Fednav Limited has announced that it has entered into a Development Services Agreement with CargoMetrics Technologies LLC, a maritime innovation company.
Under this agreement, the two companies will work in collaboration to build systems and tools to optimise Fednav's dry bulk fleet. Drawn from the CargoMetrics performance framework, data and signals used to inform chartering decisions will be generated, thereby providing a desired distribution of the Fednav fleet across sea routes.
Paul Pathy, President and CEO of Fednav Limited, remarked: "We are very excited to be partnering with CargoMetrics, who will be a major accelerator of our digital transformation and key contributor to our future success through data analytics and platform optimisation."
Celebrating its 75th anniversary this year, Fednav Limited is privately owned and Canada's largest international bulk shipping company. Its fleet is comprised of more than 100 bulk carriers trading worldwide, 63 of these are owned. From offices on four continents, the company operates the largest fleet of Great Lakes-suitable ocean-going vessels, the largest fleet in the world of ice-class bulk carriers, and three ice-breaking cargo ships that service the Arctic 12 months a year. Additionally, the company operates 11 maritime terminals in North America.
CargoMetrics Technologies LLC delivers transformative quantitative investing and maritime shipping solutions, anchored in its proprietary platform that tracks all seaborne cargoes and vessels. Its evidence-based, systematic, and uncertainty-aware approach fuses satellite, port, ship and other data to produce both micro and macro views of global supply and demand. The Company's team of scientists, engineers, and maritime specialists is based in Boston (USA).