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Signal Aframax Pool Extends Lead in Spot Performance Through Disciplined, Data-Driven Strategy
Building on the strong momentum reported earlier in the year, the Signal Aframax Pool continues to demonstrate exceptional and consistent results, solidifying its position as a top performer in the sector. The pool's year-to-date (YTD) net Time Charter Equivalent (TCE) has reached an impressive $31.5k/day, underscoring the success of Signal’s disciplined, risk-aware, and data-driven commercial strategy while delivering a safe, high-quality service to charterers and maintaining trusted, long-term relationships defined by transparency, responsiveness and commercial mindset.
This strong performance places Signal significantly ahead of its competitors. The pool is currently outperforming its peers by approx. $2.8k/day and the spot market average by approx. $1.7k/day. This material delta translates into hundreds of thousands of dollars in additional revenue for pool partners over the period, highlighting the tangible value of Signal's commercial management.
A Strategy of Patience and Precision Timing
These results are not a matter of short-term luck but the outcome of a deliberate and flawlessly executed strategy. The key to outperformance lies in two core principles: patience during market lulls and precision timing for high-value voyages.
Instead of diluting their position when key loading areas like the US Gulf face low markets, Signal exercises strategic patience, avoids committing to discounted fronthauls and instead fixes vessels on shorter, local voyages. This approach keeps vessels in position, covering costs while waiting for the market to rebound. When the market strengthens, vessels are primed to capture the peak rates on lucrative fronthaul voyages, maximizing profitability.
This discipline is complemented by the timing of fixtures. A detailed analysis of Signal performance shows the consistency of high-earning fronthauls and long-haul voyages fixing during market peaks, while strategically executing necessary backhauls or repositioning voyages during market troughs. This allows Signal to minimize opportunity cost and maximize vessel earnings across the cycle.
Visualizing the Strategy's Success
The effectiveness of this approach is clearly illustrated in the graph, which plots Signal’s fixtures (blue stars) and the monthly Signal Pool performance (blue line) against the global average spot Aframax market (orange line) in TCE ($/d) terms for the first 200 days of 2025.
Graph notes: (1) Signal Pool Net TCE per month is affected also by fixtures done in previous months, (2) Each blue star shows the average Net TCE of all fixtures done within the same day by Signal.
The chart demonstrates how Signal strategy translates into tangible outcomes, resulting overall in an average performance well above the market. The majority of the fixtures are clustered well above the global market average, representing the high-value fronthauls secured during periods of market strength. In fact, 78% of Signal’s fixtures have beaten the market average. The remaining 22%, often seen below the orange line, are not missed opportunities, they are calculated decisions; strategic backhauls consciously fixed in weaker conditions to reposition the fleet for its next high-earning employment. This visual evidence reinforces Signal’s ability to generate superior returns through a disciplined, three-pronged strategy of patience, optimal timing and optimal geo-positioning.
Leading with Skin in the Game
The Aframax segment continues to be shaped by a complex interplay of shifting trade patterns and regional demand imbalances, making adaptability crucial. Signal's ability to consistently outperform the market since its inception in 2018 is a testament to the effectiveness of its approach.
Looking forward, Signal is doubling down on their commitment. To further increase the "skin in the game" and align interests with pool partners, Signal has recently taken one more vessel on Time Charter-In and placed it directly into the pool while actively discussing more such opportunities to further support the pool’s growth and performance. This move signals the profound confidence in the commercial strategy and dedication to leading the spot market.
Creating a sustainable world requires us to embark on a journey towards a zero emission future, where every step is a commitment to preserve our planet for future generations.
Albert Greenway
Environmental Scientist, Sustainability Expert
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Increased Use of Renewable Energy:
Shipping companies are embracing renewable energy sources to power onboard systems and reduce emissions during port operations. Solar panels and wind turbines are being installed on vessels to generate clean energy, reducing reliance on auxiliary engines, and cutting down emissions. Shore power facilities in ports allow ships to connect to the electrical grid, eliminating the need for onboard generators while docked.
Collaboration and Industry Partnerships:
Recognizing that addressing emissions requires collective action, shipping companies, governments, and organizations have formed partnerships and collaborations. These initiatives focus on research and development, sharing best practices, and promoting knowledge transfer. Joint projects aim to develop and deploy innovative technologies, improve infrastructure, and create a supportive regulatory framework to accelerate the industry's transition towards a greener future. The Zero Emission Shipping - Mission Innovation.
To pave the way for a greener future in shipping, the availability of alternative fuels plays a vital role in their widespread adoption. However, this availability is influenced by factors such as port infrastructure, local regulations, and government policies. As the demand for cleaner fuels in shipping rises and environmental regulations become more stringent, efforts are underway to improve the accessibility of these fuels through infrastructure development, collaborations, and investments in production facilities.
Liquefied Natural Gas (LNG) infrastructure has seen significant growth in recent years, resulting in more LNG bunkering facilities and LNG-powered vessels. Nonetheless, the availability of LNG as a marine fuel can still vary depending on the region. To ensure consistent availability worldwide, there is a need for further development of LNG supply chains and infrastructure. For biofuels, their availability hinges on production capacity and the availability of feedstock. Although biofuels are being produced and utilized in various sectors, their availability as a marine fuel remains limited. Scaling up biofuel production and establishing robust supply chains are imperative to ensure wider availability within the shipping industry.Hydrogen, as a fuel for maritime applications, is still in the early stages of infrastructure development. While some hydrogen vessels have been tested or introduced in the first quarter of last year, the infrastructure required for hydrogen production and distribution needs further advancement.
Ammonia, as a marine fuel, currently faces limitations in availability. The production, storage, and handling infrastructure for ammonia need further development to support its widespread use in the shipping industry.Methanol, on the other hand, is already a commercially available fuel and has been used as a blend with conventional fuels in some ships. However, its availability as a standalone marine fuel can still be limited in certain regions. Bureau Veritas in October 2022 published a White Paper for the Alternative Fuels Outlook. This white paper provides a comprehensive overview of alternative fuels for the shipping industry, taking into account key factors such as technological maturity, availability, safety, emissions, and regulations.
Creating a sustainable world requires us to embark on a journey towards a zero emission future, where every step is a commitment to preserve our planet for future generations.
Albert Greenway
Environmental Scientist, Sustainability Expert
Increased Use of Renewable Energy:
Shipping companies are embracing renewable energy sources to power onboard systems and reduce emissions during port operations. Solar panels and wind turbines are being installed on vessels to generate clean energy, reducing reliance on auxiliary engines, and cutting down emissions. Shore power facilities in ports allow ships to connect to the electrical grid, eliminating the need for onboard generators while docked.
Collaboration and Industry Partnerships:
Recognizing that addressing emissions requires collective action, shipping companies, governments, and organizations have formed partnerships and collaborations. These initiatives focus on research and development, sharing best practices, and promoting knowledge transfer. Joint projects aim to develop and deploy innovative technologies, improve infrastructure, and create a supportive regulatory framework to accelerate the industry's transition towards a greener future. The Zero Emission Shipping - Mission Innovation.
To pave the way for a greener future in shipping, the availability of alternative fuels plays a vital role in their widespread adoption. However, this availability is influenced by factors such as port infrastructure, local regulations, and government policies. As the demand for cleaner fuels in shipping rises and environmental regulations become more stringent, efforts are underway to improve the accessibility of these fuels through infrastructure development, collaborations, and investments in production facilities.
Liquefied Natural Gas (LNG) infrastructure has seen significant growth in recent years, resulting in more LNG bunkering facilities and LNG-powered vessels. Nonetheless, the availability of LNG as a marine fuel can still vary depending on the region. To ensure consistent availability worldwide, there is a need for further development of LNG supply chains and infrastructure. For biofuels, their availability hinges on production capacity and the availability of feedstock. Although biofuels are being produced and utilized in various sectors, their availability as a marine fuel remains limited. Scaling up biofuel production and establishing robust supply chains are imperative to ensure wider availability within the shipping industry.Hydrogen, as a fuel for maritime applications, is still in the early stages of infrastructure development. While some hydrogen vessels have been tested or introduced in the first quarter of last year, the infrastructure required for hydrogen production and distribution needs further advancement.
Ammonia, as a marine fuel, currently faces limitations in availability. The production, storage, and handling infrastructure for ammonia need further development to support its widespread use in the shipping industry.Methanol, on the other hand, is already a commercially available fuel and has been used as a blend with conventional fuels in some ships. However, its availability as a standalone marine fuel can still be limited in certain regions. Bureau Veritas in October 2022 published a White Paper for the Alternative Fuels Outlook. This white paper provides a comprehensive overview of alternative fuels for the shipping industry, taking into account key factors such as technological maturity, availability, safety, emissions, and regulations.
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