Maersk, CargoMetrics on Big Data
Maersk Tankers, part of the energy division of Danish A.P. Moller – Maersk, has entered an equity agreement with CargoMetrics Technologies LLC (CargoMetrics), a Boston-based hedge fund specialising in quantitative trading models derived from shipping data.
In line with the terms of the deal, Maersk Tankers will be provided with access and exclusive rights to CargoMetrics’ analytical models, algorithms and capabilities, the tanker owner said.
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, Maersk Tankers.
“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 on 21 July, and Maersk Tankers and CargoMetrics are said to be entering now an analysis phase to further identify where best to apply the digital know-how and capabilities of both companies.
Maersk Tankers owns and operates one of the largest product tanker fleets in the industry, featuring around 80 ships with an average age of 7 years.
The tanker business is yet to separated from Maersk group together with three other energy companies from the conglomerate amid focus switch to transport and logistics sector, as decided last year.
Maersk has already sold its oil business, Maersk Oil, to Total S.A for USD 7.45 billion in a combined share and debt transaction.
“Maersk Oil is the first of the four energy companies of A.P. Moller – Maersk for which a future structural solution has now been identified. The solutions for Maersk Drilling, Maersk Supply Service, and Maersk Tankers remain to be defined before the end of 2018,” the company said announcing the deal earlier this week.
#Maersk #APMoller #tankers #MaerskTankers #CargoMetrics #ScottBorgerson #shippingdata #SorenCMeyer #business #Danish