Dive Brief:
- Maersk Tankers has undertaken an equity agreement with U.S. technology hedge fund CargoMetrics, Reuters reported Wednesday. As a result, Maersk will be sharing its analytical models and algorithms with the Boston-based company, to create efficiencies within its tanker operations.
- Linking satellite signals, proprietary analytics, and historical shipping data for trading purposes, CargoMetrics utilizes the information within its investment platform method.
- Maersk invested an undisclosed amount in the hedge fund. The move is in keeping with the line's determination to incorporate new technologies into its operations.
Dive Insight:
In light of the recent cyberattack, it's no surprise that Maersk is investing in new tech to streamline its supply chain. After all, when Nyetya struck Maersk in July, it took weeks for the shipping line to restore operations to normal as it struggled to reinstate its IT systems.
After reporting a projected $1 billion profit for fiscal year 2017 and a $300 million loss on account of the cyberattack, Maersk seems confident enough to immediately invest in a technology hedge fund that will update its systems, implying it's fairly optimistic about the state of operations going forward.
But it also implies that Maersk isn't willing to take any more chances with outdated tech that could undermine its security or decrease profit margins. Jolted by Nyetya, Maersk is already making necessary changes to improve its technological processes and reap larger profits.
