Greece-based commercial ship management company Signal Maritime Services has signed an agreement with Heidmar to manage a joint tanker fleet using its technology and analytical capabilities.

With immediate effect, Signal will be responsible for the commercial management of 18 Aframax vessels in Heidmar’s Sigma Pool. The agreement offers a transition period of one month.

Working with the Heidmar team, Signal will be responsible for the management of the Suezmax vessels in the Bluefin Pool, the very large crude carriers (VLCC) in the Seawolf Pool and LR2 vessels in its Sigma Pool.

Although the vessels will remain within their existing structures, they will have access to Signal’s capabilities.

Signal Group CEO Ioannis Martinos said: “Signal has delivered leading performance since its launch in 2018, through a highly driven team and an expertly used technology solution. We are confident that the combination of the Signal team and our technology will continue delivering a strong performance for all our pool partners.”

Since the launch of artificial intelligence (AI)-powered solution for pool management in 2018, Signal said the technology has been consistently delivering higher earnings compared to its pool members.

The Greece company combines the best practices in the shipping industry with advanced analytics and management strategies.

Founded in 1984, Heidmar is a commercial tanker operator with offices in Singapore, London, Houston and Connecticut and a fleet of approximately 50 vessels.

The vessels include VLCC, Suezmax, Aframax / LR2 and Panamax tankers. Heidmar specialises in pool management, reporting, compliance and commercial performance.

Heidmar shareholder George Economou said: “Digitalisation and consolidation are a theme of today’s market and a necessity to provide relevant and superior customer service. The pooling business is highly competitive and we believe the combination of Signal’s technology with a sizable fleet will provide the right mix for a successful pool.”

In July 2019, Greek dry bulk shipping firm DryShips acquired 100% of the issued and outstanding shares of Heidmar.