In this episode of Capital Link’s Trending News Podcast, we welcome Mr. Pankaj Khanna , CEO of Heidmar Maritime Holdings. The focus of today’s conversation is on how a service-based maritime company is coursing through one of the most aggressive tanker markets in recent history. Heidmar Inc. , listed on NASDAQ since February 2025 under the ticker HMR, is a one-stop maritime services provider rather than a traditional ship-owning company.
To watch the full discussion, please visit the following link: ttps://youtu.be/Nca9sTMI8w0?si=UwcI7GXPGOV_AGGC
Heidmar’s evolution has progressed in tandem with the structural shifts in the shipping markets over time. Mr. Khanna noted, “Heidmar has been around for 41 years. During these years, Heidmar did commercial management by way of managing pools. When I got involved with the company, I saw that the market was changing, so we expanded to a more diversified range of services.” Today, the company operates as a full-service platform, from identifying what is a good investment to make, to executing the investment, managing the investment, and selling it.
Heidmar’s Performance
That shift translated into operational growth in 2025. “On the technical management side, at the beginning of 2025, we had three vessels under management, but by the end of the year, we had gone up to ten” Mr. Khanna said, emphasizing that most additions were modern newbuildings. Technical management, he noted, “is growing, and will continue to grow.”
On the commercial side, performance was tied closely to market conditions. The markets in the first half of 2025 were not great, Mr. Khanna says, but then from the second half onwards, the market really picked up. Heidmar adapted by offering flexible commercial structures beyond traditional pooling. When the rates are so high as they are in this market, owners want to have control over their own destiny, whereby they have more say in how the vessels are fixed.
Furthermore, Mr. Khanna added that as a service provider, Heidmar operates an asset-light model, holding no vessels but instead provides investors with access to the maritime sector across all market segments. Therefore, Heidmar is not valued based on net asset value, but rather on earnings and P/E multiples. He emphasized that this structure means Heidmar’s earnings directly reflect prevailing market conditions.
Geopolitical Volatility Prohibiting Normalization
In regards to the intensifying geopolitical disruption, Mr. Khanna shared that he sees the current tanker cycle as structurally driven, he noted, “The last four years in general have been very strong, because when Russia walked into Ukraine, it created a lot of inefficiencies in the market. The shift from short-haul Russian oil flows to long-haul routes toward Asia increased ton-mile demand, particularly for Aframax and Suezmax vessels.”
“He added that ‘Venezuela came to the forefront, followed by uncertainty around Iran,’ noting that these additional geopolitical layers have further compounded the situation.” The most extreme disruption, however, came from the closure of the Strait of Hormuz. “In my almost 40-year career, we have never seen the Strait of Hormuz shut down. That has stopped about 20 million barrels per day of oil production, which is about 30% of global seaborne oil imports.”
This supply shock has driven freight rates to extreme levels. Just to give us an example, Mr. Khanna explained that they have fixed a ship at almost $500,000 per day for a 34-35 day period, which then generates almost $25 million for the owner, and almost $400,000 in commissions for Heidmar. Mr. Khanna emphasized that both risk premium and demand dislocation are driving rates: “In the Middle East area, there is a risk premium, but in the Atlantic, it’s more of a demand premium.”
He also cautioned that normalization will not be any time soon. “Even if peace were to ensue tomorrow, it will take three to six months to get the markets back to a normal structure,” citing supply chain lag from production restart to final consumption.
Q4 Results Showing Resilience
On financial performance, there has been strong fourth-quarter revenue growth. Mr. Khanna broke this down into operational levers such as commercial management, pooling, technical management and Sales & Purchase. In addition, Heidmar actively manages a time charter book. “In the last year we actively resisted from taking long-term time charters because the TC rates were too high,” he explained.
This approach paid off. Mr. Khanna explained “Especially in Q4, we saw a lot of opportunities to make margin through short-term time charters. More recently, however, the company selectively locked in longer-term positions. In Q1, we took delivery of two MR product tankers on two-year charters. These two ships will generate about $4.2 million in profit over the next 18 months.”
Mr. Khanna acknowledges there is an element of risk-taking. “We don’t take speculative risk all the time. We take what I would call calculated risk.”
Going Public and Expanding
On ownership, Mr. Khanna disclosed a concentrated shareholder structure, noting, “Currently, I own 45% of the company. My partner also owns 45%, and the free float is about 10%.” He clarified that the IPO was not an exit event. “We did not go public because we wanted to sell the company, the point was to raise capital so that we could grow the company.”
He believes that growth will come through both organic expansion and M&A. M&A is a faster way to grow, but it requires capital, he explains.
Market Outlook
Looking to 2026, Mr. Khanna anticipates possible growth supported by fleet expansion and market positioning. “We have growth built in from the fact that our partner has an order book” he commented, highlighting a pipeline of 8-9 newbuild vessels across segments, including MR tankers, Suezmax, VLCCs, and LR2s arriving in 2026, and approximately 10 vessels in 2027. He further emphasized Heidmar’s contribution to the decarbonization story, noting that fuel consumption for these newbuilds is roughly 50% of what comparable vessels consumed 15 years ago.
Mr. Khanna also detailed the full value proposition for shipowners, noting, “Pooling provides aggregation of income, access to different geographies, economies of scale, while commercial management offers flexibility. If you have your own ship and you are unable to secure cargo, you’re not generating revenue. By contrast, Heidmar can reposition vessels globally. We were able to fix at $150,000 per day from West Africa, $190,000 from the Mediterranean.” He also emphasized that technical management completes the integrated model, stating, “Our ship management is approved by all major oil companies, allowing us to present vessels to any charterer.’”
In closing, Mr. Khanna emphasized execution. “The most important thing is delivery. Having consistent quarter-on-quarter earnings.” He noted that past balance sheet issues have been addressed and with geopolitical inefficiencies persisting, he expects continued strength. “We will continue to see strong tanker freight rates, and those will be reflected in Heidmar’s bottom line,” he concluded.
About Heidmar
Celebrating its 40th anniversary this year, Heidmar is an Athens based, commercial and pool management business servicing the crude and product tanker market and is committed to safety, performance, relationships and transparency. With operations in Athens, London, Singapore, Chennai, Hong Kong and Dubai, Heidmar has a reputation as a reliable and responsible partner with a goal of maximizing our customers’ profitability. Heidmar seeks to offer vessel owners a “one stop” solution for all maritime services in the crude oil, refined petroleum products and dry bulk shipping sectors. Heidmar believes its unique business model and extensive experience in the maritime industry allows the Company to achieve premier market coverage and utilization, as well as provide customers in the sector with seamless commercial transportation services.
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