ACM Shipping Group plc 
Kinnaird House 
1 Pall Mall 
London SW1Y 5AU 
United Kingdom  
Tel: +44 (0)20 7930 7555 
www.acmshippinggroup.com
ACM Shipping Group plc
Annual Report and Accounts 2008
ACM Shipping Group plc  Annual Report and Accounts 2008 ACM is one of the world’s top independent tanker brokers, providing 
a single point of contact for oil and refined product transportation.
The comprehensive portfolio includes spot/period chartering, derivatives 
brokerage, finance, sale and purchase, new buildings and demolition.
Group trading offices
London
ACM Shipping Limited
Kinnaird House 
1 Pall Mall 
London SW1Y 5AU 
United Kingdom
Telephone: +44 (0)20 7930 7555 
Fax: +44 (0)20 7930 0115 
Telex: 296406/295672 
Website: www.acmshipping.co.uk 
Email: brokers@acmshipping.co.uk
ACM Shipping Services Limited
Telephone: +44 (0)20 7484 6340 
Fax: +44 (0)20 7930 0043 
Telex: 296406/295672 
Email: sandp@acmshippingservices.co.uk
Singapore
ACM Shipping Asia Pte Limited
16 Collyer Quay 
31‑00 Hitachi Tower 
Singapore 049318
Telephone: +65 6236 0822 
Fax: +65 6324 4335 
Email: brokers@acmshipping.com.sg
India
ACM Shipping India Limited
C/112, 11th Floor 
Mittal Tower ‘C’ Wing 
210 Nariman Point 
Mumbai 400 021 
India
Telephone:  +91 22 4094 9300 
Fax : +91 22 4094 9301 
Email: sjuneja@acmshipping.co.uk
GFI Joint Venture
Telephone:
London:  +44 (0)20 7422 1180 
Singapore: +65 6820 2980 
New York: +1 212 968 2050 
Fax:  +44 (0)20 7930 0115 
Telex:  296406/295672 
Email: futures@acmshipping.co.uk
Financial calendar
2008
Annual General Meeting 2 September 2008 
Ex‑dividend date 10 September 2008 
Record date 12 September 2008 
Dividend payment date 9 October 2008 
Interim results December 2008*
2009
Interim dividend date February 2009* 
Year end 31 March 2009 
Preliminary results June 2009*
* Provisional 01
ACM Shipping Group plc Annual Report and Accounts 2008
IFC Corporate statement
01 Highlights
02 Business at a glance
04 Chairman’s statement
06  Chief executive’s review 
of the business
08 Financial review
10  Board of directors 
and advisers
12 Directors’ report
14 Corporate governance
15 Directors’ remuneration report
16 Independent auditors’ report
18  Consolidated income statement
19  Group statement of recognised 
income and expense
20 Balance sheets
21  Group statement of changes 
in equity
22	 Group	cash	flow	statement
23  Notes to the 
financial	statements
39  Notice of Annual 
General Meeting
IBC	 Group	trading	offices
 Financial calendar
Highlights
b  Total revenue up 54% on 2007 to US$39.3 million 
(2007: US$25.6 million)
b Like for like revenue up 22% on 2007
b  P rofitbeforeamortisationandtaxationup49%
to £5.5 million (2007: £3.7 million)
b Finaldividendof4pencepershare
b  12%increaseinthenumberofspotfixturescontracted
duringtheperiod
b  Timecharterforwardo rderbookatrecordlevel
of US$24.7 million, up 27% on 2007
b  AcquisitionofACMShippingServicesinDecember2007
for £9.6 million
b  Saleandp urchaseforw ardorderbookatUS$7.5million
b  BasicEPSup30%,dilutedEPSup29%whileadjusted
dilutedEPSisup49%
b  New officeformallyopenedinIndia
Subsequenthighlight
b  AcquisitionofHarris&DixonShipbrok ersforatotalcash
considerationof£2.5million
P rofitbeforeamortisation
andtaxation
£5.5m
(2007: £3.7m)
Revenueincrease
54%
Revenue
$39.3m
(2007: $25.6m)
Commenting on the results, John Plumbe, Chief Executive of ACM Shipping 
Group plc, said: “ ACM has now been listed on AIM for 18 months and we 
are very pleased with our progress. As well as having made two important 
strategic acquisitions we have increased our revenue from organic growth. 
Our global presence is growing and we are confident that this base will give 
us a successful future.” 02
ACM Shipping Group plc Annual Report and Accounts 2008
Businessataglance
ACMiswidelyrecognisedasone of the world’s leading integrated
oil  transportation  brok ers.  ACM  has achieved market leadership 
inanumberofk eyareasincludingtank erchartering ,derivatives
trading ,structuredfinanceandsaleandleasebackdeals.
Ourstrategy
b
For several years ACM has been 
one of the leading tanker brokers in 
the London market, with extensive 
in‑depth knowledge about the tanker 
market and its potential volumes. 
The Group utilises this knowledge 
to advise chartering managers 
in major oil producing and trading 
companies and owners as to how 
and when the market will move.
Our operations
b
A team of more than 80 brokers 
and support staff based in London, 
Singapore, Mumbai and Shanghai 
provides clients with global experience 
and intimate local knowledge of world 
shipping centres.
Revenue split
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
US$’000
31 March 
2003 
Total revenue 
$12,339
31 March 
2004 
Total revenue 
$15,721
31 March 
2005 
Total revenue 
$25,173
31 March 
2006 
Total revenue 
$23,592
31 March 
2007 
Total revenue 
$25,571
31 March 
2008 
Total revenue 
$39,341
 Spot brokerage/freight
 Time charter
 Demurrage
 Sale and purchase 03
ACM Shipping Group plc Annual Report and Accounts 2008
Whatdowedo?
Spotbrok erage Timecharter Saleandpurchase
Researchandconsulting Derivativesbrok erage P rojectbrok erage
b Crude oil
b Fuel oil
b Clean petroleum
b Product desks
b Gas
The “one stop shop”
b Spot/Freight
b Time charter
b Finance
b Sale and Purchase
b Long‑term charters based on daily hire
b 50% joint venture with GFI
b Established: 2002
b Offices in London, Singapore and New York
b New builds
b Second hand
b Demolition
b ACMSS fully acquired December 2007
b Client value add
““
Our aim is to gain market share by 
continuing to build an expert team 
of brokers.
Operations — Demurrage and back office	functions 04
ACM Shipping Group plc Annual Report and Accounts 2008
““
I  a m  d e l i g h t e d  t o  r e p o r t t h a t  t h e  G r o u p
h a s  h a d  a n  e x t r e m e l y  s u c c e s s f u l  y e a r
g r o w i n g  s u b s t a n t i a l l y bothorganically
andthroughacquisition.
Chairman ’sstatement 05
ACM Shipping Group plc Annual Report and Accounts 2008
b Anextremelysuccessfulyear
 Thestarttothecurrentyearhasbeenencouraging
 TheBoardlookstothefuturewithconfidence
Highlightsofchairman ’sstatement
T h i s 	 i s 	 o u r 	 fi r s t 	 f u l l 	 r e p o r t i n g 	 y e a r	
f o l l o w i n g 	 A C M ’ s 	 fl o t a t i o n 	 o n 	 A I M 	 i n	
December 2006. I am delighted to report 
that the Group has had an extremely 
successful year growing substantially 
both organically and through acquisition. 
In December 2007, we further increased 
our	global	presence	by	opening	an	office	
in India, which complements our Singapore 
and	Chinese	offices.
Results
Our revenue from ship broking 
increased in US Dollar terms by 54% to 
US$39.3 million (2007: US$25.6 million). 
Excluding the effect of the acquisition of 
ACM Shipping Services Limited (ACMSS), 
like for like revenue in Dollars increased 
b y 	 2 2 % 	 o n 	 2 0 0 7 . 	 W e 	 fi x e d 	 a 	 r e c o r d 	 n u m b e r	
of ships and our forward income from 
time charters as at 31 March 2008 is 
at US$24.7 million, up 27% on last year. 
Sale and purchase had an exceptional 
year and the current forward order book 
is valued at US$7.5million. The weakness 
of the US Dollar continued to have an 
adverse effect on our Sterling equivalent 
revenues. Notwithstanding this weakness 
p r o fi t 	 b e f o r e 	 a m o r t i s a t i o n 	 a n d 	 t a x a t i o n 	 w a s	
up 49% to £5.5 million (2007: £3.7 million), 
with adjusted diluted earnings per share 
(at 22.2 pence) up 49% on the preceding 
year. The business has remained extremely 
cash generative. The acquisition cost 
of ACMSS was £9.6 million paid by a mix 
of shares and cash.
Dividend
ACM is committed to a progressive 
dividend policy. The Directors 
are recommending a final dividend 
of 4 pence per share in respect of 
the year to 31 March 2008, making a 
total of 6 pence per share for the year. 
The dividend is payable on 9 October 2008 
to shareholders on the register as at 
12 September 2008.
Employees
Since our inception 26 years ago, the 
Group has developed a very successful 
business with an extensive and loyal 
list of clients. It has been particularly 
encouraging that we have been able 
to expand our teams with a number of 
well‑known senior brokers in the industry. 
We look forward to continuing to build 
on this strong platform. It is appropriate 
to extend our thanks to all members 
of our staff for their wholehearted 
commitment to our continued success.
Strategy
ACM’s strategy is to expand into an 
international	diversified	and	integrated	
shipping services provider, whilst 
maintaining its position as one of 
the	most	profitable	firms	in	the	tank er	
broking business. Our aim is to gain 
market share by continuing to build an 
expert team of brokers to penetrate new 
regional markets and other shipping 
sectors in order to grow the business 
with existing and new clients.
Current trading
The start to the current year has been 
encouraging .	F reight	rates	have	been	firm	
and the number of spot deals contracted 
has continued to rise. Despite the world 
economic problems, the prospect for the 
tanker freight market in the near term is 
good as global demand for transporting 
oil continues to be positive. Given the 
strength of our forward order book and 
the new areas ACM are moving into, the 
Board 	 looks 	 to 	 the 	 future 	 with 	 confidence.
Peter Sechiari
Chairman
16 July 2008 06
ACM Shipping Group plc Annual Report and Accounts 2008
T h i s  h a s  b e e n  a n  e x c i t i n g  p e r i o d  f o r  A C M ,
bothorganicallyandthroughacquisition.
““
Chiefexecutive’sreview
ofthebusiness
A Share of turnover 2008
	 Spot brokerage (46%)
	 Time charter (27%)
	 Demurrage (3%)
	 Sale and purchase (24%)
A Share of turnover 2007
	 Spot brokerage (62%)
	 Time charter (28%)
	 Demurrage (4%)
	 Sale and purchase (6%)
2007 2008 07
ACM Shipping Group plc Annual Report and Accounts 2008
We are extremely pleased with the 
progress the Group has made during the 
year, both in terms of results for the year 
and investment in our future. Our US 
Dollar income, including four months 
of our new acquisition, ACMSS, was up 
54% on the previous year. Excluding this 
acquisition our Dollar income grew 22%. 
This follows an 8% increase in the previous 
year. We have also continued to invest for 
organic growth in terms of brokers both 
in the UK and overseas.
Spot brokerage
The core of ACM’s business is spot 
brokerage, which involves the hire of a 
vessel for a single voyage. The number 
of	spot	deals	fixed	during	the	year	is	an	
important performance indicator of the 
business. This grew 12% year on year 
following a 15% increase the previous 
year. Total spot income in US Dollars 
showed a 14% uplift. Our average freight 
income per deal increased slightly during 
the	year .	This	was	due	to	a	significant	
increase in rates in the last few months 
of the year following a period of relatively 
subdued rates in the previous months.
Time charter
Our time charter business, which involves 
the long‑term hire of tankers, had an 
excellent year. Income in US Dollars 
for the year showed a 45% increase over 
t h e 	 p r e v i o u s 	 y e a r . 	 A n 	 i m p o r t a n t 	 b e n e fi t 	 o f	
having a strong time charter ethos is that 
it gives the Group a forward order book. 
At the year end, ACM’s forward order book 
stood at over US$24.7 million and showed 
an increase of 27% on the previous year. 
This income includes certain contracts 
which run to 2018, but US$9.0 million 
of this will be invoiced in the 2008/9 
financial	year .
Sale and purchase
Our sale and purchase business was 
considerably strengthened during the 
year by our acquisition of ACMSS in 
December 2007. ACMSS business had 
an exceptional period of trading following 
the acquisition. Although we do not expect 
this level of performance to continue, 
we believe it continues to be a sound 
investment and was an important strategic 
move for the Group which will strengthen 
ACM globally.
Overseas operations and new markets
We have continued to expand our 
business globally. Our Indian office, 
which formally opened for business in 
December 2007, has already started to 
show very encouraging signs of its ability 
to increase our global market share of the 
tanker business. This follows a year of 
becoming established and training our 
e m p l o y e e s . 	 O u r 	 S i n g a p o r e 	 o f fi c e 	 c o n t i n u e d	
t o 	 s u p p o r t 	 o u r 	 U K 	 o f fi c e 	 a n d 	 a l s o 	 i n c r e a s e d	
its own direct business. In China we are 
in the process of changing our operation 
from a joint venture to a wholly owned 
and controlled operation. We believe that 
this approach will increase our opportunities 
to do business in the new building arena 
in this important market.
In early 2007 we started to become involved 
in the gas shipping market. This business 
is now showing signs of genuine progress 
and	we	are	confident	about	a	successful	
future for ACM in this market.
Joint venture
Our joint venture with GFI Group, Inc. to 
conduct derivative brokerage had another 
good year although the contribution 
t o 	 p r o fi t 	 w a s 	 s l i g h t l y 	 b e l o w 	 l a s t 	 y e a r	
at £0.9 million.
Acquisition of Harris & Dixon Shipbrokers
On 23 June 2008 we announced the 
acquisition of the ship broking business 
of Harris & Dixon Shipbrokers Limited. 
This acquisition is an excellent strategic 
step for ACM as they specialise in the 
one area of tanker broking that ACM 
is not currently involved in. Furthermore 
the deal will quickly become earnings 
enhancing. Harris & Dixon have an 
extremely experienced broking team who 
are committed to the Company for the 
long‑term; they bring with them a solid 
forward book and the combined customer 
bases will provide further exciting trading 
opportunities for the Group.
Outlook
This has been an exciting period for ACM, 
both organically and through acquisition. 
Our international footprint is growing and 
we are confident that this base along 
with synergies gained through acquisition 
will	help	drive	profitability	throughout	
the organisation.
John Plumbe
Chief Executive
16 July 2008
Highlightsofchiefexecutive’sreview
b IncomeinUSDollarsup54%
 Spotfixtures12%upinnumber
 Timecharterorderbookup 27%
 Acquisit ionofACMSS
 SubsequentacquisitionofHarris&Dixon 08
ACM Shipping Group plc Annual Report and Accounts 2008
““
O n e  o f  t h e  k e y  a t t r i b u t e s  o f  t h e  G r o u p
is  its  cash  generative  nature.
Financialreview
AdjusteddilutedEPS
22.2p ACM Shipping Group plc Annual Report and Accounts 2008
09
Highlightsoffinancialreview
Profit and earnings
P rofit	before	taxation	for	the	year	was	
£4.8 million (2007: £3.7 million). After 
adding back amortisation of £0.7 million 
on intangible assets arising out of the 
acquisition during the year, adjusted 
p r o fi t 	 b e f o r e 	 t a x 	 a n d 	 a m o r t i s a t i o n 	 w a s	
£5.5 million. This represents an increase 
of 49% over the previous year.
Earnings per share increased from 
14.9 pence in 2007 to 19.3 pence basic, 
19.2 pence diluted, 22.3 pence adjusted 
and 22.2 pence on an adjusted 
diluted basis.
Foreign exchange
The bulk of the Group’s income 
is denominated in US Dollars. The US 
Dollar further weakened during the year. 
The average effective exchange rate for 
the year was US$2.00 compared with 
US$1.94 for the previous year, while the 
rate at 31 March 2008 was US$1.99 
compared with US$1.96 for the previous 
year. The Group’s revenue would have 
been higher by approximately £0.5 million 
if the 2007/8 US Dollar income had been 
translated at 2006/7 exchange rates.
Dividends
The	Directors	are	recommending	a	final	
dividend of 4 pence per share in respect 
of the year to 31 March 2008 at a total 
value of £691,000. T ogether with an interim 
dividend of 2 pence paid during the year, 
the total dividend in respect of the year 
would be 6 pence at a total value 
of £1,037,000.
Cash flow 
One of the key attributes of the Group is 
its cash generative nature. Cash generated 
from operating activities was £4.7 million 
( 2 0 0 7 : 	 i n fl o w 	 £ 0 . 3 	 m i l l i o n ; 	 l o w 	 d u e 	 t o	
s e t t l e m e n t 	 o f 	 p r e 	 I P O 	 b o n u s e s ) . 	 T h i s 	 i n fl o w	
excludes a further £1.3 million (2007: 
£1.4 million) received from joint ventures 
and associates. The cash balance at 
the year end was £3.6 million (2007: 
£0.6 million). However it should be noted 
that deferred consideration on the 
acquisition of ACMSS of £2.9 million 
was paid on 3 April 2008. The cash 
outflow	for	this	acquisition	during	the	
year was £0.2 million, being £2.8 million 
cash consideration less £2.6 million 
cash acquired.
Balance sheet 
Included within non‑current assets is 
£8.7 million for intangible assets which 
resulted from the acquisition of ACMSS.
Share capital has increased as 1,963,003 
shares were issued as part consideration 
for the acquisition of ACMSS. A share 
premium account of £3.7 million has been 
set up as a result of this acquisition, being 
the difference in value between the nominal 
value of the shares and the market value 
at the date of the acquisition.
T h e 	 p e n s i o n 	 d e fi c i t 	 f o r 	 t h e 	 d e fi n e d 	 b e n e fi t	
scheme has reduced to £1.0 million from 
£1.5 million. A deferred tax asset of 
£0.3 million (2007: £0.5 million) exists 
as a result of this liability. This scheme 
is closed to new members.
The value of net assets at the balance sheet 
date was £7.9 million (2007: £1.5 million).
Risk management
The Board seeks to identify and monitor 
risks facing the business.
Foreign exchange risk; the majority of 
the Group’s income is denominated in US 
Dollars and the rate of exchange relative 
to Sterling can have an effect on the 
performance of the Group. The Group 
uses foreign exchange instruments to 
manage this risk. At March 31 2008 the 
Group had forward foreign exchange 
contracts in place to sell US$6.4 million 
(2007: US$nil) into Sterling. The Board 
has introduced a policy to continually 
have some forward cover in place 
to help manage this risk.
Liquidity risk; at 31 March the Group did 
not hold any net debt but had overdraft 
facilities 	 with 	 its 	 bank 	 to 	 allow 	 flexibility 	
in its cash management and also to meet 
the Group’s commitments to pay deferred 
consideration in respect of the acquisition.
Interest rate risk; the Group has exposure 
to movements in interest rates in respect 
of its deposits and also in respect of the 
overdraft when utilised. All deposits are 
made with reputable banks.
International Financial Reporting Standards
These	financial	statements	are	the	first	
annual statements compiled in accordance 
with International Financial Reporting 
Standards (IFRS). The 2007 accounts 
have been restated to comply with these. 
However this adoption did not result in 
substantial changes. A full explanation 
of the changes, together with appropriate 
reconciliations, are provided in the notes 
to 	 the 	 financial 	 statements.
Ian Hartley
Finance Director
16 July 2008
RevenueinUSDollars
$54m
P rofitbeforeamortisation
andtaxation
£5.5m
Dividendspershare
6p 10
ACM Shipping Group plc Annual Report and Accounts 2008
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 
o n 	 fi n a n c i a l 	 s t r a t e g y , 	 s e n i o r 	 m a n a g e m e n t	
structure, remuneration, succession 
issues	and	financial	oversight.
John Plumbe
Chief Executive Officer
Johnny, who has been with the Group 
for 26 years, heads up the dirty desk 
coordinating some 14 brokers on the 
crude and fuel oil market. He has been 
a specialist in large tanker brokering 
for 35 years, dealing with the major oil 
companies such as BP , Shell, Vela, and 
Traders Vitol, and many owners such as 
Embiricos, Goulandris, Lemos, Frontline, 
P acific 	 Star , 	 NSCSA. 	 In 	 addition 	 to 	 the 	
spot market he is involved in time charters 
and projects and sale and purchase.
Ian Hartley
Finance Director
Ian joined the Board in March 2007. 
He	was	previously	finance	director	with	
Mayborn Group plc, a consumer products 
group. Mayborn was a listed company 
from 1986 to 2006, which transferred 
f r o m 	 t h e 	 O f fi c i a l 	 L i s t 	 t o 	 A I M 	 i n 	 2 0 0 3 .	
Ian spent over 20 years with Mayborn 
and was appointed company secretary 
in 	 1996 	 and 	 finance 	 director 	 in 	 1998. 	
Ian	qualified	as	a	chartered	accountant	
in 1976, following which he gained 
experience in a variety of companies 
before moving to Mayborn.
James Gundy
Chief Operating Officer
James has been with ACM for 16 years, 
previously at Clarksons for ten years. 
He personally heads the very successful 
VLCC desk and specialises in VLCC 
spot chartering. He has also concluded 
numerous long‑term time charters and 
sale and purchase contracts. James’ main 
clients include Total, CPC, Chevron, 
Arcadia, Great Elephant Corporation, 
Glafki	and	Metrofin.
Timothy Chadwick
Director (non‑executive)
Timothy joined the Board in March 2007 
and was previously executive chairman 
at Simon Group plc, where he oversaw 
the restructuring and refocusing of the 
c o m p a n y 	 i n t o 	 a 	 s p e c i a l i s e d 	 a n d 	 p r o fi t a b l e	
seaports business. He then led Simon 
Group in an agreed acquisition by 
Montauban S.A., the private Belgian 
shipping group. Prior to joining Simon 
Group,	T imothy	floated	Benicia	P orts	plc	
on the London Stock Exchange in 1993. 
He grew the business into a large seaport 
and airport group with operations 
throughout US, UK and Belgium. In 1999 
Timothy sold the business to Associated 
British Ports plc where he remained 
on their board until 2001.
David Cobb
Director (non‑executive)
David joined the Board in March 2007. 
He initially trained as a naval architect 
and was then involved in shipbuilding 
in the UK and Canada. David then 
spent 17 years with Ingram Corporation, 
firstly 	 as 	 vice 	 president 	 and 	 then 	 as 	
president. Ingram was a privately owned 
US company specialising in oil and 
shipping. Following this, in 1994, he 
joined James Fisher & Sons plc, a quoted 
shipping company, serving as executive 
chairman until 2002. David was awarded 
a CBE in 1999 for his services to the 
shipping industry. He is a past president 
of the Chamber of Shipping and is currently 
president of the Institute of Marine 
Engineers Science and Technologists. 
He was elected sheriff in the City of 
London in 2004.  11
ACM Shipping Group plc Annual Report and Accounts 2008
Company secretary
Ian Hartley
Registered office
Kinnaird House 
1 Pall Mall 
London SW1Y 5AU 
Telephone: +44 (0)20 7930 7555 
Fax: +44 (0)20 7930 0115 
Email: investors@acmshipping.co.uk 
Website: www.acmshippinggroup.com
Registered number
5990315
Nominated adviser and broker
Noble & Company Limited
120 Old Broad Street 
London EC2N 1AR
Registered auditor
Tenon Audit Limited
66 Chiltern Street 
London W1U 4JT
Bankers
Royal Bank of Scotland plc
Shipping Business Centre 
5–10 Great Tower Street 
London EC3P 3HX
Registrar
Capita IRG plc
The Registry 
34 Beckenham Road 
Beckenham 
Kent BR3 4TU 
Telephone: 0870 162 3100
Financial PR
Abchurch Communications
100 Cannon Street 
London EC4N 6EU 
Telephone: +44 (0)20 7398 7000
Peter Sechiari John Plumbe Ian Hartley
James Gundy Timothy Chadwick David Cobb 12
ACM Shipping Group plc Annual Report and Accounts 2008
Directors’ report
The Directors present their report and the financial statements of the Company for the year ended 31 March 2008.
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 and financial review.
Results and dividends
The trading results for the year and the Group’s financial position at the end of the year are shown in the attached financial statements.
An interim dividend of 2 pence per share was paid on 25 February 2008. The Directors are recommending a dividend of 4 pence 
per share payable on 9 October 2008 to shareholders on the register as at 12 September 2008.
Directors and their interests in the shares.
The Directors who served during the year together with their interests in the shares of the Group were as follows:
        At At 
        31 March 31 March 
        2008 2007
PG Sechiari       153,000 153,000
DB Cobb       2,000 2,000
TJM Chadwick       — —
JL Plumbe        769,000 769,000
JCD Gundy       1,225,000 1,225,000
IM Hartley       — —
None of the Directors have any non‑beneficial interests.
John Plumbe. James Gundy and Ian Hartley had an interest in 6,000, 10,500 and 54,661 share options respectively, details of which 
are given in the directors’ remuneration report.
Further information on the Directors is given on page 10.
Between 31 March 2008 and 16 July 2008 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 2008 the Company had received notification of the non‑director shareholdings over 3% of the Company’s share capital 
as follows:
         % of  
        Number of  issued  
        ordinary share 
         shares  capital
Employees
WS Middleton       1,225,000 7.09%
MAC Rudd       1,225,000 7.09%
BAL Peck       995,000 5.76%
AR Morton       709,000 4.10%
SV Clough       709,000 4.10%
KA Amato       709,000 4.10%
APG Wakely       616,000 3.56%
L Maze       613,000 3.55%
JM Kinross       599,894 3.47%
BDA Gyngell       536,000 3.10%
Others
GFI Holdings Ltd        1,419,600 8.21% 13
ACM Shipping Group plc Annual Report and Accounts 2008
Employees
The Group has high regard for its employees. The Group seeks to enhance their careers with training and career development 
as well as continuing to motivate them. Share option schemes have been set up to add to the annual bonus structure. The Group 
seeks to have equal opportunity policies in place at each location.
Payment policy
The Group pays in accordance with agreed payment terms. The Company does not have any trade creditors.
Directors’ responsibilities
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable 
law and regulations.
Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the 
state of affairs of the Company and the Group and of the profit or loss of the Group for that year. In preparing these financial 
statements, the Directors are required to:
b select suitable accounting policies and then apply them consistently;
b make judgements and estimates that are reasonable and prudent; 
b  state whether applicable accounting standards have been followed subject to any material departures disclosed and explained 
in the financial statements; and
b  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 
will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time 
the financial position of the Company and the Group and enable them to ensure that the financial statements comply with 
the Companies Act 1985. They are also responsible for safeguarding the assets of the Company and of the Group and hence 
for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Directors, individually, are aware:
b there is no relevant audit information of which the Group’s auditor is unaware; and
b  the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information 
and to establish that the auditor is aware of that information.
Donations 
During the year the Group made charitable donations of £27,817 (2007: £29,932).
Financial risk
The Group’s financial risk and its management policies are set out in note 25 to the financial statements.
Annual general meeting
At the Annual General Meeting resolutions will be proposed. Details of these resolutions together with explanatory notes 
can be found in the enclosed notice of meeting.
Auditor
Tenon Audit Limited have expressed their willingness to continue in office and a resolution to reappoint them will be proposed 
at the Annual General Meeting.
Signed by order of the Board
Ian Hartley
Company Secretary
16 July 2008 14
ACM Shipping Group plc Annual Report and Accounts 2008
Introduction
The Board is committed to achieving good standards of corporate governance. Although under the rules of AIM the Group is 
not required to comply with the Combined Code, the Directors intend to comply so far as reasonably practicable for a Company 
of ACM’s size and nature. Where full compliance is not appropriate due to the Company’s size and/or nature, the Directors will 
refer to guidance for AIM listed companies issued by the Quoted Companies Alliance.
Board of directors
The Board consists of three executive and three non‑executive Directors, a composition which the Board believes is best suited 
to the continued success of the Group. 
The Board is responsible for establishing the strategic direction of the Group and monitoring the Group’s performance against its 
business plan. It is also responsible for leading and controlling the Group and in particular for formulating, reviewing and approving 
the Group’s strategy, budget, major items of capital expenditure and acquisitions and disposals. Regular meetings are held and all 
necessary information is supplied on a timely basis to enable the Board to discharge its duties effectively. Additionally, special meetings 
take place, or other arrangements are made when Board decisions are required in advance of the regular meetings. 
It is the Company’s policy that Directors are re‑elected by shareholders and the Company’s Articles require one third to retire 
by rotation. 
Board committees
The Board has a remuneration committee, an audit committee and a nomination committee. Each of these committees consist 
of the three non‑executive Directors and are chaired by Peter Sechiari. The Board has also recently set up a compliance committee 
consisting of Peter Sechiari and Ian Hartley.
The remuneration committee is discussed within the directors’ remuneration report.
The audit committee meets whenever there is business to discuss and meets at least twice each year. The audit committee is 
responsible for ensuring that the financial performance of the Group is properly monitored, controlled and reported on. It also 
meets with the auditor without executive Directors being present and review reports from the auditor relating to accounts and internal 
control systems.
The nomination committee has responsibility for making recommendations on the appointment of additional Directors 
to the Board and the appointment of members of the Company’s senior management team. It meets at least twice a year. 
Internal control
The Board is responsible for the system of internal control. Although no system can provide absolute assurance against misstatement 
or loss, the Group’s systems are designed to provide the Directors with reasonable assurance. The Board is also responsible 
for reviewing the effectiveness of the system.
Going concern
The Directors confirm that they are satisfied that the Group has adequate resources to continue its business for the foreseeable 
future. For this reason they continue to adopt the going concern basis in preparing the accounts.
Shareholder relations
The Board places significant importance on maintaining good communications with its shareholders. This includes meetings 
with shareholders and analysts as appropriate. Shareholders are also invited to the Company’s Annual General Meeting, 
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 15
ACM Shipping Group plc Annual Report and Accounts 2008
Remuneration committee
The remuneration committee consists of the three non‑executive Directors; Peter Sechiari (as Chairman), David Cobb and 
Timothy Chadwick. The committee meets formally at least twice a year and otherwise as required. The remuneration committee 
considers all material elements of remuneration policy, including remuneration and incentives of executive Directors and senior 
management (including pension rights and compensation payments) with reference to independent remuneration research and 
professional advice. The Board is responsible for implementing the recommendations and agreeing the remuneration packages 
for individual Directors. The remuneration committee is also responsible for making recommendations for grants of options under 
share option and incentivisation schemes. No Director is able to participate in discussions relating to his own terms and 
conditions of remuneration. Non‑executive Directors’ and Chairman’s fees are determined by the full Board on the advice of the 
remuneration committee.
Directors’ remuneration
   Salary Benefits Annual  Pension  Share‑based Total Total 
   and fees ‑in‑kind bonus contributions benefit 2008 2007 
   £000 £000 £000 £000 £000 £000 £000
Executive Directors
JL Plumbe  120 15 294 — — 429 566
JCD Gundy  100 12 684 25 — 821 584
IM Hartley  100 3 35 24 4 166 9
Non‑executive Directors
PG Sechiari*  60 — — — — 60 90
TJM Chadwick  25 — — — — 25 4
DB Cobb  25 — — — — 25 6
Total   430 30 1,013 49 4 1,526 1,259
*  The fees payable to Peter Sechiari include £30,000 for his fees as a non‑executive Director and £30,000 payable to PGS Associates for his services as a consultant.
Annual bonus
In order to attract and retain the highest calibre of employees a significant proportion of remuneration packages of executive 
Directors and senior management are geared towards an annual bonus. The Group adopts an industry standard bonus model 
whereby proportions of revenue and profit are distributed to senior employees as bonuses. The individual allocation of this bonus 
between the Directors and senior employees is discretionary. This discretion is exercised by the remuneration committee upon 
the recommendation of senior executives.
Pension contributions
The Company makes pension contributions on behalf of its executive Directors. James Gundy is a member of the Group’s defined 
benefit scheme. Ian Hartley is a member of the Group’s stakeholder scheme. John Plumbe chose not to have pension contributions 
paid on his behalf and exercised his right to receive an allowance equivalent to the Company contribution, net of national 
insurance. The non‑executive Directors do not participate in the Group’s pension schemes. 
Share incentives
The following Director was granted options under the EMI scheme in July 2007:
Ian Hartley   – awarded 48,661 options at an option price of 205.5 pence vesting between July 2010 and July 2012.
The following Directors were granted options at an option price of 160 pence under the Sharesave scheme in January 2008:
John Plumbe   – granted 6,000 options maturing in 2011.
James Gundy  – granted 10,500 options maturing in 2013.
Ian Hartley   – granted 6,000 options maturing in 2011.
Service contracts
The service agreements of executive Directors have a notice period of six months. The non‑executive Directors have service 
contracts with a notice period of six months after an initial one year term.
Directors’ remuneration report 16
ACM Shipping Group plc Annual Report and Accounts 2008
We have audited the Group and parent company financial statements (the financial statements) of ACM Shipping Group plc for 
the year ended 31 March 2008 which comprise the consolidated income statement, the consolidated and company balance sheets, 
the group cash flow statement, the group statement of changes in equity and the group statement of recognised income and 
expenses and the related notes. These financial statements have been prepared under the accounting policies set out therein. 
We have also audited the information in the directors’ remuneration report that is described as having been audited.
This report is made solely to the Company’s members, as a body, in accordance with section 235 of the Companies Act 1985. 
Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state 
to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume 
responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, 
or for the opinions we have formed.
Respective responsibilities of directors and auditor
The Directors’ responsibilities for preparing the Annual Report, the directors’ remuneration report and the financial statements 
in accordance with applicable law and IFRS as adopted by the European Union are set out in the statement of directors’ responsibilities.
Our responsibility is to audit the financial statements and the part of the directors’ remuneration report to be audited 
in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and whether the financial statements 
and the part of the directors’ remuneration report to be audited have been properly prepared in accordance with the Companies 
Act 1985 and, as regards the Group financial statements, Article 4 of the IAS Regulation. We also report to you whether in our 
opinion the information given in the directors’ report is consistent with the financial statements. The information given in the 
directors’ report includes that specific information presented in the directors’ remuneration report that is cross referred from 
the business review section of the directors’ report.
In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received 
all the information and explanations we require for our audit, or if information specified by law regarding Directors’ remuneration 
and transactions is not disclosed.
We review whether the corporate governance statement reflects the Company’s compliance with the nine provisions of the 2003 
Combined Code specified for our review by the Listing Rules of the Financial Services Authority, and we report if it does not. 
We are not required to consider whether the Board’s statements on internal control cover all risks and controls, or form 
an opinion on the effectiveness of the Group’s corporate governance procedures or its risk and control procedures.
We read other information contained in the Annual Report and consider whether it is consistent with the audited financial statements. 
The other information comprises only the directors’ report, the unaudited part of the directors’ remuneration report, the chairman’s 
statement, the chief executive’s review of the business, the financial review and the corporate governance statement. We consider 
the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial 
statements. Our responsibilities do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices 
Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements 
and the part of the directors’ remuneration report to be audited. It also includes an assessment of the significant estimates and 
judgements made by the Directors in the preparation of the financial statements, and of whether the accounting policies are 
appropriate to the Group’s and Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary 
in order to provide us with sufficient evidence to give reasonable assurance that the financial statements and the part of the 
directors’ remuneration report to be audited are free from material misstatement, whether caused by fraud or other irregularity 
or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial 
statements and the part of the directors’ remuneration report to be audited.
Independent auditors’ report
To the members of ACM Shipping Group plc ACM Shipping Group plc Annual Report and Accounts 2008
17
Opinion
In our opinion: 
b  the Group financial statements give a true and fair view, in accordance with IFRS as adopted for use in the European Union, 
of the state of the Group’s affairs as at 31 March 2008 and of its profit for the year then ended;
b  the parent company financial statements give a true and fair view, in accordance with IFRS as adopted for use in the 
European Union as applied in accordance with the provisions of the Companies Act 1985, of the state of the parent 
company’s affairs as at 31 March 2008;
b  the financial statements and the part of the directors’ remuneration report to be audited have been properly prepared 
in accordance with the Companies Act 1985 and Article 4 of the IAS Regulation; and
b the information given in the directors’ report is consistent with the financial statements.
Tenon Audit Limited
Registered Auditor
66 Chiltern Street
London W1U 4JT
17 July 2008 18
ACM Shipping Group plc Annual Report and Accounts 2008
         2008 2007 
          (restated) 
        Note  £000 £000
Revenue       2 19,638 13,502
Administrative expenses        (15,709) (11,521)
Amortisation of intangible assets       10 (664) —
         3,265 1,981
Share of operating profits in joint ventures and associates     5 1,308 1,480
Operating profit        4,573 3,461
Net interest receivable        6 242 215
Profit before taxation        4,815 3,676
Taxation        7 1,744 1,432
Profit for the year         3,071 2,244
Earnings per share       8
Basic         19.3p 14.9p
Fully diluted        19.2p 14.9p
All of the activities are classed as continuing.
The notes on pages 23 to 38 form part of the financial statements.
Consolidated income statement
Year ended 31 March 2008 19
ACM Shipping Group plc Annual Report and Accounts 2008
         2008 2007 
          (restated) 
         £000 £000
Profit for the year        3,071 2,244
Actuarial gain in respect of defined benefit pension scheme      323 297
Deferred tax in respect of defined benefit pension scheme      (118) (89)
Exchange differences on translation of foreign operations      21 17
Currency reserve        1 5
Total recognised income and expense         3,298 2,474
The notes on pages 23 to 38 form part of the financial statements.
The Company had no recognised income and expense other than its profit for the year.
Group statement of recognised income and expense
Year ended 31 March 2008 20
ACM Shipping Group plc Annual Report and Accounts 2008
 Group  Company
       2008 2007 2008 2007 
        (restated)  (restated) 
      Note £000 £000 £000 £000
Non‑current assets
Property, plant and equipment     9  484  445 — —
Intangible assets     10 8,702 — — —
Investments      11 1,509 1,981 9,727 150
Deferred tax asset     14 293 457 — —
       10,988 2,883 9,727 150
Current assets
Trade and other receivables     15 3,979 2,807 86 333
Cash and cash equivalents      3,565 566 3 4
       7,544 3,373 89 337
TOTAL ASSETS      18,532 6,256 9,816 487
Current liabilities
Trade and other payables     16 (8,097) (2,669) (4,810) (16)
Current tax payable       (1,131) (571) — —
       (9,228) (3,240) (4,810) (16)
Non‑current liabilities
Deferred tax liabilities     17 (394) (34) — —
Pension liability     18 (1,045) (1,522) — —
       (1,439) (1,556) — —
TOTAL LIABILITIES      (10,667) (4,796) (4,810) (16)
NET ASSETS      7,865 1,460 5,006 471
Capital and reserves
Share capital      19 173 153 173 153
Share premium account      3,730 — 3,730 —
Merger reserve      (135) (135) — —
Retained earnings      4,087 1,442 1,094 318
Other reserves      10 — 9 —
TOTAL EQUITY      7,865 1,460 5,006 471
These financial statements were approved by the Board on the 16 July 2008 and are signed on its behalf by:
John Plumbe  Ian Hartley
Director   Director
The notes on pages 23 to 38 form part of the financial statements.
Balance sheets
As at 31 March 2008 21
ACM Shipping Group plc Annual Report and Accounts 2008
     Share Share Merger Retained Other  
      capital  premium reserve earnings  reserves Total 
     £000 £000 £000 £000 £000 £000
Balance at 1 April 2006 (as restated)    15 — — (527) (5) (517)
Profit for the year    — — — 2,244 — 2,244
Dividends to equity shareholders    — — — (500) — (500)
Actuarial gain in respect of defined benefit pension scheme   — — — 297 — 297
Deferred tax in respect of defined benefit pension scheme  — — — (89) — (89)
Currency translation differences     — — — 17 — 17
Creation of merger reserve    135 — (135) — — —
Currency reserve    — — — — 5 5
Issue of shares    3 513 — — — 516
Share issue costs     — (513) — — — (513)
Balance at 31 March 2007 (as restated)    153 — (135) 1,442 — 1,460
Profit for the year    — — — 3,071 — 3,071
Dividends to equity shareholders    — — — (652) — (652)
Actuarial gain in respect of defined benefit pension scheme   — — — 323 — 323
Deferred tax in respect of defined benefit pension scheme  — — — (118) — (118)
Currency translation differences     — — — 21 — 21
Currency reserve    — — — — 1 1
Issue of shares    20 3,730 — — — 3,750
Fair value of share‑based payments    — — — — 9 9
Balance at 31 March 2008    173 3,730 (135) 4,087 10 7,865
Other reserves are made up of:
         2008 2007 
         £000 £000
Currency reserve        1 —
Share‑based payment reserve        9 —
         10 —
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 amounting.
The notes on pages 23 to 38 form part of the financial statements.
Group statement of changes in equity
As at 31 March 2008 22
ACM Shipping Group plc Annual Report and Accounts 2008
 Group  Company
       2008 2007 2008 2007 
        (restated)   
       £000 £000 £000 £000
Profit before taxation      4,815 3,676 1,347 299
Depreciation      166 143 — —
Interest receivable      (242) (215) — —
Shares of operating profits in joint ventures and associates    (1,308) (1,480) — —
Amortisation of intangibles      664 — — —
Share‑based payments      9 — 9 —
Operating cash flow before changes in working capital and provisions    4,104 2,124 1,356 299
Decrease/(increase) in debtors      (394) (376) 328 (314)
Increase/(decrease) in creditors      1,019 (1,400) 1,778 16
Provision for pension scheme costs      167 188 — —
Pension scheme contributions paid      (221) (253) — —
Cash generated from operating activities      4,675 283 3,462 1
Taxation paid      (2,063) (1,007) — —
Net cash from operating activities      2,612 (724) 3,462 1
Cash flows from investing activities
Purchase of property and equipment      (195) (64) — —
Investment      — (1,006) — —
Acquisition of subsidiary, net of cash acquired     (232) — (2,811) —
Dividends received from associates       240 502 — —
Amounts received from joint ventures      1,101 919 — —
Interest received      125 110 — —
Net cash used in investing activities      1,039 461 (2,811) —
Cash flows from financing activities
Dividends paid      (652) (500) (652) —
Issue of new shares, less share issue costs     — 3 — 3
Net cash used in financing activities      (652) (497) (652) 3
Net increase/(decrease) in cash and cash equivalents     2,999 (760) (1) 4
Cash and cash equivalents at the beginning of the year     566 1,326 4 —
Cash and cash equivalents at the end of the year     3,565 566 3 4
The notes on pages 23 to 38 form part of the financial statements.
Group cash flow statement
Year ended 31 March 2008 23
ACM Shipping Group plc Annual Report and Accounts 2008
1. Accounting policies
(a) Basis of accounting
These financial statements have been prepared in accordance with the Companies Act and those EU endorsed IFRS standards 
and IFRIC interpretations issued and effective or issued and early adopted as at the time of preparing these statements 
(July 2008). The policies set out below have been consistently applied to all the years presented.
ACM Shipping Group plc’s consolidated financial statements were prepared in accordance with UK Generally Accepted Accounting 
Principles (UK GAAP) until 31 March 2007. UK GAAP differs in some areas from IFRS. In preparing the consolidated financial statements, 
the Directors have amended certain accounting methods applied in the UK GAAP financial statements to comply with IFRS. 
Reconciliations and descriptions of the effect of the transition from UK GAAP to IFRS on the Group’s equity and its net income 
and cash flows are provided in note 28. 
The Group’s transition date is 1 April 2006 and it prepared its opening IFRS balance sheet at that date. The Group’s IFRS adoption 
date is 1 April 2007.
These consolidated financial statements have been prepared under the historical cost convention except as noted below.
No separate profit and loss account is presented for the parent company as provided by section 230, Companies Act 1985.
(b) Basis of consolidation
ACM Shipping Group plc was formed on 7 November 2006. These are the second statutory accounts for ACM Shipping Group plc 
and reflect the Company and its subsidiaries for the year to 31 March 2008. 
The Company was formed solely to act as a parent undertaking to companies already in the Group. The initial shareholders of the 
Company received shares in ACM Shipping Group plc in exchange for their shares in ACM Shipping Limited. IFRS 3 has not been 
applied as this business combination falls outside the scope of IFRS 3.The transfer of ownership has therefore been accounted 
for in accordance with the principles of merger accounting since the members of ACM Shipping Group plc at the date of the share 
transfer and their rights relative to each other were unchanged. Hence the members had a continuing interest in the business 
both before and after the incorporation of ACM Shipping Group plc.
Under the principles of merger accounting, the assets and liabilities of ACM Shipping Limited and its subsidiary and associated 
undertakings have been brought in at their book values.
The consolidated financial statements include the accounts of ACM Shipping Group plc and its subsidiary and associated 
undertakings and joint venture arrangements.
(c) Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the Company and 
the revenue can be reliably measured. Revenue is recognised when the Group has a contractual entitlement to commission. This is 
generally the point at which there is completion of contractual terms between the principles of a transaction. Time charter revenue 
is recognised on a monthly basis.
(d) Property, plant and equipment
Property, plant and equipment are recorded at cost less accumulated depreciation and any impairment in value. Depreciation is provided 
on a straight line basis over the expected economic life of that asset as follows:
Leasehold improvements  – seven years
Fixtures, fittings and office equipment – two to five years
(e) Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor 
are charged against profits on a straight line basis over the period of the lease.
(f)	 P ension	costs	and	other	post‑retirement	benefits
The Group operates a defined benefit scheme and recognises the pension liability in the Group balance sheet. The liability 
is the present value of the accrued defined benefit obligations at the balance sheet date less the fair value of the scheme’s 
assets. The present value of the defined benefit obligations are measured using the projected unit method and discounted 
at an AA corporate bond rate. Assets are valued at market value.
The Company also contributes to defined contribution schemes. Contributions to these schemes have been charged against 
profit as they fall due.
Notes to the financial statements
Year ended 31 March 2008 24
ACM Shipping Group plc Annual Report and Accounts 2008
1. Accounting policies continued
(g) Deferred tax
Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets 
and liabilities and their carrying amounts in the consolidated financial statements. The deferred tax is not accounted for if it 
arises from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the 
transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have 
been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred tax asset 
is realised or the deferred tax liability is settled. 
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which 
the temporary differences can be utilised. 
(h) Foreign currencies
Transactions denominated in foreign currencies are converted into Sterling at the rate of exchange at the time of the transaction. 
At each balance sheet, monetary assets and liabilities are converted at the rate of exchange at the balance sheet date with any 
gain or loss being included in the income statement.
On consolidation, assets and liabilities of overseas operations are converted at the balance sheet rate while the income statement 
is translated at the average rate for the year. Any exchange gain or loss arising on consolidation is charged to reserves.
(i) Joint ventures
The Group’s investment and share of the profits or losses of the joint ventures are included in the financial statements using 
the equity method.
(j) Investments
All investments are stated at cost less provisions for diminution in value.
(k) Goodwill
On the acquisition of a business, fair values are attributed to the net assets (including any identifiable intangible assets) acquired. 
Goodwill arises where the fair value of the consideration exceeds the fair value of the net assets acquired. Goodwill is recognised 
as an asset and is reviewed for impairment at least annually. Impairments are recognised immediately in the income statement. 
Goodwill is allocated to cash generating units for the purposes of impairment testing. On the disposal of a business, goodwill 
relating to that business remaining on the balance sheet is included in the determination of the profit or loss on disposal. 
(l) Other intangible assets
Intangible assets acquired as part of a business combination are stated in the balance sheet at their fair value at the date of acquisition 
less accumulated amortisation and any provisions for impairment. The amortisation of the carrying value of the capitalised forward 
order book and customer relationships is charged to the income statement over an estimated useful life determined by either 
the expected due dates for future income in the case of forward order books or the expected duration of customer relationships. 
The carrying values of intangible assets are reviewed for impairment at least annually or when there is an indication that they 
may be impaired. The estimated useful life of the items in the forward order book is generally three to four years and for the 
customer relationships is ten years.
(m) Share‑based payments
The Company awards employees bonuses in the form of share options, on a discretionary basis from time to time. The options 
are normally subject to vesting conditions and, where it is considered likely that the conditions will be met, their fair value is recognised 
as an employee benefits expense with a corresponding increase in other reserve equity over the vesting period. The proceeds 
received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when 
the options are exercised.
(n) Financial instruments
Classification
Following the adoption of IAS 32, financial instruments issued by the Company are treated as equity (i.e. forming part of shareholders’ 
funds) only to the extent that they meet the following two conditions:
 a)  they include no contractual obligations upon the Company to deliver cash or other financial assets or to exchange financial 
assets or financial liabilities with another party under conditions that are potentially unfavourable to the Company; and
Notes to the financial statements continued
Year ended 31 March 2008 25
ACM Shipping Group plc Annual Report and Accounts 2008
1. Accounting policies continued
(n) Financial instruments continued
Classification	continued
 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 using hedge accounting.
(p) Adopted IFRS not yet applied
The following IFRS were available for early adoption but have not been applied by the Group in these accounts. Their adoption 
is not expected to have a material effect on the financial statements unless otherwise indicated:
 b  IFRS 3 Business combinations – revised. Applies to business combinations for accounting periods commencing on or after 
1 July 2009. There is no requirement for this to be applied retrospectively.
 b  IFRS 8 Operating segments. Replaces IAS 14 and applies for accounting periods commencing on or after 1 January 2009. 
The Directors are of the opinion that the business has only one business segment and accordingly this standard will have 
no impact.
 b IAS 23 Borrowing costs (revised). Applies to accounting periods commencing on or after 1 January 2009.
 b  IFRIC 11 re IFRS 2 Group and treasury share transactions. Applied to accounting periods commencing on or after 1 March 2007.
 b IFRIC 12 Service concession arrangements. Applies to accounting periods commencing on or after 1 January 2008.
 b IFRIC 13 Customer loyalty programmes. Applies to accounting periods commencing on or after 1 July 2008.
 b  IFRIC 14 The limit of a defined benefit asset, minimum funding requirements and their interaction. Applies to accounting 
periods commencing on or after 1 January 2008.
2. Segmental reporting
The Group has taken early adoption of IFRS 8 Operating segments. The Group operates in one business sector and does 
not report internally any segmental information other than revenue streams. As a result no additional business sector information 
is provided. Business is the Group’s primary reporting segment. Geographical information is not produced and is not readily 
available. In view of management the cost of developing this information would be excessive.
Analysis of Group’s revenue:
        2008 2007 
        £000 £000
Spot brokerage       9,139 8,357
Time charter       5,212 3,825
Demurrage       565 571
Sale and purchase       4,722 749
        19,638 13,502 26
ACM Shipping Group plc Annual Report and Accounts 2008
3.	 Operating	profit
Operating profit is stated after charging:
        2008 2007 
        £000 £000
Depreciation of property, plant and equipment       166 143
Amortisation of intangible assets (see note 10)       664 —
Operating lease costs       577 484
Remuneration of the auditor:
 audit of the Company       5 6
 audit of the subsidiaries       14 10
 audit of pension schemes       6 7
 taxation services       15 21
 other services       5 5
4. Staff costs
The average number of persons employed by the Group during the year was as follows:
        2008 2007 
        Number Number
Office and administration       61 51
The aggregate payroll costs of the above were:
        2008 2007 
       Note £000 £000
Salaries        10,800 7,555
Social security costs       1,255 870
Pension costs      18 492 337
Share‑based payments      20 9 —
        12,556 8,762
The remuneration of the key management, which were the Directors, was as follows:
        2008 2007 
        £000 £000
Total emoluments       1,526 1,259
Further analysis of Directors’ remuneration, pension contributions and share options is shown within the directors’ remuneration report.
5.	 Share	of	operating	profits	of	joint	ventures	and	associates
        2008 2007 
        £000 £000
Joint ventures       865 919
Associates       443 561
        1,308 1,480
Details of associated companies are shown in note 12 and joint ventures in note 13.
6. Net interest receivable
        2008 2007 
       Note £000 £000
Interest receivable:
Bank interest       138 110
Pension‑expected return on plan assets less interest on obligation    18 100 89
        238 199
Share of associates       17 16
        255 215
Interest payable:
Bank interest       (13) —
        242 215
Notes to the financial statements continued
Year ended 31 March 2008 27
ACM Shipping Group plc Annual Report and Accounts 2008
7. Taxation 
(a) Analysis of charge in the year
        2008 2007 
       Note £000 £000
UK corporation tax       1,776 1,205
Share of taxation of associates        135 169
(Over)/under provision for previous years       (25) 18
Current taxation        1,886 1,392
Deferred taxation       7 (c) (142) 40
       7 (b) 1,744 1,432
(b) Factors affecting tax charge
        2008 2007 
       Note £000 £000
Profit before taxation       4,815 3,676
Profit at current tax rate in UK (30%)       1,445 1,103
Effects of:
Expenses not deductible for tax purposes       227 126
Unrelieved losses in overseas subsidiaries       73 144
Joint venture and associated undertakings       (3) 31
Adjustment in respect of prior years       (25) 18
Other       27 10
       7 (a) 1,744 1,432
(c) Deferred taxation
        2008 2007 
       Note £000 £000
Depreciation in excess of capital allowances      17 (2) (6)
Timing difference in respect of amortisation of intangibles     17 (186) —
Timing differences in respect of payments to pension scheme     14 46 46
       7 (a) (142) 40
8. Earnings per share 
Earnings per share (EPS) is calculated by dividing the profit attributable to equity shareholders by the weighted average number of 
shares in issue in the year.
        2008 2007 
        £000 £000
Earnings
Earnings for the year       3,071 2,244
Adjustment for amortisation of intangibles       664 —
Adjustment for deferred taxation impact of amortisation of intangibles     (186) —
Earnings for adjusted EPS       3,549 2,244
Number of shares       Number Number
Weighted average number of shares       15,940,665 15,100,353
Dilutive effect of share plans       65,665 —
Diluted weighted average number of shares       16,006,330 15,100,353
Earnings per share       Pence Pence
Basic       19.3 14.9
Diluted       19.2 14.9
Adjusted       22.3 14.9
Adjusted diluted       22.2 14.9 28
ACM Shipping Group plc Annual Report and Accounts 2008
9. Property, plant and equipment
(a) Group
        Office and  
       Leasehold computer  
       improvements equipment Total 
       £000  £000  £000 
Cost
At 1 April 2007       403 587 990
Additions       13 182 195
Acquisitions      — 86 86
At 31 March 2008      416 855 1,271
Depreciation
At 1 April 2007       156 389 545
Acquisitions      — 76 76
Charge for the year      58 108 166
At 31 March 2008      214 573 787
Net book value
At 31 March 2008      202 282 484
        Office and  
       Leasehold computer  
       improvements equipment Total 
       £000  £000  £000
Cost
At 1 April 2006       403 571 974
Additions       — 64 64
Disposals      — (48) (48)
At 31 March 2007      403 587 990
Depreciation
At 1 April 2006       100 350 450
Charge for the year       56 87 143
On disposals      — (48) (48)
At 31 March 2007      156 389 545
Net book value
At 31 March 2007      247 198 445
(b) Company
The Company did not own any property and equipment at any time during the year.
10. Intangible assets 
       Other Goodwill Total 
       £000 £000 £000
Cost
At 1 April 2006 and 1 April 2007      — — —
Acquisition of a subsidiary      1,958 7,408 9,366
At 31 March 2008      1,958 7,408 9,366
Amortisation
At 1 April 2006 and 1 April 2007      — — —
Amortisation during the year      664 — 664
At 31 March 2008      664 — 664
Net book value at 31 March 2008      1,294 7,408 8,702
Net book value at 31 March 2007      — — —
Other intangible assets consist of forward order book and customer relationships.
All amortisation charges in the year have been charged through administrative expenses.
Notes to the financial statements continued
Year ended 31 March 2008 29
ACM Shipping Group plc Annual Report and Accounts 2008
10. Intangible assets continued
The Group has capitalised the value of the forward order book and customer relationships of ACMSS acquired in the year. 
Goodwill has been allocated to the ACMSS cash generating unit for impairment testing purposes. The recoverable amount 
has been determined based on a value in use calculation using risk‑adjusted cash flow projections based on financial budgets 
prepared by the Group. The key assumptions used in the value in use calculation are:
The discount rate applied to the cash flow projections is 11%. 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 .
The growth rate used to extrapolate cash flow projections beyond the budget period is 3%.
Management believe that it is unlikely that any reasonable possible change in the key assumptions would cause the carrying 
value of any of the cash‑generating units to exceed its recoverable amount.
11. Investments
(a) Group
The Group’s investments were as follows:
        2008 2007 
        £000 £000
Investments        1,006 1,006
Investment in joint ventures (note 13)       425 661
Share of net assets of associates (note 12)       78 314
At 31 March        1,509 1,981
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:
        2008 2007 
        £000 £000
At 1 April        150 —
Additions       9,577 150
At 31 March       9,727 150
The additions during the current year represent the acquisition, details if which are set out in note 27. 
The addition during the previous year represents an investment in ACM Shipping Limited. The entire ordinary share capital of this 
company was acquired by means of a share exchange during the year. 
ACM Shipping Limited also has two wholly owned subsidiaries, ACM Shipping Asia Pte Limited and ACM Shipping India Limited. 
These companies are incorporated in Singapore and India respectively.
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 2008. 30
ACM Shipping Group plc Annual Report and Accounts 2008
12. Associated companies
Until 6 December 2007 the Group had a 30% interest in the ordinary shares of ACMSS. It then acquired the remaining 70% 
of shares. The year end of this company is 31 March 2008.
The Group also has a 40% interest in the ordinary shares of ACM Maritime Limited, a company incorporated in Labuan, which provides 
shipbroking and other related services in Malaysia and elsewhere. The year end of this company is 31 December and the results 
included in the Group accounts are those to 31 December 2007.
The Group’s share of assets and liabilities of associates was as follows:
        2008 2007 
        £000 £000
Share of non‑current assets       — 4
Share of current assets       79 676
Share of current liabilities        (1) (366)
Share of net assets       78 314
The Group’s share of results of associates, including ACMSS up until 6 December 2007 was as follows: 
        2008 2007 
        £000 £000
Share of revenue       1,072 1,330
Share of operating profit       443 561
Share of interest receivable       17 16
Share of profit before taxation       460 577
Share of taxation       135 169
Share of profit after taxation       325 408
13. Joint ventures
The Group has a 50% interest with GFI Brokers Limited in an unincorporated joint venture, which provides a market for derivative 
products within the oil freight business. 
The Group also has a 50% interest with Cambridge Securities LLC in an unincorporated joint venture, which provides shipbroking 
and other related services through a Shanghai representative office. 
The Group’s share of results of these ventures is shown in note 5.
14. Deferred tax asset
The deferred tax asset consists of the tax effect of timing differences in respect of:
 Group  Company
      2008 2007 2008 2007 
      £000 £000 £000 £000
Pension liability     293 457 — —
The movement in the deferred tax asset during the year was:
 Group  Company
      2008 2007 2008 2007 
     Note £000 £000 £000 £000
At 1 April 2007     457 592 — —
Charge to income statement    7 (c) (46) (46) — —
Charge to statement of recognised income and expense    (118) (89) — —
At 31 March 2008     293 457 — —
Notes to the financial statements continued
Year ended 31 March 2008 31
ACM Shipping Group plc Annual Report and Accounts 2008
15. Trade and other receivables
 Group  Company
      2008 2007 2008 2007 
      £000 £000 £000 £000
Trade receivables     3,420 2,162 — —
Amounts owed by Group undertakings     — — 81 305
Other receivables     559 645 5 28
      3,979 2,807 86 333
16. Trade and other payables
 Group  Company
      2008 2007 2008 2007 
      £000 £000 £000 £000
Trade payables     842 425 — —
Other taxation and social security     1,977 687 — —
Accruals and deferred income     2,261 1,557 26 16
Amounts owed to Group undertakings     — — 1,767 —
Deferred consideration on acquisition     3,017 — 3,017 —
      8,097 2,669 4,810 16
17. Deferred tax liabilities
The deferred tax liabilities consist of the tax effect of temporary differences in respect of:
 Group  Company
      2008 2007 2008 2007 
      £000 £000 £000 £000
Excess of capital allowances over depreciation     32 34 — —
Intangible assets     362 — — —
      394 34 — —
The movement in the deferred tax liabilities during the year was:
 Group  Company
      2008 2007 2008 2007 
     Note £000 £000 £000 £000
At 1 April 2007     34 40 — —
Credit to income statement    7 (c) (2) (6) — —
Set up in respect of intangible assets     548 — — —
Credit to income statement in respect of intangible assets   7 (c) (186) — — —
At 31 March 2008     394 34 — —
18. Pension commitments
The Group operates a defined benefit scheme in the UK which is closed to new members. The Group also operates a stakeholder 
scheme and contributes to independent funds on behalf of certain of the Group’s employees.
The operating charge for pension costs in the year is:
        2008 2007 
        £000 £000
UK defined benefit cost       167 188
Defined contribution scheme costs       325 149
        492 337
The last full funding valuation on the defined benefit scheme was carried out as at 31 March 2005. A qualified independent actuary 
has carried out a valuation for IAS 19 purposes as at 31 March 2008 to obtain the figures in this disclosure note. The figures 
for the year ending 31 March 2007 have also been included for comparison.
The projected unit valuation method has been used. 32
ACM Shipping Group plc Annual Report and Accounts 2008
18. Pension commitments continued
The principal actuarial assumptions at the balance sheet date were:
        31 March 31 March 
        2008 2007
Economic assumptions
Discount rate       6.6% pa 5.4% pa
Price inflation       3.5% pa 3.2% pa
Rate of salary growth       5.5% pa 5.2% pa
LPI pension increases       3.3% pa 3.0% pa
Discretionary pension increases       3.3% pa 3.0% pa
Expected return on assets
Equities/diversified growth fund (DGF)       7.5% pa 7.5%* pa
Cash       4.6% pa 4.8% pa
* The scheme was not invested in the DGF at 31 March 2007.
Demographic assumptions
Average expected remaining life of:
– 60 year old non‑retired male (years)       25.7 25.7
– 60 year old retired male (years)       24.4 24.4
– 60 year old non‑retired female (years)       28.7 28.7
– 60 year old retired female (years)       27.4 27.4
Scheme assets are stated at their bid values at the respective balance sheet dates. The expected long‑term rate of return on 
equities and DGFs of 7.5% pa reflects historic UK equity returns and DGFs and is within the range of assumptions typically used 
by other companies. The expected long‑term rate of return on cash of 4.6% pa is based upon the gross redemption yield available 
on long‑dated gilts.
Employee	benefit	obligations
The amounts recognised in the balance sheet are as follows:
        31 March 31 March 
        2008 2007 
        £000 £000
Present value of funded obligations       9,440 9,966
Fair value of plan assets       (8,395) (8,444)
(Surplus)/deficit       1,045 1,522
Net liability       1,045 1,522
Note: The AVC investments invested are excluded from the assets and liabilities set out above.
The amounts recognised in the income statement are as follows:
        Year ended Year ended 
        31 March 31 March 
        2008 2007 
        £000 £000
Current service cost (excluding employee contributions)*      167 188
Interest on obligation       544 497
Expected return on plan assets       (644) (586)
        67 99
Actual return on plan assets       (337) 470
* Excludes insurance premiums for Group life cover paid by the Company via the pension scheme.
The Group’s accounting policy is to recognise actuarial gains and losses via the statement of recognised income and expense 
in the period in which they occur.
Notes to the financial statements continued
Year ended 31 March 2008 33
ACM Shipping Group plc Annual Report and Accounts 2008
18. Pension commitments continued
Employee	benefit	obligations	continued
Changes in the present value of the defined benefit obligation are as follows:
        Year ended  Year ended 
        31 March 31 March 
        2008 2007 
        £000 £000
At 1 April 2007       9,966 9,616
Service cost       167 188
Member contributions       80 91
Interest cost       544 497
Actuarial gains       (1,304) (413)
Benefits paid       (13) (13)
At 31 March 2008       9,440 9,966
Changes in the fair value of plan assets are as follows:
        Year ended  Year ended 
        31 March 31 March 
        2008 2007 
        £000 £000
At 1 April 2007       8,444 7,643
Expected return       644 586
Actuarial losses       (981) (116)
Contributions       301 344
Benefits paid       (13) (13)
At 31 March 2008       8,395 8,444
The employer expects to contribute £225,000 to the scheme in the year to 31 March 2009.
The major categories of plan assets as a percentage of total plan assets are as follows
        Year ended  Year ended 
        31 March 31 March  
        2008 2007 
        £000 £000
UK equities       48% 69%
European excluding UK equities       5% 8%
Japanese equities       5% 7%
Pacific excluding Japanese equities       7% 6%
North American equities       5% 10%
Equity (other)       12% N/A
Property       2% N/A
Debt       5% N/A
Cash       5% —
Other       6% N/A
19. Share capital
Authorised share capital:
        2008 2007 
        £000 £000
30,000,000 (2007: 20,000,000) ordinary shares of 1 pence each      300 200 34
ACM Shipping Group plc Annual Report and Accounts 2008
Notes to the financial statements continued
Year ended 31 March 2008
19. Share capital continued
Allotted, called up and fully paid:
        Number £000
Ordinary shares of £1 each       15,000 15
Share exchange with ACM Shipping Limited       15,000,000 150
New shares issued at IPO       318,511 3
Shares in issue 31 March 2007       15,318,511 153
Shares issued as part of acquisition (note 27)       1,963,003 20
Shares in issue 31 March 2008       17,281,514 173
On 27 November 2006 the shareholders in ACM Shipping Limited entered into an agreement under which each ordinary share 
of £1 each in ACM Shipping Limited was acquired by ACM Shipping Group plc in consideration of 1,000 new ordinary shares 
of 1 pence each in ACM Shipping Group plc.
20. Share‑based payments
During the year, the Group made grants under two share option schemes that fall to be accounted for in accordance with IFRS 2.
The Enterprise Management Incentive (EMI) Scheme and Sharesave Scheme have been set up to provide executives and employees 
with options to purchase ordinary shares in the Company.
Under the EMI Scheme, 48,661 options over ordinary shares of 1 pence each in ACM Shipping Group plc were granted 
to a Director during the year. There are no performance conditions attaching to this grant which vests 50% after three years, 
25% after four years and 25% after five years subject only to the Director remaining with the Group. The exercise price of this 
award is 205.5 pence which was the share price at the time of the grant. The fair value of the award at grant date was determined 
using the Binomial option pricing model at 45.2 pence. The life of the award was assumed to be five and a half years based 
on a discussion of likely exercise dates with the Director granted the award.
Under the Sharesave Scheme, 60,000 options with a three year savings requirement and 157,500 options with a five‑year savings 
requirement were granted over ordinary shares of 1 pence each in ACM Shipping Group plc during the year. There are no performance 
conditions but employees granted options under the award are required to remain employed by the Group and to save agreed 
amounts from their salaries over a three year or five year term respectively. At the end of that term, the saved amount together 
with interest and a bonus can be used to exercise options in the Group in the following six months. The exercise price of the award 
is 160 pence and the share price at grant date was 199 pence. The fair value of the awards at grant date was determined using the 
Black‑Scholes option pricing model. The weighted average fair value of the awards at grant date was 51 pence. The assumed lives 
of the awards used in the option pricing model were three and a quarter and five and a quarter years respectively. 
Other assumptions used in the application of the option pricing models were: 
b Risk‑free interest rate in the range 4.1% – 5.7% for the different grants 
b Dividend yield  3%
b Volatility 20%
Expected volatility was estimated by reference to historical share price movements in both the Group and comparable quoted 
companies with a longer listing history than the Group.
There were no options under either scheme that were outstanding at the beginning of the year or that were exercised, 
forfeited or expired during the period. There were no options exercisable at the end of the year.
The total charge in the consolidated income statement for the year with regard to these awards is £9,000, (2007: £nil).
The Group also has a Long Term Investment Plan which was approved at the 2007 Annual General Meeting. To date no awards 
have been made under this plan. 35
ACM Shipping Group plc Annual Report and Accounts 2008
21. Dividends
        2008 2007 
        £000 £000
Declared and paid during the year:
Interim dividend in respect of six months ended 30 September 2006 
by ACM Shipping Limited at a rate of £33.33 per share      — 500
Final dividend for 2007: 2 pence per share        306 —
Interim dividend for 2008: 2 pence per share        346 —
        652 500
Proposed for approval at AGM (not recognised as liability at 31 March) 
Final dividend for 2008: 4 pence per share (2007: 2 pence per share)     691 306
22. Commitments under operating leases
At 31 March 2008 the Group had commitments for leasehold land and buildings under non‑cancellable operating leases as follows:
        2008 2007 
        £000 £000
Operating leases which expire:
Between one and five years       1,923 2,500
23. Contingencies
The Group has given a guarantee to its bankers in the normal course of business amounting to £249,000 (2007: £249,000) 
on which no liability is expected to arise.
There is a cross guarantee to bankers for an unlimited amount between the Company and its subsidiary company ACM Shipping 
Group Limited.
24.	 Notes	to	the	statement	of	cash	flows	
Analysis of changes in cash balances
       At  At 
       1 April Cash 31 March 
       2007 flows 2008 
       £000 £000 £000
Cash and cash equivalents      566 2,999 3,565
25. Financial instruments
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 does not engage in instruments of a speculative nature. An analysis of cash and cash 
equivalents is given in note 24. 
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$6.4 million (2007: nil) and to receive Sterling. These contracts all had a maturity date of less than one year and were contracted 
at rates ranging from $1.92 to $2.03 to £1.
At each balance sheet date, these contracts are restated to their fair value, based on currency contracts with similar maturity profiles. 
At 31 March 2008 the fair value of these contracts was £1,000 (2007: nil).
The rate on the balance sheet date was $1.99 to £1 (2007: $1.96).
The Group has no other assets or liabilities that fall to be classed as derivatives.
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. 
As at 31 March 2008 all amounts were held in Sterling except for bank accounts totalling US$2.4 million (2007: US$2.1 million). 
There is no difference between the book values and fair values of financial assets and liabilities.
There are no significant concentrations of credit risk within the Group. The maximum credit risk exposure relating to financial 
assets is represented by the carrying value of receivables as at the balance sheet date. 36
ACM Shipping Group plc Annual Report and Accounts 2008
Notes to the financial statements continued
Year ended 31 March 2008
26. Ultimate controlling party
No individual shareholder has ultimate control of the Company.
27. Business combinations
On 6 December 2007 the Group acquired 100% of Alchemy Trading Company Limited, which owned the remaining 70% interest 
in ACMSS that the Group did not already own, for a total consideration of £9.6 million.
The provisional fair value of the assets acquired was:
       Book  Fair value Fair 
       value adjustments value 
       £000 £000 £000
Plant, equipment and machinery      7 — 7
Intangible assets      — 1,958 1,958
Trade and other receivables      555 — 555
Cash      1,805 — 1,805
Trade and other payables      (1,608) (548) (2,156)
Net assets      759 1,410 2,169
Goodwill        7,408
         9,577
Provisional consideration:
Cash        2,681
Shares        3,749
Deferred cash consideration         3,017
Directly attributable costs        130
         9,577
In the year ACMSS contributed £588,000 to the net profit of the Group after amortisation of intangible assets. If the combination 
had taken place at the beginning of the year, the profit contributed to the Group would have been £1,191,000 and revenue contributed 
would have been £7,484,000.
Included in the £7,408,000 of goodwill recognised above are certain intangible assets that cannot be individually separated and 
reliably measured due to their nature. These items include an assembled workforce and the detailed knowledge and expertise 
of the specialist markets.
£1,958,000 of intangible assets were separated from goodwill as part of this business combination and relate to the forward order 
book and customer relationships. The fair values of these intangible assets were calculated by an independent valuer using the 
net present value of future cash flows.
The Company issued 1,963,003 shares and the fair value of these shares was determined by the closing price on 6 December 2007 
of £1.91. Of the deferred consideration, £2,935,000 has been paid since the year end and an estimated £82,000 is still outstanding. 37
ACM Shipping Group plc Annual Report and Accounts 2008
28. Adoption of IFRS
(a) Restatement of balance sheets
 At 31 March 2006  At 31 March 2007 
 (date of transition) 
 
(end of previous year)
    Under Effect of  Under Effect of  
    UK GAAP transition Under IFRS UK GAAP transition Under IFRS 
   Note £000 £000 £000 £000 £000 £000
Non‑current assets
Property, plant and equipment   524  524 445  445
Investments   a 420 573 993 1,320 661 1,981
Deferred tax asset  b — 592 592 — 457 457
    944  2,109 1,765  2,883
Current assets
Trade and other receivables  a,c 3,092 (578) 2,514 3,468 (661) 2,807
Cash and cash equivalents   1,326  1,326 566  566
    4,418  3,840 4,034  3,573
TOTAL ASSETS   5,362  5,949 5,799  6,256
Current liabilities
Trade and other payables   (4,098)  (4,098) (2,669)  (2,669)
Current tax payable   (355)  (355) (571)  (571)
    (4,453)  (4,453) (3,240)  (3,240)
Non‑current liabilities
Deferred tax liabilities   (40)  (40) (34)  (34)
Pension liability  b (1,381) (592) (1,973) (1,065) (457) (1,522)
    (1,421)  (2,013) (1,099)  (1,556)
TOTAL LIABILITIES   (5,874)  (6,466) (4,339)  (4,796)
NET ASSETS   (512)  (517) 1,460  1,460
Capital and reserves
Share capital   15  15 153  153
Merger reserve   —  — (135)  (135)
Retained earnings   (527)  (527) 1,442  1,442
Currency reserve  c — (5) (5) —  —
TOTAL EQUITY   (512)  (517) 1,460  1,460
Explanation of transitional adjustments
a.  The Group has investments in joint ventures which under UK GAAP were classified as joint arrangements not an entity. 
Balances owing were included within debtors. In accordance with IFRS the balance has been reclassified as an investment.
b.  The pension scheme deficit creates a deferred tax asset. This is included as a non‑current asset under IFRS whereas 
previously it was deducted from pension scheme liability.
c.  The Group takes out forward foreign exchange deals to hedge against fluctuations in exchange rates. The fair value of those 
deals is recognised in the balance sheet and where those contracts satisfy the requirements for hedge accounting any gains 
or losses are recognise through a currency reserve. 
d.  The currency reserve creates a deferred tax asset or liability which is included as a non‑current asset or non‑current liability 
as appropriate.  38
ACM Shipping Group plc Annual Report and Accounts 2008
Notes to the financial statements continued
Year ended 31 March 2008
28. Adoption of IFRS continued
(b)	 R estatement	of	consolidated	profit	and	loss	account
         Year to 
         31 March 
         2007 
        Note £000
Revenue:
Under UK GAAP        13,180
Effect of transition        e 322
Under IFRS        13,502
e  Foreign exchange gains and losses following the sale of revenue from US Dollars into Sterling are now treated within 
administrative expenses rather than within revenue. Administrative expenses have changed by a similar amount to revenue.
There is no change to the operating profit for the Group under IFRS.
(c) Company
There is no change to the balance sheet of the Company under IFRS.
29. Related party transactions
During the year the Group and Company entered into transactions in the ordinary course of business with related parties.
 Group  Company
      2008 2007 2008 2007 
      £000 £000 £000 £000
Amounts owed by joint ventures     525 854 — —
Amounts owed by associates     — 44 — —
Amounts owed by subsidiaries     — — 81 305
Amounts owed to subsidiaries     — — 1,767 —
30. Post balance sheet event – purchase of Harris & Dixon Shipbrokers
On 20 June 2008 the Group entered into an agreement to acquire the shipbroking business of Harris & Dixon Shipbrokers Limited 
(“Harris & Dixon”). The total consideration payable will be £2.5 million in cash, which was funded from the Group’s existing cash 
resources and a credit agreement with ACM’s bankers.
Long established, London based Harris & Dixon is an oil transportation broker specialising in small tankers. They are one of the leading 
shipbrokers in this field and provide both spot and time charter broking. Harris & Dixon’s clients include major and independent 
oil companies, oil traders, together with ship owners. For the year to 31 December 2007, on an unaudited basis, Harris & Dixon 
had revenue of £2.1 million and made a profit before interest of £0.8 million, before paying out staff and Director bonuses. 39
ACM Shipping Group plc Annual Report and Accounts 2008
Notice of Annual General Meeting
ACM Shipping Group plc (the “Company”)
NOTICE IS HEREBY GIVEN that the Annual General Meeting (“AGM”) of the Company will be held at the offices of Dechert LLP , 
160 Queen Victoria Street, London, EC4V 4QQ on 2 September 2008 at 11.30 am for the following purposes:
Ordinary business:
1.  To receive and adopt the Company’s annual accounts for the financial year ended 31 March 2008 together with the directors’ 
report and the directors’ remuneration report and the auditors’ report on those accounts and the auditable part of the 
remuneration report.
2. To approve the directors’ remuneration report for the financial year ended 31 March 2008.
3. To declare a final dividend for the financial year ended 31 March 2008 of 4 pence per share.
4. To re‑elect Peter Graham Sechiari as a Director of the Company.
5. To re‑elect John Lawrence Plumbe as a Director of the Company.
6.  To re‑appoint Tenon Audit Ltd as auditors to hold office from the conclusion of the meeting to the conclusion of the next 
meeting at which the accounts are laid before the Company and to authorise the Directors to fix their remuneration.
Special business:
As special business to consider and, if thought fit, to pass the following resolutions of which resolution 7 will be proposed 
as an ordinary resolution and resolutions 8,9 and 10 will be proposed as special resolutions:
7. THAT:
 7.1   the Directors be generally and unconditionally authorised pursuant to section 80 of the Companies Act 1985 (“the Act”) 
to allot any relevant securities (as defined in section 80(2) of the Act) of the Company up to a maximum aggregate 
nominal amount of £57,600 provided that:
 7.1.1  this authority shall expire at the conclusion of the next AGM of the Company after the passing of this resolution unless 
previously varied, revoked or renewed by the Company in general meeting; and
 7.1.2  the Company shall be entitled to make, prior to the expiry of such authority, any offer or agreement which would or 
might require relevant securities to be allotted after the expiry of such authority and the Directors may allot any relevant 
securities pursuant to such offer or agreement as if such authority had not expired; and
 7.1.3  all prior authorities to allot relevant securities be revoked but without prejudice to the allotment of any relevant 
securities already made or to be made pursuant to such authorities.
8. THAT, subject to the passing of resolution 7 above:
 8.1   the Directors be granted power pursuant to section 95 of the Act to allot equity securities (within the meaning 
of section 94 of the Act) wholly for cash pursuant to the authority conferred on them by resolution 7 above as 
if section 89(1) of the Act did not apply to any such allotment provided that this power shall be limited to:
 8.1.1  the allotment of equity securities, in connection with a rights issue, subject to such exclusions or other arrangements 
as the Directors may deem necessary or expedient to deal with fractional entitlements or legal or practical problems 
under the laws of, or the requirements of, any regulatory body or any stock exchange or otherwise in any territory; 
and for the purposes of this resolution “rights issue” means an offer of equity securities to holders of ordinary shares 
in proportion to their respective holdings (as nearly as may be) and holders of other securities to the extent expressly 
required or (if considered appropriate by the Directors) permitted by the rights attached thereto;
 8.1.2  the allotment of equity securities pursuant to the terms of the Company’s existing employees’ share or share option 
schemes or any other employees’ share scheme approved by the members of the Company in general meeting.
 8.1.3  the allotment (otherwise than pursuant to paragraphs 8.1.1 or 8.1.2 above) of equity securities up to an aggregate 
nominal value of £17,300;
     and shall expire at the conclusion of the next AGM of the Company unless previously varied, revoked or renewed by the 
Company in general meeting provided that the Company may, before such expiry, make any offer or agreement which would 
or might require equity securities to be allotted after such expiry and the Directors may allot equity securities pursuant to any 
such offer or agreement as if the power hereby conferred had not expired; and
 8.2   all prior powers granted under section 95 of the Act be revoked provided that such revocation shall not have 
retrospective effect. 40
ACM Shipping Group plc Annual Report and Accounts 2008
Notice of Annual General Meeting continued
ACM Shipping Group plc (the “Company”)
9. THAT:
 9.1   the Company is authorised, pursuant to section 166 of the Act, to make market purchases (as defined in section 163 of the 
Act) of any of its ordinary shares of 1 pence 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 1,728,000; 
 9.1.2 the minimum price (excluding expenses) which may be paid for each ordinary share is 1 pence.
 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.
 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.
10.  THAT, with immediate effect, the Articles of Association produced to the AGM and for the purpose of identification marked 
“A” and signed by the Chairman of the Meeting, be adopted in substitution for and to the exclusion of the existing Articles 
of Association of the Company.
BY ORDER OF THE BOARD
Ian Hartley
Company Secretary
R egistered	Office:
Kinnaird House
1 Pall Mall
London SW1Y 5AU
16 July 2008 41
ACM Shipping Group plc Annual Report and Accounts 2008
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.
3.  The return of a completed Proxy Form will not prevent a shareholder attending the AGM and voting in person if he/she wishes 
to do so.
4.  Only shareholders whose names appear on the register of members of the Company as at 48 hours before the time of the 
meeting shall be entitled to attend the AGM either in person or by proxy and the number of ordinary shares then registered 
in their respective names shall determine the number of votes such persons are entitled to cast on a poll at the AGM.
5.  The statement of the rights of shareholders in relation to the appointment of proxies in note 2 does not apply to Nominated 
Persons. The rights described in that note can only be exercised by shareholders of the Company.
6.  In order to facilitate voting by corporate representatives at the AGM, arrangements will be put in place at the AGM so that 
(i) if a corporate shareholder has appointed the Chairman of the meeting as its corporate representative to vote on a poll in 
accordance with the directions of all of the other corporate representatives for that shareholder at the meeting, then on a poll 
those corporate representatives will give voting directions to the Chairman and the Chairman will vote (or withhold a vote) as 
corporate representative in accordance with those directions; and (ii) if more than one corporate representative for the same 
corporate shareholder attends the meeting but the corporate shareholder has not appointed the Chairman of the meeting as 
its corporate representative, a designated corporate representative will be nominated, from those corporate representatives 
who attend, who will vote on a poll and the other corporate representatives will give voting directions to that designated 
corporate representative. Corporate shareholders are referred to the guidance issued by the Institute of Chartered Secretaries 
and Administrators on proxies and corporate representatives (www.icsa.org.uk) for further details of this procedure. 
The guidance includes a sample form of appointment letter if the Chairman is being appointed as described in (i) above. 
7.  In accordance with Regulation 41 of the Uncertificated Securities Regulations 2001, to be entitled to attend and vote at the 
meeting (and for the purposes of the determination by the Company of the number of votes they may cast), members must 
be entered on the Company’s register of members by 6.00pm on 31 August 2008, or if the meeting is adjourned, by not later 
than 48 hours before the time and date fixed for the adjourned meeting.
8.  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.
9.  From the date of this notice until the conclusion of the AGM a version of the Articles of Association showing the changes 
proposed by resolution 10 will be available for inspection at the registered office of the Company and at the venue of the 
AGM for 15 minutes prior to and during the meeting. 42
ACM Shipping Group plc Annual Report and Accounts 2008
Appendix 1
Explanatory notes
Annual General Meeting – Business at the Annual General Meeting
Shareholders will see from the Notice of Annual General Meeting 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 2008.
Resolution 2 – to approve the directors’ remuneration report for the financial year ended 31 March 2008.
Resolution 3 – to declare a final dividend for the financial year ended 31 March 2008 of 4 pence per share. Subject to approval, the final 
dividend will be payable on 9 October 2008 to shareholders on the register as at close of business on 12 September 2008.
Resolutions 4 and 5 – under the Company’s articles of association and in accordance with Group policy, one third of the Company’s 
Directors retire by rotation and, being eligible, Peter Graham Sechiari and John Lawrence Plumbe offers themselves for re‑election.
Resolution 6 – Auditors
This resolution if passed, will re‑appoint Tenon Audit Ltd as auditors of the Company.
As special business
The following items will be proposed as ordinary resolutions:
Resolution 7 – Authority to allot shares
This resolution, if passed, will authorise the directors of the Company generally and unconditionally to allot ordinary shares of the 
Company up to a maximum nominal value of £57,600 representing approximately one third of the current issued share capital of 
the Company. This authority will expire at the conclusion of the next Annual General Meeting of the Company unless previously 
varied, revoked or renewed by the Company in general meeting.
Resolution 8 – Disapplication of pre‑ emption rights
This resolution, if passed, will grant the Directors of the Company power to allot shares wholly for cash pursuant to the authority 
conferred on them by Resolution 7 otherwise than to the existing shareholders of the Company in proportion to their existing 
holdings of ordinary shares. The first part of the disapplication is limited to rights issues, open offers and similar pro‑rata issues. 
In relation to a rights issue, open offer or other pro rata issues the disapplication authority is unlimited and allows the Directors 
to offer shares to existing shareholders other than strictly in proportion to their holdings, where for example, overseas regulations 
make it difficult to offer shares pro rata to existing overseas shareholders or when dealing with fractions of shares. The second 
part of the disapplication is limited to issues of shares pursuant to the terms of the Company’s current share scheme and any 
other share schemes approved by the Company in general meeting. The final part of the resolution also enables your Board to 
allot shares for any purpose up to an aggregate nominal value of £17,300 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 1,728,000 of its shares, representing 
just under 10% of the Company’s issued share capital (excluding treasury shares) as at the date of this notice of AGM.
The resolution specifies the minimum and maximum prices which may be paid for any shares purchased under this authority. 
The authority will expire at the conclusion of the Company’s next AGM.
Whilst the Directors do not currently have any intention of exercising the authority granted by this resolution, the Directors intend 
to use 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. 43
ACM Shipping Group plc Annual Report and Accounts 2008
Resolution 10 – Changes required to be made to the Company’s articles of association
Resolution 10 is proposed in order to adopt new articles of association of the Company (the “New Articles”) to update the 
Company’s existing articles of association (the “Existing Articles”) to take account of changes in English company law brought 
about by the phased introduction of the Companies Act 2006 (“CA2006”). 
The principal changes introduced in the New Articles are set out below. Other changes, which are of a minor, technical or clarifying 
nature and some more minor changes which merely reflect changes made by the CA2006 have not been noted. A copy of the New 
Articles and a copy of the Existing Articles marked to show changes being proposed by this resolution are available for inspection 
as noted on page 41 of this document. Due to the phased introduction of CA2006 it is likely that further related changes to the New 
Articles will be proposed at a later AGM.
Form of resolution
The concept of extraordinary resolutions was not retained and public companies can no longer pass written resolutions 
under CA2006. These provisions will not be included in the New Articles.
Variation of class rights
CA2006 has altered the position regarding proceedings and specific quorum requirements for a meeting convened to vary class 
rights, which will be provided for in the New Articles.
Convening general and Annual General Meetings
The New Articles will contain amended provisions dealing with the convening of general meetings and the length of notice 
required to convene general meetings. A general meeting to consider a special resolution can now be convened on 14 days’ 
notice (previously 21 days’ notice was required) and the Chairman of a general meeting no longer has a casting vote.
Votes of members
The New Articles will entitle proxies to vote on a show of hands and on a poll, and provide for amended time limits for the 
appointment or termination of a proxy. CA2006 permits multiple proxies and multiple corporate representatives to be appointed, 
subject to certain conditions, which will be reflected in the New Articles.
Conflicts	of	interest
The duty that a Director must avoid a situation where he has, or can have, a direct or indirect interest that conflicts, or possibly 
may conflict with the Company’s interests is now codified by CA2006 and will take effect on 1 October 2008. From that date, 
directors of public companies may authorise conflicts and potential conflicts, where appropriate and where permitted by the 
articles. The New Articles will give the Directors authority to approve Directors’ conflicts of interest to avoid a breach of duty 
in addition to allowing conflicts of interest to be dealt with in a similar way to the current position. Directors deciding whether 
to authorise a conflict or potential conflict must have no interest in the matter being considered, and must act in a way they 
consider, in good faith, to be most likely to promote the Company’s success. The New Articles will contain provisions to protect 
a Director being in breach of duty if a conflict of interest or potential conflict of interest arises, although this only applies where 
the position of potential conflict has previously been authorised by the Directors. 
Notice of board meetings
Use of modern communications means there may be no obstacles to giving notice to a director abroad. CA2006 provides that 
a director is treated as having waived his entitlement to notice, unless he supplies the Company with the information necessary 
to ensure he receives notice of a meeting before it takes place.
Distribution of assets otherwise than in cash
The New Articles do not contain provisions dealing with the distribution of assets in kind in the event of liquidation of the 
Company. The previous position is provided for in the Insolvency Act 1986.
Provision for employees on cessation of business
The New Articles will provide that where there is a cessation or transfer to any person of the whole or part of the undertaking 
of the Company, the Directors may in a general meeting provide for a person employed or formerly employed by the company.  44
ACM Shipping Group plc Annual Report and Accounts 2008
Appendix 1 continued
Explanatory notes
Electronic and web communications
The New Articles will provide that the Company may communicate with members by means of website communication. 
Recipient members must be asked individually to agree that the Company may send documents or information to them by means 
of a website. The Company will notify the member (either in writing, or by other permitted means) when a relevant document or 
information is placed on the website. Members can always request a hard copy version.
Directors’ indemnities and loans to fund expenditure
CA2006 widened the scope of powers of a Company to indemnify Directors and to fund expenditure incurred in connection with 
certain actions against Directors, and will be provided in the New Articles. 
Dispute resolution
The New Articles provide that the primary procedure for dispute resolution for the Company is arbitration in accordance with 
the Rules of Arbitration of the International Chamber of Commerce. Where arbitration provisions cannot be used for a particular 
dispute or in cases where a member is bringing a derivative claim under the provisions of the Companies Act 2006, the New 
Articles provide that the courts of England and Wales have exclusive jurisdiction, and the governing law is English. ACM is one of the world’s top independent tanker brokers, providing 
a single point of contact for oil and refined product transportation.
The comprehensive portfolio includes spot/period chartering, derivatives 
brokerage, finance, sale and purchase, new buildings and demolition.
Group trading offices
London
ACM Shipping Limited
Kinnaird House 
1 Pall Mall 
London SW1Y 5AU 
United Kingdom
Telephone: +44 (0)20 7930 7555 
Fax: +44 (0)20 7930 0115 
Telex: 296406/295672 
Website: www.acmshipping.co.uk 
Email: brokers@acmshipping.co.uk
ACM Shipping Services Limited
Telephone: +44 (0)20 7484 6340 
Fax: +44 (0)20 7930 0043 
Telex: 296406/295672 
Email: sandp@acmshippingservices.co.uk
Singapore
ACM Shipping Asia Pte Limited
16 Collyer Quay 
31‑00 Hitachi Tower 
Singapore 049318
Telephone: +65 6236 0822 
Fax: +65 6324 4335 
Email: brokers@acmshipping.com.sg
India
ACM Shipping India Limited
C/112, 11th Floor 
Mittal Tower ‘C’ Wing 
210 Nariman Point 
Mumbai 400 021 
India
Telephone:  +91 22 4094 9300 
Fax : +91 22 4094 9301 
Email: sjuneja@acmshipping.co.uk
GFI Joint Venture
Telephone:
London:  +44 (0)20 7422 1180 
Singapore: +65 6820 2980 
New York: +1 212 968 2050 
Fax:  +44 (0)20 7930 0115 
Telex:  296406/295672 
Email: futures@acmshipping.co.uk
Financial calendar
2008
Annual General Meeting 2 September 2008 
Ex‑dividend date 10 September 2008 
Record date 12 September 2008 
Dividend payment date 9 October 2008 
Interim results December 2008*
2009
Interim dividend date February 2009* 
Year end 31 March 2009 
Preliminary results June 2009*
* Provisional ACM Shipping Group plc 
Kinnaird House 
1 Pall Mall 
London SW1Y 5AU 
United Kingdom  
Tel: +44 (0)20 7930 7555 
www.acmshippinggroup.com
ACM Shipping Group plc
Annual Report and Accounts 2008
ACM Shipping Group plc  Annual Report and Accounts 2008