Maersk Tankers Invests in Tech Hedge Fund CargoMetrics

Maersk Tankers
Photo: Maersk Tankers

ReutersCOPENHAGEN, Aug 23 (Reuters) – Maersk Tankers said on Wednesday it has entered into an equity agreement with U.S. hedge fund CargoMetrics, giving it access to analytical models and algorithms to better manage its tanker operations.

Maersk Tankers, a unit of shipping group A.P. Moller-Maersk , has invested a “significant” but undisclosed amount in the Boston-based hedge fund, which will give the firm exclusive right to its analytical models, algorithms and capabilities.

CargoMetrics links satellite signals, historical shipping data and proprietary analytics for trading purposes in its systematic investment platform.

“Data about the ninety-percent of global trade that moves by sea is a powerful trading edge,” said Scott Borgerson, Chief Executive of CargoMetrics in a statement.

The investment is in line with the more than 100-year old conglomerate A.P. Moller-Maersk’s push into new technologies as global trade becomes increasingly more digital.

“In the partnership, we will accelerate our use of digital solutions to enable our business strategy,” said Maersk Tankers Chief Strategy and Transformation Officer Soren Meyer. (Reporting by Jacob Gronholt-Pedersen and Stine Jacobsen)

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