HEIDMAR chief executive Pankaj Khanna has told shareholders that the company has “attractive” growth prospects deriving from the shipping industry being “on a path of consolidation and decarbonisation”.

In a first direct communication with shareholders since achieving a listing on Nasdaq earlier this month through a merger with lifestyle brand company MGO Global, Khanna referenced Heidmar’s long history as a tanker pool operator but said its business model had evolved in the past five years.

“We have positioned ourselves as asset managers for financial investors and smaller- to medium-sized shipowners who want to invest in shipping but do not have the in-house resources or the scale to do so,” he said in an open letter.

Heidmar could provide a roof for small- to medium-sized shipowners who were finding it “increasingly more attractive” to outsource to “organisations like Heidmar, which can optimise operational efficiency and profitability”.

This was preferable to developing “sub-scale operations in-house”, he maintained.

To grow its business, Heidmar would consider both organic growth opportunities and mergers and acquisitions.

Growth plans included a presence in Houston to “piggyback on established tanker presence and infrastructure”, Khanna said.

This is in addition to Heidmar’s headquarters in Greece and a network of offices in Singapore, the UK, Dubai and Hong Kong.

The company commercially manages a fleet of 44 vessels, including most of the spot-trading tankers belonging to Evangelos Marinakis’ Capital Group.

It manages four active tanker pools focused on segments ranging from medium-range product tankers up to very large crude carriers.

It has also branched into technical management and currently manages the day-to-day running of four tankers.

For the first half of 2024, the company posted net income of $1.9m on revenues of $16.4m.

Following the combination with MGO Global, “Heidmar insiders” held 92% of outstanding shares in the company, said Khanna.

This tallies with regulatory filings showing that Khanna and Miltiadis Marinakis, son of Evangelos, each controls about 45.9% of the company.