SSY, Signal Ocean Team Up on Tech Solutions for Dry Bulk Sector
- Business & Finance
Shipbroker Simpson Spence Young and technology startup Signal Ocean have entered into a strategic partnership as investors to work together in order to bring technology solutions to the commercial ship management of dry bulk carriers.
As informed, the duo plans to develop new solutions and services to dry bulk chartering professionals which have to constantly collect, piece together and interpret thousands of snippets of information every day.
“We are very excited about this new partnership, that enables us to focus on an area of shipping analytics that is fast becoming the differentiator for businesses. As part of our technology strategy, we recognise there is a growing need for cutting edge, data-driven technology in the shipbroking world,” Mark Richardson, Chairman of SSY, commented.
“Our ambition is to cover all dry vessel sizes, giving our users superior minute by minute situational awareness of dry market activity,” Ioannis Martinos, CEO at Signal, said.
Work is scheduled to begin immediately, while the first phase will focus on deploying, testing and fine-tuning the technology internally at SSY before engaging other interested parties.
Established in 1880, Simpson Spence Young covers markets such as dry cargo chartering, tanker chartering, LNG chartering and projects, ship sale and purchase, chemical chartering, consultancy and research, futures and towage.
Back in 2018, Signal Ocean launched The Signal Ocean Platform, offering decision-support solutions to chartering professionals in the larger crude-oil tanker segments. The new collaboration would enable the tech startup to expand solutions to the dry bulk segment.