AUGUST 23, 2017 — In another example of shipping companies looking for new ways to leverage big data, Maersk Tankers reports that it has entered an equity agreement with a Boston, MA, based hedge fund that specializes in quantitative trading models derived from shipping data.
The hedge fund, CargoMetrics Technologies LLC, links satellite signals, historical shipping data and proprietary analytics for trading purposes in its systematic investment platform.
The agreement gives Maersk Tankers access and exclusive rights to CargoMetrics’ analytical models, algorithms and capabilities.
“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, Maersk Tankers. “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,
“Data about the ninety-percent of global trade that moves by sea is a powerful trading edge” says Scott Borgerson, Chief Executive Officer 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 July 21, 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.
Maersk Tankers is part of the Energy division of A.P. Moller – Maersk, headquartered in Copenhagen, Denmark.
CargoMetrics describes itself as a technology-driven investment company and says 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. It applies this data edge to trading applications that identify connections between fundamental information and market prices.