In order to improve their digital capabilities and further improve efficiency, Maersk Tankers entered into an equity agreement with Boston-based hedge fund, CargoMetrics Technologies LLC (CargoMetrics). The latter specialises in quantitative trading models derived from shipping data.
Soren C. Meyer, Chief Strategy and Transformation Officer, Maersk Tankers, says, “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. CargoMetrics is the right partner to support us in this as they have the analytical models, algorithms and capabilities that we need in Maersk Tankers. This will also help us to further develop our in-house digital know- how and capabilities.”
Through this agreement, Maersk Tankers will enter into a strategic partnership with CargoMetrics, earning access and exclusive rights to CargoMetrics’ analytical models, algorithms and capabilities. CargoMetrics links satellite signals, historical shipping data and proprietary analytics for trading purposes in its systematic investment platform.
Scott Borgerson, Chief Executive Officer and Founder of CargoMetrics, stated, “Data about the ninety-percent of global trade that moves by sea is a powerful trading edge.” He further added, “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. We are excited to team up with Maersk Tankers to further increase the use of big data in the product tanker industry.”
The agreement went into play on the 21st of July and at present, Maersk Tankers and CargoMetrics are at an analysis phase to further identify where best to apply the digital know-how and capabilities of both companies.
The move is reinforcing Maersk Tankers’ commitment to integrate digital solutions into the product tanker industry.