Further Irrevocable Undertakings Received

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

21 May 2014

FOR IMMEDIATE RELEASE

RECOMMENDED MERGER OF

BRAEMAR SHIPPING SERVICES PLC ("BRAEMAR")

and

ACM SHIPPING GROUP PLC ("ACM")

to be effected by means of a Scheme of Arrangementunder Part 26 of the Companies Act 2006

FURTHER IRREVOCABLE UNDERTAKINGS RECEIVED

Further to the announcement regarding the recommended merger made by Braemar and ACM on 20 May 2014 (the "Announcement"), further irrevocable undertakings to vote in favour of the Scheme at the ACM Court meeting and to vote in favour of the Special Resolution to be proposed at the ACM General Meeting have been received by Braemar in relation to the Merger in respect of a total of 1,078,434 ACM Ordinary Shares representing a further 5.5 per cent. of the current issued share capital of ACM.

Accordingly, irrevocable undertakings to vote in favour of the Scheme at the ACMCourt Meeting and to vote in favour of the Special Resolution to be proposed at the ACM General Meeting have now been received by Braemar in respect of 8,200,563 ACM Ordinary Shares in aggregate, representing 42.1 per cent. of the current issued share capital of ACM.

A full schedule of irrevocable undertakings received, correct as at the time of this announcement, is attached as an appendix.

The holders, controllers or beneficial owners of ACM Ordinary Shares who have given these further irrevocable undertakings have further agreed not to dispose of their shareholding in the Enlarged Company (as at completion of the Merger) without the prior consent of Braemar, other than in certain agreed circumstances, for a period of one year from the Effective Date*.

Capitalised terms in this announcement are, unless otherwise defined, as set out in the Announcement.

*other than Andrew Wakely

Enquiries:

ACM Shipping Group Plc +44 (0)20 7484 6311

Johnny Plumbe - Executive Chairman

Ian Hartley - Finance Director

Braemar Shipping Services Plc  +44 (0)20 7535 2650

James Kidwell - Chief Executive

Martin Beer - Group Finance Director

Espírito Santo Investment Bank +44 (0)20 7456 9191

(financial adviser, nominated adviser and

corporate broker to ACM)

John Llewellyn-Lloyd

Sunil Sanikop

Abchurch Communications +44 (0)20 7398 7702

(PR adviser to ACM)

Henry Harrison-Topham

Joanne Shears

Appendix

IRREVOCABLE UNDERTAKINGS

Updated as at 21 May 2014

1. ACM Directors

The following ACM Directors have given irrevocable undertakings in respect of their entire beneficial holdings of ACM Ordinary Shares to vote in favour of the Scheme at the ACM Court Meeting and to vote in favour of the Special Resolution to be proposed at the ACMGeneral Meeting:

2. ACM employees

The following ACM employees have given irrevocable undertakings in respect of their entire beneficial holdings of ACM Ordinary Shares to vote in favour of the Scheme at the ACM Court Meeting and vote in favour of the Special Resolution to be proposed at the ACM General Meeting:

The ACM Directors and ACM employees set out in this appendix have irrevocably undertaken to elect to take no more than 20 per cent. of their consideration under the Merger in the form of cash under the Mix and Match Facility.

3. Other ACM shareholders

The following other ACM shareholders have given irrevocable undertakings in respect of their entire beneficial holdings of ACM Ordinary Shares to vote in favour of the Scheme at the ACM Court Meeting and vote in favour of the Special Resolution to be proposed at the ACM General Meeting:

4. Lapse

Each of the irrevocable commitments described above will cease to be binding on the earlier of the following occurrences:

· the offer, on substantially the terms and conditions set out herein, is not made by the publication of the Scheme Document (or offer document in the case of a Takeover Offer) by the date which is 28 days from the date of this announcement (or such later date as the Panel may agree); or

· the offer does not become effective, lapses, is withdrawn or otherwise becomes incapable of ever becoming effective, as the case may be, and no new revised or replacement offer has then been announced in accordance with Rule 2.7 of the Code; or

· any competing offer is made which becomes or is declared wholly unconditional or otherwise becomes effective.

5. Availability on website

In accordance with Rule 26.1 of the Takeover Code, the irrevocable undertakings referred to in this Appendix are governed by English law and copies will be available, no later than 12 noon on 22 May 2014 (being the business day following the date of this announcement) on the following website: www.acmshippinggroup.com until the Merger becoming Effective.