Maersk Tankers enters strategic partnership with hedge fund CargoMetrics
Press release
The agreement establishes a strategic partnership between Maersk Tankers and CargoMetrics, providing Maersk Tankers 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.
"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," says Soren C. Meyer, Chief Strategy and Transformation Officer.
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,” says 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.
"Data about the ninety-percent of global trade that moves by sea is a powerful trading edge," says Scott Borgerson, CEO and Founder of CargoMetrics.
“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 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.
About CargoMetrics
CargoMetrics is a technology-driven investment company. Its edge comes from a patented analytical platform that incorporates advances in big data, satellite sensors and scalable computing technologies to effectively monitor real-time global seaborne activity. CargoMetrics applies this unique data edge to trading applications that identify connections between fundamental information and market prices using a rigorous scientific research methodology and robust risk management techniques.
For more information on CargoMetrics, please visit www.cargometrics.com
About Maersk Tankers
Maersk Tankers is a service company that provides commercial management solutions for shipowners in the tanker industry, operating one of the largest tanker fleets in the world. Our purpose is to pioneer shipping solutions for our partners and the planet. Founded in 1928, we have a century of expertise in management of tankers, which we use to develop and deploy solutions that help shipowners boost the economic and environmental performance of their vessels. Maersk Tankers employs approximately 300 employees in Denmark, Singapore, India and the U.S. and is headquartered in Copenhagen, Denmark.