Update on Irrevocable Undertakings

27 June 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

UPDATE ON IRREVOCABLE UNDERTAKINGS

Following discussions with the Panel on Takeover and Mergers, Braemar announces that the irrevocable undertaking given by the directors of ACM in favour of Braemar to vote in favour of the Scheme at the ACM Court Meeting and to vote in favour of the ACM Special Resolution to be proposed at the ACM General Meeting contained, in paragraph 2.2, language that should not have been included. Accordingly, the directors of ACM have agreed to enter into new irrevocable undertakings in favour of Braemar on substantially the same terms as the previous undertakings but with the exclusion of that language. The new irrevocable undertakings will be available to view on the ACM and Braemar websites at www.braemarplc.com and www.acmshippinggroup.com in due course.

Capitalised terms used in this announcement are, unless otherwise defined, as set out in the combined class 1 circular and prospectus posted by Braemar to its shareholders and to ACM's shareholders on 12 June 2014.