a half years
 Fair values range – from 36.6 pence to 64.5 pence for those issued at market value and 151 pence for those issued at nominal value
Expected volatility was estimated by reference to historical share price movements in both the Group and comparable quoted companies.
21. Dividends
2012
£000
2011
£000
Declared and paid during the year
Final dividend for 2011: 7 pence per share (2010: 6.75 pence per share) 1,331 1,283
Interim dividend for 2012: 3.15 pence per share (2011: 3 pence per share) 605 568
1,936 1,851
Proposed for approval at AGM (not recognised as liability at 31 March)  
Final dividend for 2012: 7 pence per share (2011: 7 pence per share) 1,344 1,329
22. Commitments under operating leases
At 31 March 2012 the Group had commitments for leasehold land and buildings under non-cancellable operating leases as follows:
2012
£000
2011
£000
Operating leases hich expire
Less than one year — 159
Between one and ve years 2,181 522
23. Contingencies
The Group has given a guarantee to its bankers in the normal course of business amounting to £nil (2011: £181,000) on which no liability 
is expected to arise.
There is a cross guarantee to bankers for an unlimited amount between the Company and its subsidiary company ACM Shipping Limited.
FINANCIAL STATEMENTS Annual report and accounts 2012 ACM Shipping Group plc 44
Notes to the nancial statements continued
year ended 31 March 2012
24. Notes to the cash ow statements 
Analysis of changes in cash balances
At
1 April
2011
£000
Cash ows
£000
At
31 March
2012
£000
Cash and cash equivalents 4,955 (1,863) 3,092
25. Financial instruments and risks
The Group’s financial risk management policies are designed to reduce the risk of currency, liquidity and credit risk exposure.
The Group’s financial instruments comprise cash at bank and other items including trade receivables and trade payables that arise directly 
from its operations. 
The Group has no assets or liabilities other than forward foreign exchange contracts that fall to be classed as derivatives. The Group does 
not engage in instruments of a speculative nature.
(a) Currency risk
The Group carries out most of its business in US dollars and hence it is exposed to currency risk arising from fluctuations in exchange rates. 
So as to mitigate this risk the Group places forward contracts for the sale of US dollars at fixed rates. The purpose of such transactions is 
to manage the currency risk arising from the Group’s operations. At year end the Group had contracts outstanding to sell US$7.5 million 
(2011: 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 $1.54 to $1.60 to £1. The average rate of the forward contracts was $1.57 to £1. 
At each balance sheet date, the contracts are restated to their fair value, based on currency contracts with similar maturity profiles. 
At 31 March 2012 the fair value of these contracts was an asset of £96,000 (2011: £31,000). All other financial assets are classified as loans 
and receivables. All financial liabilities are held at amortised cost.
The rate on the balance sheet date was $1.60 to £1 (2011: $1.60). The average rate for the year was $1.60 to £1 (2011: $1.56).
As at 31 March 2012 all cash and cash equivalents were held in sterling except for bank accounts totalling US$2.7 million (2011: US$1.8 million). 
There is no difference between the book values and fair values of financial assets and liabilities.
The effect on profit before taxation of a 10% weakening in the average US dollar exchange rate in the year compared to the effectiv e rates 
for the year is approximately £1.1 million adverse (2011: £1.3 million). This effect is before hedging and with all other variabl es being equal. 
A 10% strengthening in the average US dollar is approximately £1.1 million favourable (2011: £1.3 million). The effect on equity is similar 
to that on profit before taxation.
(b) Liquidity risk
The Group finances itself through retained earnings. The Group is fundamentally cash generative and manages its liquid resources 
so as to obtain the best available rates of return on cash investments, whilst retaining access to those resources. 
An analysis of cash and cash equivalents is given in note 24. The Group does not currently have any borrowings.
(c) Credit risk
There are no significant concentrations of credit risk within the Group. The maximum credit risk exposure relating to financial ass ets 
is represented by the carrying value of receivables as at the balance sheet date. Receivable balances are monitored on an ongoing basis 
and a bad debt provision is held to cover doubtful debts. The Group has not historically suffered from significant bad debts.
(d) Interest rate risk
The Group has exposure to interest rates on its cash and short-term deposits. 
26. Ultimate controlling party
No individual shareholder has ultimate control of the Company.  ACM Shipping Group plc Annual report and accounts 2012 45
NOTICE IS HEREBY GIVEN that the Annual General Meeting (AGM) of the Company will be held at the offices of Abchurch Communications, 
125 Old Broad Street, London EC2N 1AR on Thursday 6 September 2012 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 2012 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 2012.
3. To declare a final dividend for the financial year ended 31 March 2012 of 7 pence per share.
4. To re-elect David Cobb as a Director of the Company.
5. To re-elect Ian Hartley as a Director of the Company.
6.  To re-appoint 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 its 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 of the Company up to a maximum aggregate nominal amount of £65,168 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; 
  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; and
  7.1.4  “relevant securities” means (a) shares in the Company other than shares allotted pursuant to an employee share scheme 
or pursuant to a right to subscribe for, or to convert any security into, shares in the Company; or (b) rights to subscribe 
for, or to convert any security into, shares if so allotted. 
Notice of Annual General Meeting
ACM Shipping Group plc (the “Company”)
NOTICE OF AGM Annual report and accounts 2012 ACM Shipping Group plc 46
Special business continued
8. THAT, subject to the passing of resolution 7 overleaf:
 8.1  in substitution for any existing power under Section 570 of the Act or any unexercised powers previously granted to the Directors 
but without prejudice to the exercise of any such power prior to the date hereof, the Directors be and are hereby granted power 
pursuant to Section 570 of the Act to allot equity securities (as defined in Section 560 of the Act) for cash either pursuant to the 
authority conferred on them by resolution 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; 
  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 £19,550,
   and shall expire at the conclusion of the next AGM of the Company after the passing of this resolution or 15 months after the date 
of this resolution (if earlier) unless previously varied, revoked or renewed by the Company in general meeting provided that the 
Company may, before such expiry, make any offer or agreement which would or might require equity securities to be allotted after 
such expiry and the Directors may allot equity securities pursuant to any such offer or agreement as if the power hereby conferred 
had not expired. 
9.  THAT:
 9.1  the Company be and is generally and unconditionally authorised, pursuant to Section 701 of the Act, to make market purchases 
(within the meaning of Section 693 of the Act) of any of its ordinary shares of 1 penny each (ordinary shares) in such manner 
and on such terms as the Directors may from time to time determine provided that:
  9.1.1 the maximum aggregate number of ordinary shares that may be purchased is 1,955,000; 
  9.1.2 the minimum price (excluding expenses) which may be paid for each ordinary share is 1 penny;
  9.1.3  the maximum price (excluding expenses) which may be paid for any ordinary share is an amount equal to 105% of the 
average of the middle market quotations for an ordinary share taken from the London Stock Exchange Daily Official List 
for the five business days immediately preceding the date on which such share is contracted to be purchased; and
  9.1.4  the authority conferred by this resolution shall expire on the earlier of 18 months from the date of this AGM and the 
conclusion of the Company’s next AGM save that the Company may, before the expiry of the authority granted by this 
resolution, enter into a contract to purchase ordinary shares which will or may be executed wholly or partly after the 
expiry of such authority.
By order of the Board
Ian Hartley
Company secretary
Registered office
Grand Buildings
1–3 Strand
London WC2N 5HR
9 July 2012
Notice of Annual General Meeting continued
ACM Shipping Group plc (the “Company”) ACM Shipping Group plc Annual report and accounts 2012 47
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 (as amended), to be entitled to attend and vote at 
the meeting (and for the purposes of the determination by the Company of the number of votes they may cast), members must be entered 
on the Company’s register of members by 11.30am on 4 September 2012 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 reso lution.
9.  Copies of all service agreements under which Directors of the Company are employed by the Company or any subsidiaries will be available 
for inspection at the Company’s registered office, during normal business hours on any weekday (Saturdays, Sundays and public holidays 
excepted) from the date of this notice until the conclusion of the AGM and at the venue of the AGM for 15 minutes prior to and during 
the meeting.
10.  Except as provided above, shareholders who have general queries about the meeting should write to the company secretary at the 
address of our registered office. You may not use any electronic address provided either in this notice of AGM or any related documents 
(including the Proxy Form) to communicate with the Company for any purposes other than those expressly stated.
 
NOTICE OF AGM Annual report and accounts 2012 ACM Shipping Group plc 48
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 2012.
Resolution 2 – to approve the Directors’ remuneration report for the financial year ended 31 March 2012.
Resolution 3 – to declare a final dividend for the financial year ended 31 March 2012 of 7 pence per share. Subject to approval, 
the final dividend will be payable on 5 October 2012 to shareholders on the register as at close of business on 7 September 2012.
Resolutions 4 and 5 – under the Company’s Articles of Association, and in accordance with Group policy, one third of the Company’s 
Directors retire by rotation and, being eligible, David Cobb and Ian Hartley offer themselves for re-election.
Resolution 6 – auditor – this resolution, if passed, will re-appoint RSM Tenon Audit Limited as auditor of the Company and authorise 
the Directors to fix its 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 £65,168 representing approximately one third of the current issued share capital of the Company. 
This authority will expire at the conclusion of the next AGM of the Company unless previously varied, revoked or renewed by the Company 
in general meeting.
The following items will be proposed as special resolutions:
Resolution 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 £19,550 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 1,955,000 of its shares, representing just under 10% 
of the Company’s issued share capital (excluding treasury shares) as at the date of this notice of AGM.
The resolution specifies the minimum and maximum prices which may be paid for any shares purchased under this authority. The autho rity 
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
ACM Shipping Group plc (the “Company”) Group trading of ces
www.acmshipping.co.uk
London
Grand Buildings 
1–3 Strand 
London WC2N 5HR 
United Kingdom 
Telephone: +44 (0)20 7484 6311 
Fax: +44 (0)20 7930 0115 
Email: brokers@acmshipping.co.uk
Singapore
16 Collyer Quay 
30–02 Hitachi Tower 
Singapore 049318 
Telephone: +65 6236 0822 
Fax: +65 6535 2145 
Email: brokers@acmshipping.com.sg
India
1118, 11th Floor 
Maker Chamber V 
Nariman Point 
Mumbai 400 021 
India 
Telephone: +91 22 6112 1212 
Fax: +91 22 6112 1213 
Email: sjuneja@acmshipping.co.uk
Australia
Melbourne
Level 1 
56 Claremont Street 
South Yarra VIC 3141 
Australia 
Telephone: +61 398 242 600 
Fax: +61 398 242 633
Sydney
904, 6A Glen Street 
Milson’s Point  
NSW 2061 
Australia 
Telephone: +61 299 215 567 
Fax: +61 289 041 311
China
Shanghai
Room 3003–4 
Bank of China Tower 
200 Middle Yincheng Road 
Pudong New District 
Shanghai 200120 
People’s Republic of China 
Telephone: +86 21 6075 3166 
Fax: +86 2160 753 170
Beijing
9th Floor, Marco Polo Parkside 
80 An Li Road 
Chao Yong District 
Beijing 100101 
People’s Republic of China 
Telephone: +86 10 5963 6777 
Fax: +86 10 5963 6757
Dubai
33rd Floor, JBC 5, W1, Jumeirah Lakes Towers 
PO Box 37944 
Dubai 
United Arab Emirates 
Telephone:  +971 (0)4453 9679 
Fax:  +971 (0)4453 9675
GFI Joint Venture
T elephone
London:  +44 (0)20 7422 1180 
Singapore: +65 6820 2980 
New York: +1 212 968 2050 
Fax:  +44 (0)20 7930 0115
Group head of ce
www.acmshipping.com
London
ACM Shipping Group plc
Grand Buildings 
1–3 Strand 
London WC2N 5HR 
United Kingdom 
Telephone: +44 (0)20 7484 6311 
Email: investors@acmshipping.co.uk 
Web: www.acmshipping.com
2012 Financial calendar
Annual General Meeting
6 September 2012
Ex-dividend date
5 September 2012
Record date
7 September 2012
Dividend payment date
5 October 2012
Interim results
December 2012*
* Provisional. ACM Shipping Group plc
Grand Buildings 
1–3 Strand 
London WC2N 5HR 
United Kingdom 
www.acmshippinggroup.com