The UK-based Braemar Shipping Services has terminated its involvement in the joint venture ACM ICON Shipping DMCC as it is “no longer part of the group’s overall strategy”.
Braemar’s 50 percent share will be acquired by the joint venture partner, Icon Chartering, the company said.
The group merged with ACM Shipping Group (ACM) in July 2014, having formed Braemar ACM Shipbroking.
Prior to that, ACM had a joint venture operating from Dubai called ACM ICON Shipping DMCC (ICON Shipping) which until now was 50 percent owned by ACM Shipbroking and 50 percent owned by Icon Chartering, according to Braemar.
The joint venture vehicles will be renamed Icon Chartering Limited (BVI) and Icon Chartering (DMCC) with effect from June 13. They will continue to trade under the management and leadership of Rohan Shetty.
In May this year, Braemar Shipping Services said it had secured new financing arrangements of up to GBP 30 million (USD 43.5 million) with British bank company HSBC for future merger and acquisition activities.