ACM Shipping Group plc

(''ACM'' or the ''Group'')

Acquisition and expansion into Dry Cargo

ACM Shipping Group plc (AIM:ACMG), a leading international shipbroker, today announces that it has entered into an agreement to acquire the business of Endeavour Shipbrokers Pty Limited ("Endeavour" or the "Company"), a dry cargo shipbroker based in Melbourne and Sydney, Australia.  This acquisition takes the Group into the dry cargo market and is an important expansion strategically as it enhances ACM's offering and diversifies the Group's earnings.  This is in line with ACM's stated strategy to become an integrated global shipbroking services provider. 

The acquisition will be for a total consideration of AU$10 million (£5.8 million). The consideration comprises AU$4 million (£2.3 million) in cash and the issue of 1,815,000 new ordinary shares in ACM ("Consideration Shares"). Application will be made for the Consideration Shares to be admitted to trading on AIM. These new ordinary shares will rank pari passu with the existing ordinary shares of the Group. All Consideration Shares will be the subject of a lock-in and orderly market arrangement.

The acquisition is conditional only on the admission of the Consideration Shares to trading on AIM, which is expected to occur on 30 June 2010.  The cash element of the consideration will be funded from the existing cash resources of the Group.

Endeavour concentrates on the growing Asia Pacific dry bulk market and has a wide range of global clients including major world recognised blue chip mining, industrial and agricultural companies, as well as ship owners and operators.  For the eight months to 28 February 2010, on an unaudited basis, Endeavour achieved revenue of AU$4.0 million. The unaudited accounts of Endeavour for the year to 30 June 2009 showed revenue of AU$5.4 million and a profit before taxation of AU$3.1 million before allowing for director bonuses.

Terry Karadanais, CEO of Endeavour, commented:  "ACM's strength as a global shipbroking business is an excellent platform for the Endeavour team to continue its growth.  Our expertise in the dry cargo market is an ideal fit for the Group, and we look forward to working with our new colleagues in driving the business forward." 

Commenting on the acquisition of Endeavour, Johnny Plumbe, Chief Executive of ACM said:  "This acquisition is a strategically important step for ACM as it diversifies our earnings while using the Group's already established and significant expertise in shipbroking.  Endeavour is highly complementary with our recently started venture for dry cargo in the UK.  These dovetail and will allow us to start to serve the dry cargo market worldwide. 

"Endeavour has an experienced broking team and the combined customer bases will provide further synergistic trading opportunities for the Group. In addition, we anticipate the acquisition will be earnings enhancing in the first year within the Group. This is a major step forward in achieving our strategy of building a complete shipbroking business utilising our considerable client base and infrastructure and giving a first class service to the industry."

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Notes to Editors

ACM is one of the world's principal shipbrokers and has established itself as a market leader in oil transportation.  The Group's key activities are spot brokerage freight, time charter, project brokerage, sales and purchase, derivatives brokerage, research and consulting.

Established in London in 1982, the Group has since expanded its international operations with offices based in London, Singapore, India and China.  ACM employs over 100 brokers and support staff who provide clients with global experience and intimate local knowledge of the world's shipping centres.  The Group has a strong network of clients which include major oil producers, independent oil traders, ship-owners and operators.  The business has been profitable every year since it was founded.

ACM was admitted to AIM on 6 December 2006.  For more information on the Group please visit www.acmshippinggroup.com 

About Endeavour

Endeavour was founded in 2004 and has offices in Melbourne and Sydney. They have a team of 12 Dry cargo brokers and support staff.  The business concentrates on handy up to supramax size and is a specialist dry cargo shipbroker which has successfully positioned itself as a leading Asia Pacific dry cargo broker. The key activities of the business are spot voyage charters, time charters and period charters with the majority of the business being concluded with large multinational industrial companies.