The UK shipbroking firm Simpson Spence Young (SSY) has signed an agreement with Signal Ocean to offer digital solutions for the commercial ship management of the dry bulk fleet.

A technology start-up Signal Ocean launched the Signal Ocean Platform last year.

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The platform has been designed to improve the flow and analysis of a large amount of data to enhance the performance of chartering professionals.

Simpson Spence Young chairman Mark Richardson said: “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. Signal Ocean already provides best-in-class solutions to the market and we are looking forward to working together to develop further innovations.”

In the latest collaboration, the partners will collectively develop services to support dry bulk chartering professionals.

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Work is expected to commence immediately. During the project’s first phase, the partners will deploy, trial and fine-tune the technology internally at SSY. SSY and Signal Ocean plan to collaborate with other interested parties later.

Signal Ocean CEO Ioannis Martinos said: “Our strategic collaboration with SSY, one of the world’s largest and most forward-thinking shipbrokers, puts us in a unique position to develop a deeply value-adding solution for the dry market.

“Our ambition is to cover all dry vessel sizes, giving our users superior minute-by-minute situational awareness of dry market activity.”

With 20 offices across the globe, SSY is one of the largest independent and privately owned shipbrokers in the world. The firm employes over 400 staff members.