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Braemar says merger with ACM to 'change the face of shipbroking'

Braemar Shipping Services ceo James Kidwell believes its planned merger with ACM Shipping Group will “change the face of shipbroking”.

Marcus Hand, Editor

May 20, 2014

2 Min Read
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Braemar and ACM announced the planned merger on Tuesday morning via a scheme of arrangement under which ACM shareholders will receive two new ordinary shares and GBP2.50 ($4.20) for every five ACM shares. Following the merger Braemar shareholders will hold 72% of the merged company and ACM 28%.

“We are really excited about this move and for shipbroking and ACM. It’s going to be an absolutely momentous move, actually we are going to change the face of shipbroking,” James Kidwell ceo of Braemar told Seatrade Global.

The merged shipbroking business will have roughly 420 brokers worldwide and be branded as Braemar ACM.

Explaining what they believed the benefits of the merger would be Kidwell said: “When you look at the strengths of Braemar and the strengths of ACM and you put them together what they will be achieving is desks that have good age profiles from top to bottom. It will enable us to plan our succession for the next decade. It will also enable us to improve our market coverage across the majority of the sectors we operate in and that will be very good for our clients.”

Resulting from the merger the company will have what he described as large offices in London, Singapore, Melbourne and China as well as offices US, Dubai and India, which Kidwell said was “a very strong network in any shipbroking terms”.

Scale across and wide range of sectors and geographies is a key point in the merger. Johnny Plumbe ceo of ACM explained: “We then have this diversification all the way through from tankers to dry cargo to the gas side and offshore, which we believe is what you need today and also the scale you need today in the broking world, that is important.

“One is either a very small, boutique broker concentrating on very small areas or you have to be global and have a certain scale to service the market properly.”

Kidwell also sees prospects arising for cross desk broking which is seen as a revenue driver in the future.

The merger requires the approval of both companies shareholders, as well as court approval for the scheme of arrangement, and is expected to be completed by the end of July. Shortly after the merger is completed Braemar ACM will be moving to new premises in Central London. It will also be combining its offices in Singapore and Melbourne, and looking to something similar in China.

 

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About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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