[Xinde Interview] Heidmar CEO: “If You Want to Make Real Money, You Want to Be in Tankers.”

In a shipping market defined by volatility and shifting cycles, tanker exposure is once again drawing outsized attention, largely because of earnings power. In an interview with Xinde Marine News, Pankaj Khanna, CEO of Heidmar, shared his core conviction in plain terms:

“For me, tankers are best in the spot market. If you want to make real money, you want to be in tankers.”

Khanna stressed that the harder part is not calling a single market move, but building a structure that can remain resilient across cycles, capturing spot upside in strong markets, while protecting downside risk when conditions inevitably turn.
 
From Pooling to an Asset Manager

Xinde Marine News:

Heidmar has moved beyond pooling into commercial and technical management, and investments. Was that by design or by necessity?

Pankaj Khanna:

“Heidmar has been around for more than 40 years—it’s not a new company. It started in the 1980s as a tanker pooling business, alongside a few smaller activities.

When I bought the company in November 2020, we were down to just six ships in one pool. I had to restart and rejuvenate the business.

Pools work very well when markets are low: shipowners want cash flow and utilisation, so they join. But when markets rise, owners often pull ships out, either to trade spot or sell, and they don’t necessarily time charter them.

So I used my background and relationships to reshape Heidmar for the next 40 years, not just one cycle. Pooling alone wouldn’t be enough, which is why we expanded into tanker commercial management, diversified into dry cargo, and built technical management. In effect, we’ve become closer to an asset manager, able to provide expertise across cycles, whether the market is low or high.”

Xinde Marine News:

You listed Heidmar on Nasdaq this year. How do you define Heidmar today and why was the listing necessary?

Pankaj Khanna:

“One of the things we’ve done is list the company on Nasdaq in February, because I couldn’t execute this strategy without raising capital. The listing was to fund acquisitions and projects.
Today Heidmar has two verticals: services and project development.

On the services side, we support financial investors across shipping—tankers, dry cargo, containers. We can identify the asset, execute the transaction, and handle the full corporate and operational setup: legal structure, bank accounts, treasury, US GAAP accounting, plus technical and commercial management. In short, the investor mainly decides whether to buy or sell, and whether to place the ship on time charter or trade spot.

On the projects side, we develop and invest. Our first project was a 1,700 TEU container vessel built in 2008, with a two-year charter and about a 25% cash-on-cash return. We did it 100% with Heidmar capital to demonstrate execution—including securing the charter. Going forward, we expect to co-invest with partners, with Heidmar typically taking 10%–30% equity. These two verticals are complementary.”
 
Xinde Marine News:

In September, you bought an additional 55,900 shares in the open market. What message did you want to send?

Pankaj Khanna:

“As it stands today, the shares are closely held and the free float is only about 8%, so liquidity is limited and the share price doesn’t always reflect the company’s value. When the price fell to current levels, I felt it was too cheap. That’s why I bought shares in September—to support the stock and signal that, in my view, Heidmar is undervalued relative to its earnings potential.”
 
A 25-Year Link, and the Next Phase

Xinde Marine News:

Many of your newbuild deliveries and recent vessel-related developments involve Chinese-built tonnage. How do you view China and the opportunities in the market?

Pankaj Khanna:

“This year we took delivery of one Suezmax newbuilding, three LR2s and two Aframaxes—all built in China.

We’ve had a long relationship with China, going back about 25 years. COSCO was one of our early clients, and we have had a relationship with the Chinese market for a long time.
 
And it’s not only the large players. We’ve helped smaller owners too, for example, a Chinese listed company that bought a VLCC in 2022 and struggled to place it. We helped secure an Exxon charter, and once you have that kind of counterparty, the ship’s credibility in the market changes completely.”

Beyond shipowners, the services side is also very relevant in China. There are many capital providers and financial investors who want to invest in shipping but don’t have the experience to operate. We can support the entire chain—from identifying the asset and executing the acquisition, to company setup, US GAAP accounting, and technical and commercial management. Chinese shipyards also want to know where the charter cover is coming from, and we can help connect capital, shipyards and charterers through our relationships with charterers and oil majors.”
 
Efficiency First, Carbon Capture, and Fuel Availability

Xinde Marine News:

Your ships incorporate more environmentally-friendly features. With IMO’s net-zero framework still evolving and political uncertainty rising, how do you view sustainability for tankers?

Pankaj Khanna:

“In pools, sustainability is built into the model. Pools run on a rating system, and fuel consumption is one of the key metrics. If you consume too much fuel, you have a lower rating and you will earn less. In practice, the most economical ship makes the most money.

Fuel is a voyage cost, so efficiency directly improves TCE. A VLCC built in 2027 versus 2010 can be about 35% more efficient—roughly USD 15,000 per day in fuel savings.

I don’t think we can eliminate fossil fuels in the short term, so carbon capture needs to be taken seriously. Alternative fuels will be part of the solution, but availability is a constraint. We operate dual-fuel ships: we use LNG when it’s available. Green methanol is hard to source, and biofuels are promising but often prioritised by aviation.”
 
Why VLCCs Can Be the Ultimate Earnings Play

Xinde Marine News:

VLCC ordering has picked up recently. How do you interpret this trend?

Pankaj Khanna:

“The VLCC orderbook is still relatively small—before it was around 7%, and today it’s maybe 10–12%. The bigger issue is the fleet’s age: around 40–50 ships are approaching 20 years old, and at 20 there’s a ‘red line’ for oil majors and many oil companies, meaning those ships drop out of mainstream trades.

On the demand side, incremental supply is coming from places like Brazil, Guyana, the US Gulf and the Middle East—supporting long-haul VLCC demand. That’s why I think VLCCs have a very good future.

And my view remains the same: tankers fit the spot market—if you want to make real money, you want to be in tankers.
 
Xinde Marine News:

How do you think about cycle risk, especially when markets swing sharply?

Pankaj Khanna:

You have to know where you are in the cycle—shipping doesn’t move in a straight line. The core principle is still ‘buy low, sell high’. But ‘sell’ isn’t only about selling the ship—you can also ‘sell’ the earnings by fixing it on time charter.

Right now, time-charter availability is quite strong. So even if you buy at a higher price, you can still lock in cash flow—for example, a modern VLCC can be fixed for three years at around USD 55,000 per day.

Risk comes down to two things: the price you paid and the cash flows you secured to protect the downside. I look at the upside, but protecting the downside comes first. If the downside is protected, the upside will come.”
 
Xinde Marine News:

Do you believe diversification across segments is necessary?

Pankaj Khanna:

“I think some diversification is important for any owner. Cycles don’t move together. 2020 was terrible for dry cargo but tankers were okay; in 2021 tankers were very weak while dry cargo did very well. Diversification gives you a hedge.

If I were building a portfolio, I’d want a mix of long-term contracts, medium-term contracts, and some spot exposure.”

Looking Ahead: A “Boutique” Vision for the Next Five Years

Xinde Marine News:

What’s next for Heidmar? How do you see the company developing?

Pankaj Khanna:

I have a five-year vision, but I’m building a company for the next 40 years.

In technical management, we will grow, but we don’t want to be a ‘supermarket’. I have no intention of managing 600 ships, I want Heidmar to be a boutique manager, with around 150 ships as a sensible target.

On the commercial side, we will continue to grow in tankers and dry bulk, and do some containers.

On projects, we’re sector-agnostic and focused on investments that protect the downside.

In five years, I want a stronger projects business alongside a scaled technical and commercial platform—and potentially some form of financial advisory as well.”

Please Contact Us at：

media@xindemarine.com