James Kidwell News

Braemar to Buy Shipbroker peer ACM; M&A Activity Heats Up

Braemar Shipping Services will buy fellow British shipbroker ACM Shipping Group in the latest industry shake-up as players look to grow after years of freight market turmoil. In the biggest deal to date, Braemar, whose businesses include ship broking, said on Tuesday it had agreed to acquire the entire share capital of ACM. "What this transaction is about is growing our shipbroking presence collectively," said Braemar chief executive James Kidwell. Ship owners ordered large numbers of vessels between 2007 and 2009 just as the global economy sank into crisis, plunging the sector into one of its worst ever downturns.