Braemar Shipping Services has terminated its involvement in the venture ACM ICON Shipping DMCC.
Braemar has determined that this is no longer part of Braemar’s overall group strategy. Braemar’s 50% share will be acquired by its joint venture partner, Icon Chartering.
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 and 50% owned by Icon Chartering.
The joint venture vehicles will be renamed Icon Chartering Limited (BVI) and Icon Chartering (DMCC) with effect from 13 June 2016 and will continue to trade under the management and leadership of Rohan Shetty.