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Contract Wins and Joint Ventures

Braemar exits JV

13 June 2016 14:54

Braemar Shipping Services has terminated its involvement in the venture ACM ICON Shipping DMCC. Braemar has decided that this is no longer part of its overall group strategy.

Braemar's 50% share will be acquired by the joint venture partner, Icon Chartering Ltd. Braemar Shipping Services merged with ACM Shipping Group in July 2014. Prior to that ACM had a joint venture operating from Dubai called ACM ICON Shipping DMCC 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 today and will continue to trade under the management and leadership of Rohan Shetty. At 2:54pm: (LON:BMS) Braemar Shipping Services PLC share price was -1.62p at 444.63p

Story provided by StockMarketWire.com

Related Company: BMS

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