Maersk Tankers has entered an equity agreement with CargoMetrics Technologies LLC (CargoMetrics), providing Maersk Tankers access and exclusive rights to CargoMetrics’ analytical models, algorithms and capabilities.
CargoMetrics is a Boston-based hedge fund specialising in quantitative trading models derived from shipping data. It links satellite signals, historical shipping data and proprietary analytics for trading purposes in its systematic investment platform.
“In the partnership, we will accelerate our use of digital solutions to enable our business strategy, which will deliver value to our customers and partners while we generate income and develop our position as the digital frontrunner in the product tanker industry,” stated Soren C. Meyer, Chief Strategy and Transformation Officer, Maersk Tankers.
The agreement is cementing Maersk Tankers’ commitment to integrating digital solutions into the product tanker industry, by developing in-house digital knowhow and capabilities.
“This is the quintessential partnership where we can drive returns in both of our businesses by collaborating with one of the leading players in shipping while applying our patented technology to their physical tanker operations”, says Scott Borgerson, Chief Executive Officer and Founder of CargoMetrics.
The agreement took effect on 21 July, and Maersk Tankers and CargoMetrics are now entering an analysis phase to further identify where best to apply the digital know-how and capabilities of both companies.
