13 June 2016
BRAEMAR SHIPPING SERVICES PLC
("Braemar", the "Company" or the "Group")
Exit from Joint Venture
Braemar Shipping Services plc (LSE: BMS), a leading international provider of broking, consultancy, technical and other services to the shipping, marine, energy, offshore and insurance industries, today announces that it has terminated its involvement in the venture ACM ICON Shipping DMCC.
Braemar has determined that this is no longer part of Braemar's overall group strategy and should therefore be exited. Braemar's 50% share will be acquired by the joint venture partner, Icon Chartering Ltd.
Braemar Shipping Services PLC ('Braemar') merged with ACM Shipping Group ('ACM') in July 2014.
Prior to that ACM had a joint venture operating from Dubai called ACM ICON Shipping DMCC ('ICON Shipping') which until now was 50% owned by ACM Shipbroking (formerly ACM Shipping Group) and 50% owned by Icon Chartering.
The joint venture vehicles will be renamed Icon Chartering Limited (BVI) and Icon Chartering (DMCC) with effect from 13 June 2016 and will continue to trade under the management and leadership of Rohan Shetty.
For further information, contact:
Braemar Shipping Services |
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James Kidwell, Chief Executive |
Tel +44 (0) 20 3142 4100 |
Louise Evans, Finance Director |
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Stockdale Securities |
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Robert Finlay / Antonio Bossi / Richard Johnson / Henry Willcocks |
Tel +44 (0) 20 7601 6100 |
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Buchanan |
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Charles Ryland Stephanie Watson |
Tel +44 (0) 20 7466 5000 |
