Signal Ocean, whose artificial-intelligence data module provides “actionable insight” into tanker freight markets is extending its services to dry bulk markets.
The technology firm’s new dry bulk module operates on the same logic as its established tanker data platform, which was launched three years ago and is widely used by brokers, owners, traders and energy majors.
Using patented algorithms and artificial intelligence, the platform aims to provide a practical, deeper understanding of markets by continually extracting and combining information from emails and public data, such as ship tracking, tonnage lists, cargo lists, vessel positions and port costs.
Users can then match vessels to cargoes, run profitability comparisons, make carbon emission estimates and forecast vessel movements and availability.
Making the same model work in dry bulk markets, however, took some extra work.
“Adapting our tanker technology to dry bulk was not straightforward,” Signal Group chief executive officer Ioannis Martinos said.
The company’s engineers and software developers had to adjust their software to read and evaluate information in dry bulk markets, which tend to be far more cargo-centric and fragmented then the those for tankers.
The main challenge involved was to capture the sheer versatility and size of the market, which includes a multitude of cargoes that are often documented in correspondence in a confusing or sometimes chaotic way.
Programmers also had to adapt to the fact that business flows in different direction in the two markets. In tankers, it is usually charterers who pick a broker to get a deal done whereas in bulkers cargo information often first trickles down from owners.
It took Signal nearly two years to develop its dry bulk module, in close cooperation with shipbroking partners Simpson Spence Young (SSY) and after testing with more than 30 owners and charterers.
Data-driven insights
“Data-driven insights are critical to our success and help us support our clients more effectively than ever before," said SSY’s global head of dry cargo Stanko Jekov. “Signal’s technology gives our brokers an instant and unique view of the market and has greatly enhanced our competitiveness.”
Major charterers and owners, such as US-listed Star Bulk Carriers and Seanergy Maritime Holdings, are early adopters of the dry bulk module.
In addition to its Athens headquarters, Signal Ocean has offices in London, Houston and Singapore. Despite the coronavirus crisis, the company has recently hired dozens of new staff to expand.
