EY, Guardtime and industry participants launch the world’s first marine insurance blockchain platform, Insurwave. Insurwave leverages blockchain and distributed ledger technologies Microsoft Azure infrastructure and ACORD data standards. It will support more than half a million automated ledger transactions and help manage risk for more than 1,000 commercial vessels in the first year. By connecting participants in a secure, private network with an accurate, immutable audit trail and services to execute processes, the platform establishes a first of its kind digital insurance value chain.
Fixing the Ocean Freight Market Overcapacity Issue – Is it Done Yet?Xeneta
Improving global demand for goods has resulted in a higher demand for global transportation. Inventory re-stocking, improved US economic conditions and Chinese demand for raw materials as well as for such commodities as food and beverage have helped prop up a sinking ocean freight market plagued by overcapacity and unsustainable rates.
Who is the Right Partner for Shippers? Part IXeneta
In this series of blog posts we are going to introduce pros and cons of working directly with carriers and freight forwarders to help shippers, BCOs make an informed decision and keep their cargo moving.
This is a brief presentation that I created to describe the potential opportunity set in maritime infrastructure and transportation globally (but with a focus on S.E. Asia)
Blockchain in Supply Chain Management: Fad or Potential?Xeneta
Security, transparency of movement throughout the supply chain and electronically initiating and enforcing contracts, are vital for successful supply chains. Blockchain technology is is facilitating visibility and efficiency in transaction in various industries. In our latest survey, we asked if blockchain technology will help ease and make admininstration work in SCM more efficient.
Nick Choi, Deputy Director, Hong Kong Economic
and Trade Office (in Canada) Introduce the Belt and Road Initiative spearheaded by the Chinese government
Fixing the Ocean Freight Market Overcapacity Issue – Is it Done Yet?Xeneta
Improving global demand for goods has resulted in a higher demand for global transportation. Inventory re-stocking, improved US economic conditions and Chinese demand for raw materials as well as for such commodities as food and beverage have helped prop up a sinking ocean freight market plagued by overcapacity and unsustainable rates.
Who is the Right Partner for Shippers? Part IXeneta
In this series of blog posts we are going to introduce pros and cons of working directly with carriers and freight forwarders to help shippers, BCOs make an informed decision and keep their cargo moving.
This is a brief presentation that I created to describe the potential opportunity set in maritime infrastructure and transportation globally (but with a focus on S.E. Asia)
Blockchain in Supply Chain Management: Fad or Potential?Xeneta
Security, transparency of movement throughout the supply chain and electronically initiating and enforcing contracts, are vital for successful supply chains. Blockchain technology is is facilitating visibility and efficiency in transaction in various industries. In our latest survey, we asked if blockchain technology will help ease and make admininstration work in SCM more efficient.
Nick Choi, Deputy Director, Hong Kong Economic
and Trade Office (in Canada) Introduce the Belt and Road Initiative spearheaded by the Chinese government
1. Write one paragraph to answer one of these questions. Please inBenitoSumpter862
1. Write one paragraph to answer one of these questions. Please include the Option # in your answer. Reflect on your answer and then include at least 3 sentences in your answer.
· Option # 1. How can a firm design and develop a more resilient supply chain?
Responses:
1. A quality comment on class member's discussion postings begins with 2 sentences that enhance, support, or debate appropriately your peer’s answer.
Discussion 6
Top of Form
Supply chain resilience is a company’s ability to react to issues and recover from them with a big impact to the company’s operations. I believe for a firm to design and develop a more resilient supply chain is focusing on the three core enables which are, the people, the process, and technology.
For companies to complete work, they need employees. People to help run the company, so they hire people with the skill set and knowledge to run departments and to use machinery etc. the next step is process. It has been proven that employees perform at their best when they are empowered by an effective process. To manage shortages and to increase supply chain resilience company’s need to be that they have an effective process in place that employees can follow for the flow to run smoothly.
Technology can help company’s complete processes more easily and accurately. Real time analytics and decision support tools, including enterprise resource planning also known as ERP and electronic data interchange platforms, can help provide data needed to help run the company.
Bottom of Form
Discussion #6
Top of Form
What is -procurement?
E-procurement is the process of buying and selling supplies and services over the Internet. E-procurement opens the lines of communication between a company and a supplier by creating a direct link and facilitating interactions such as bids, purchase orders, and emails.
What are the benefits of E-procurement?
E-procurement offers substantial benefits to the function of procurement management within a purchasing organization, including: Cost Savings, Built-in monitoring tools help control costs and maximize performance, reducing overhead and paperwork. Fully automated systems streamline processes and can result in a faster cycle from creating an order to fulfillment. The shorter purchasing cycles centralized transaction tracking simplifies: reporting on orders, payments, and requisitions, as well as ensuring contract compliance, all of which can reduce delivery time. Buyers have electronic access to available products, services, and prices.
Improved Inventory Control-Procurement professionals can quickly locate products from preferred supplies and are limited to the purchases they can make, so inventory is better controlled.
Transparency- All information is centralized and can be made available to management, stakeholders, shareholders, or the public, as appropriate.
Davila, A., Gupta, M., & Palmer, R. J. (2010). Mo ...
1. Write one paragraph to answer one of these questions. Please inSantosConleyha
1. Write one paragraph to answer one of these questions. Please include the Option # in your answer. Reflect on your answer and then include at least 3 sentences in your answer.
· Option # 1. How can a firm design and develop a more resilient supply chain?
Responses:
1. A quality comment on class member's discussion postings begins with 2 sentences that enhance, support, or debate appropriately your peer’s answer.
Discussion 6
Top of Form
Supply chain resilience is a company’s ability to react to issues and recover from them with a big impact to the company’s operations. I believe for a firm to design and develop a more resilient supply chain is focusing on the three core enables which are, the people, the process, and technology.
For companies to complete work, they need employees. People to help run the company, so they hire people with the skill set and knowledge to run departments and to use machinery etc. the next step is process. It has been proven that employees perform at their best when they are empowered by an effective process. To manage shortages and to increase supply chain resilience company’s need to be that they have an effective process in place that employees can follow for the flow to run smoothly.
Technology can help company’s complete processes more easily and accurately. Real time analytics and decision support tools, including enterprise resource planning also known as ERP and electronic data interchange platforms, can help provide data needed to help run the company.
Bottom of Form
Discussion #6
Top of Form
What is -procurement?
E-procurement is the process of buying and selling supplies and services over the Internet. E-procurement opens the lines of communication between a company and a supplier by creating a direct link and facilitating interactions such as bids, purchase orders, and emails.
What are the benefits of E-procurement?
E-procurement offers substantial benefits to the function of procurement management within a purchasing organization, including: Cost Savings, Built-in monitoring tools help control costs and maximize performance, reducing overhead and paperwork. Fully automated systems streamline processes and can result in a faster cycle from creating an order to fulfillment. The shorter purchasing cycles centralized transaction tracking simplifies: reporting on orders, payments, and requisitions, as well as ensuring contract compliance, all of which can reduce delivery time. Buyers have electronic access to available products, services, and prices.
Improved Inventory Control-Procurement professionals can quickly locate products from preferred supplies and are limited to the purchases they can make, so inventory is better controlled.
Transparency- All information is centralized and can be made available to management, stakeholders, shareholders, or the public, as appropriate.
Davila, A., Gupta, M., & Palmer, R. J. (2010). Mo ...
Blockchain in Supply chain Logistics: Discuss the journey to consider for planning your enterprise Blockchain soln and outline optimal strategy for your enterprise based on your market position and ability to influence standards and regulatory barriers.
Takeaways:
1. Blockchain – A Long Term Journey
2. Collaboration is key to reducing Supply Chain Black Swans
3. The Evolution and Disruption of the Logistics Industry
4. Optimal Blockchain strategy for each use case is dependent of market position and ability to influence standards and regulatory barriers
5. Short-term investment costs are outweighed by the long-term costs of getting left behind
6. Live Use Case
7.Strategy
Best Freight Forwarding Services | Air Freight ForwardersFreightoscope
With years of experience & commitment to customer satisfaction, we offer Freight Forwarders shipping solutions by air freight & ocean freight with low budget & time
Forthcoming MIS Quarterly Executive 1The Promises and JeanmarieColbert3
Forthcoming | MIS Quarterly Executive 1
The Promises and Challenges of Blockchains12
Recently, blockchain technologies have attracted considerable attention. A distributed
blockchain application performs the vital functions of a trusted third party by using computer
algorithms and cryptography to confirm asset authenticity, authenticate asset ownership, and
validate transactions. Blockchains enable organizations to transact directly with each other.
With a blockchain application, every participating organization has an exact copy of the same
digital ledger. Furthermore, transactions on the shared ledger are immutable, which means
every party can be confident they are dealing with the same data. With one version of the
truth transparently available to all parties, there are no reconciliations, which enables faster
settlement times and lower transaction costs.3 (More information about blockchain technology
is included in Appendix A.)
Initial research focused on the application of blockchain technology in the financial industry,
but more recently supply chains have emerged as the most promising sector. Market forecasters
estimate that between $1.5 billion and $2.1 billion was spent on blockchain technologies in
2018 to enhance traceability and transparency in supply chains and to save costs.4,5 A recent
study found that blockchain technology was being deployed to realize value from provenance
1 Mary Lacity is the accepting senior editor for this article.
2 Authors contributed equally.
3 Lacity M. C. “Addressing Key Challenges to Making Enterprise Blockchain Applications a Reality,” MIS Quarterly Executive
(17:3), September 2018, pp. 201-222.
4 “Does blockchain hold the key to a new age of supply chain transparency and trust? How organizations have moved from block-
chain hype to reality,” Capgemini Research Institute, 2018, available at https://www.capgemini.com/wp-content/uploads/2018/10/
Digital-Blockchain-in-Supply-Chain-Report.pdf.
5 Schatsky, D., Arora, A. and Dongre, A. “Blockchain and the five vectors of progress,” Deloitte Insights, November 24, 2018,
available at https://www2.deloitte.com/insights/us/en/focus/signals-for-strategists/value-of-blockchain-applications-interoperability.
html.
A Ten-Step Decision Path to Determine
When to Use Blockchain Technologies
Many organizations are looking at blockchain technologies. However, the drawbacks
of blockchain databases (e.g., scalability, capacity, latency, privacy) mean that the
technology is not always appropriate. This article presents a ten-step decision path
that can help determine whether the application of blockchain is justified and, if so,
which kind of blockchain technology to use. We describe how this decision path was
used to develop a blockchain prototype for the Danish maritime shipping industry.1
Asger B. Pedersen2
Netcompany Group
(Denmark)
Marten Risius2
University of Queensland
(Australia)
Roman Beck
IT University at Copenhagen
( ...
Technology plays a vital role in the evolution of the world. Trading has been the part of global business and economies across the globe. From the ancient time till trade, trading plays a crucial role in establishing the growth of the nation and its economy.
The theme for this quarter is momentum meets uncertainty. The upward trend in crude oil, natural gas, LNG and refined product prices that began in Q1 continued into Q2. Crude oil markets began the quarter just below $100/bbl and have closed below that level on only two days since late April. As we begin Q3, there are increasing concerns about the health of the global economy and how that might affect oil and gas demand.
Quarterly analyst themes of oil and gas earnings, Q1 2022EY
Financial questions continued to attract the most attention of the analyst community, with major focus on how companies will respond to the war in Ukraine, elevated commodity prices and improved cash flows. Strategic questions focused on how the changing geopolitical environment will affect capital allocation in the short and long term. Operationally, all eyes were on the capacity of companies to step up asset utilization and bring new projects to market quickly. Explore the latest EY quarterly analysts themes.
More Related Content
Similar to Is the future of shipping in ships and ports, or chips and blocks?
1. Write one paragraph to answer one of these questions. Please inBenitoSumpter862
1. Write one paragraph to answer one of these questions. Please include the Option # in your answer. Reflect on your answer and then include at least 3 sentences in your answer.
· Option # 1. How can a firm design and develop a more resilient supply chain?
Responses:
1. A quality comment on class member's discussion postings begins with 2 sentences that enhance, support, or debate appropriately your peer’s answer.
Discussion 6
Top of Form
Supply chain resilience is a company’s ability to react to issues and recover from them with a big impact to the company’s operations. I believe for a firm to design and develop a more resilient supply chain is focusing on the three core enables which are, the people, the process, and technology.
For companies to complete work, they need employees. People to help run the company, so they hire people with the skill set and knowledge to run departments and to use machinery etc. the next step is process. It has been proven that employees perform at their best when they are empowered by an effective process. To manage shortages and to increase supply chain resilience company’s need to be that they have an effective process in place that employees can follow for the flow to run smoothly.
Technology can help company’s complete processes more easily and accurately. Real time analytics and decision support tools, including enterprise resource planning also known as ERP and electronic data interchange platforms, can help provide data needed to help run the company.
Bottom of Form
Discussion #6
Top of Form
What is -procurement?
E-procurement is the process of buying and selling supplies and services over the Internet. E-procurement opens the lines of communication between a company and a supplier by creating a direct link and facilitating interactions such as bids, purchase orders, and emails.
What are the benefits of E-procurement?
E-procurement offers substantial benefits to the function of procurement management within a purchasing organization, including: Cost Savings, Built-in monitoring tools help control costs and maximize performance, reducing overhead and paperwork. Fully automated systems streamline processes and can result in a faster cycle from creating an order to fulfillment. The shorter purchasing cycles centralized transaction tracking simplifies: reporting on orders, payments, and requisitions, as well as ensuring contract compliance, all of which can reduce delivery time. Buyers have electronic access to available products, services, and prices.
Improved Inventory Control-Procurement professionals can quickly locate products from preferred supplies and are limited to the purchases they can make, so inventory is better controlled.
Transparency- All information is centralized and can be made available to management, stakeholders, shareholders, or the public, as appropriate.
Davila, A., Gupta, M., & Palmer, R. J. (2010). Mo ...
1. Write one paragraph to answer one of these questions. Please inSantosConleyha
1. Write one paragraph to answer one of these questions. Please include the Option # in your answer. Reflect on your answer and then include at least 3 sentences in your answer.
· Option # 1. How can a firm design and develop a more resilient supply chain?
Responses:
1. A quality comment on class member's discussion postings begins with 2 sentences that enhance, support, or debate appropriately your peer’s answer.
Discussion 6
Top of Form
Supply chain resilience is a company’s ability to react to issues and recover from them with a big impact to the company’s operations. I believe for a firm to design and develop a more resilient supply chain is focusing on the three core enables which are, the people, the process, and technology.
For companies to complete work, they need employees. People to help run the company, so they hire people with the skill set and knowledge to run departments and to use machinery etc. the next step is process. It has been proven that employees perform at their best when they are empowered by an effective process. To manage shortages and to increase supply chain resilience company’s need to be that they have an effective process in place that employees can follow for the flow to run smoothly.
Technology can help company’s complete processes more easily and accurately. Real time analytics and decision support tools, including enterprise resource planning also known as ERP and electronic data interchange platforms, can help provide data needed to help run the company.
Bottom of Form
Discussion #6
Top of Form
What is -procurement?
E-procurement is the process of buying and selling supplies and services over the Internet. E-procurement opens the lines of communication between a company and a supplier by creating a direct link and facilitating interactions such as bids, purchase orders, and emails.
What are the benefits of E-procurement?
E-procurement offers substantial benefits to the function of procurement management within a purchasing organization, including: Cost Savings, Built-in monitoring tools help control costs and maximize performance, reducing overhead and paperwork. Fully automated systems streamline processes and can result in a faster cycle from creating an order to fulfillment. The shorter purchasing cycles centralized transaction tracking simplifies: reporting on orders, payments, and requisitions, as well as ensuring contract compliance, all of which can reduce delivery time. Buyers have electronic access to available products, services, and prices.
Improved Inventory Control-Procurement professionals can quickly locate products from preferred supplies and are limited to the purchases they can make, so inventory is better controlled.
Transparency- All information is centralized and can be made available to management, stakeholders, shareholders, or the public, as appropriate.
Davila, A., Gupta, M., & Palmer, R. J. (2010). Mo ...
Blockchain in Supply chain Logistics: Discuss the journey to consider for planning your enterprise Blockchain soln and outline optimal strategy for your enterprise based on your market position and ability to influence standards and regulatory barriers.
Takeaways:
1. Blockchain – A Long Term Journey
2. Collaboration is key to reducing Supply Chain Black Swans
3. The Evolution and Disruption of the Logistics Industry
4. Optimal Blockchain strategy for each use case is dependent of market position and ability to influence standards and regulatory barriers
5. Short-term investment costs are outweighed by the long-term costs of getting left behind
6. Live Use Case
7.Strategy
Best Freight Forwarding Services | Air Freight ForwardersFreightoscope
With years of experience & commitment to customer satisfaction, we offer Freight Forwarders shipping solutions by air freight & ocean freight with low budget & time
Forthcoming MIS Quarterly Executive 1The Promises and JeanmarieColbert3
Forthcoming | MIS Quarterly Executive 1
The Promises and Challenges of Blockchains12
Recently, blockchain technologies have attracted considerable attention. A distributed
blockchain application performs the vital functions of a trusted third party by using computer
algorithms and cryptography to confirm asset authenticity, authenticate asset ownership, and
validate transactions. Blockchains enable organizations to transact directly with each other.
With a blockchain application, every participating organization has an exact copy of the same
digital ledger. Furthermore, transactions on the shared ledger are immutable, which means
every party can be confident they are dealing with the same data. With one version of the
truth transparently available to all parties, there are no reconciliations, which enables faster
settlement times and lower transaction costs.3 (More information about blockchain technology
is included in Appendix A.)
Initial research focused on the application of blockchain technology in the financial industry,
but more recently supply chains have emerged as the most promising sector. Market forecasters
estimate that between $1.5 billion and $2.1 billion was spent on blockchain technologies in
2018 to enhance traceability and transparency in supply chains and to save costs.4,5 A recent
study found that blockchain technology was being deployed to realize value from provenance
1 Mary Lacity is the accepting senior editor for this article.
2 Authors contributed equally.
3 Lacity M. C. “Addressing Key Challenges to Making Enterprise Blockchain Applications a Reality,” MIS Quarterly Executive
(17:3), September 2018, pp. 201-222.
4 “Does blockchain hold the key to a new age of supply chain transparency and trust? How organizations have moved from block-
chain hype to reality,” Capgemini Research Institute, 2018, available at https://www.capgemini.com/wp-content/uploads/2018/10/
Digital-Blockchain-in-Supply-Chain-Report.pdf.
5 Schatsky, D., Arora, A. and Dongre, A. “Blockchain and the five vectors of progress,” Deloitte Insights, November 24, 2018,
available at https://www2.deloitte.com/insights/us/en/focus/signals-for-strategists/value-of-blockchain-applications-interoperability.
html.
A Ten-Step Decision Path to Determine
When to Use Blockchain Technologies
Many organizations are looking at blockchain technologies. However, the drawbacks
of blockchain databases (e.g., scalability, capacity, latency, privacy) mean that the
technology is not always appropriate. This article presents a ten-step decision path
that can help determine whether the application of blockchain is justified and, if so,
which kind of blockchain technology to use. We describe how this decision path was
used to develop a blockchain prototype for the Danish maritime shipping industry.1
Asger B. Pedersen2
Netcompany Group
(Denmark)
Marten Risius2
University of Queensland
(Australia)
Roman Beck
IT University at Copenhagen
( ...
Technology plays a vital role in the evolution of the world. Trading has been the part of global business and economies across the globe. From the ancient time till trade, trading plays a crucial role in establishing the growth of the nation and its economy.
Similar to Is the future of shipping in ships and ports, or chips and blocks? (20)
The theme for this quarter is momentum meets uncertainty. The upward trend in crude oil, natural gas, LNG and refined product prices that began in Q1 continued into Q2. Crude oil markets began the quarter just below $100/bbl and have closed below that level on only two days since late April. As we begin Q3, there are increasing concerns about the health of the global economy and how that might affect oil and gas demand.
Quarterly analyst themes of oil and gas earnings, Q1 2022EY
Financial questions continued to attract the most attention of the analyst community, with major focus on how companies will respond to the war in Ukraine, elevated commodity prices and improved cash flows. Strategic questions focused on how the changing geopolitical environment will affect capital allocation in the short and long term. Operationally, all eyes were on the capacity of companies to step up asset utilization and bring new projects to market quickly. Explore the latest EY quarterly analysts themes.
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY
The theme for this quarter is rearrangement. The loss, or potential loss, of Russian oil and gas supplies is forcing producers, refiners and traders to rethink the flow of crude oil and refined products from the wellhead to the gas pump in light of sanctions, potential sanctions and the risk of reputational damage. Countries, companies and consumers will all be searching for ways to adapt, and the outcome of the race to bring alternatives to market could alter the global energy landscape for years to come.
It is likely crude oil and LNG prices will remain elevated for some time. The process of diverting Russian oil through countries unwilling to sanction it will take time and there is little indication OPEC members are willing (or able) to increase production to make up for the loss of Russian crude. Spare capacity sat at 3.7 mbpd at the end of 2021, just above where it was in January 2020. Currently, sanctioned Venezuelan and Iranian production (about 3 mbpd below their peak) could fill the gap, but political and commercial obstacles remain. At today’s prices, US shale production is attractive, but the fastest the industry has been able to grow is between 1mbpd and 2mbpd per year. The LNG infrastructure was already stretched before the war in Ukraine and there is little prosect of finding new supplies soon.
As the largest buyer of Russian energy, Europe will be the epicenter. There is a deeply embedded bias there in favor for renewable energy, and the current crisis is certain to result in an all-out effort to accelerate the build-out of wind and solar power. The capacity to add new green energy is limited though by the project pipeline and supply chains for solar panels and wind turbines, and it is likely that much of the shortfall will be made up with the new LNG infrastructure.
EY Price Point: global oil and gas market outlookEY
As the last quarter of the second pandemic year draws to a close, we continue to see heightened contrast
between the medical and economic points of view. While COVID-19 cases are close to their all-time highs, so
are equity prices, and a leading investment bank declared (on 2 December, 2021 after the Omicron outbreak in South Africa) that it was “optimistic about the possibility of a vibrant 2022.” When news of the variant hit in
late November, the markets were rocked by the prospect of yet another round of local mobility restrictions and
an interrupted return to normal international travel patterns, on top of the Biden Administration’s announced
release of 50 million barrels of crude from the US Strategic Petroleum Reserve. So far though, with OPEC
standing by its planned gradual return to normal production, oil prices have stabilized, albeit below where they
were in mid-November. Henry Hub prices, always at the mercy of the weather, responded predictably to a
warmer-than-normal early winter in the US, falling from US$6.60/MMBtu in early October to below
US$4.00/MMBtu by mid-December. In Europe and Asia, following a short reprieve at the start of the quarter,
piped natural gas prices have spiked again on concerns triggered by Russian troop buildups on the Ukraine
border and uncertainties surrounding the Nordstream 2 pipeline. Looking forward, OPEC and the U.S. Energy
Information Administration (EIA) in their last forecasts of the year both projected that 2022 oil demand would
be above what we saw in 2019. Although time will tell if those forecasts are realized and other events could
intervene, the response to new virus outbreaks is well-practiced and the trade-off between public health and
economic reality has tipped toward a cautiously optimistic view.
EY Price Point: global oil and gas market outlook, Q2 April 2021EY
The theme for this quarter is governed. Apparent market balance at prices that could be sustainable is the product of calculated choices by market leaders and the cooperation of those who follow them. Economics played their customary role as well, with capital scarcity in North America taking about 2 million barrels per day out of the market, about half of the remaining gap in demand. While inventories are close to their pre-COVID-19 levels, there is still uncertainty. The resolution of the pandemic is in sight, but timing is unclear. Vaccine distribution in the US is having an impact but Europe is struggling to contain a third wave of infections. The taps have opened on economic stimulus, but it remains to be seen if policymakers have done enough or if they have overshot the mark.
The shape of the crude oil forward curve has fundamentally changed since the end of the last quarter. In late December of last year, the Brent forward curve was gradually increasing while today, the curve is backwardated. This is a clear sign that the market sees a short-term dynamic that is disconnected from the medium-to-long-term fundamentals. The lasting impact of the COVID-19 pandemic remains to be seen. While many have opined that COVID-19 marks a turning point in energy transition, the IEA recently released a five-year forecast of oil demand that shows steady growth, albeit at rates that are below historical expectations.
Gas markets are a paradox. At the Henry Hub and at LNG destinations, demand grows, investment lags and prices will occasionally attract attention. Traders, so far though, are unconvinced and futures prices don’t indicate imminent scarcity at any link in the value chain.
EY Price Point: global oil and gas market outlookEY
We enter 2021 on a note of cautious optimism for global health, the world economy, and the oil and gas markets. The first weeks of December brought approval in the US and the UK of the first of several COVID-19 vaccines. The speed with which vaccine development occurred is unprecedented, but certainly welcome. In the weeks following the early November announcement of 90+% effectiveness by the manufacturer of the first approved vaccine, the price of WTI crude oil increased by US$10/bbl to US$48/bbl, the highest level since early March. Sustainability hasn’t returned yet, and whatever time it takes to get the world to normal, it will take even longer for normalization within the oil and gas markets. Inventories remain at historically high levels and, optimistically, it will take until April before inventory returns to levels observed in the preceding five years. That’s an estimate, and there has obviously been some difficulty properly calibrating the expectations of how balance will return and how long it will take. In late November, OPEC met to adjust its output plans because of the anemic rebound in demand. In mid-December, the IEA lowered its demand forecast for 2021 due mostly to continued sluggishness in aviation fuel demand.
A mild winter has interrupted a recovery in North American natural gas prices after a run-up motivated by curtailed capital expenditures, upstream activity and production. After an initial meltdown, with cargo cancellations and dramatic price reversal, LNG markets have made a remarkable comeback, and the spread between Asia and Henry Hub has reached a level we haven’t seen in almost three years. It may be the case that interruption in FIDs has brought us to the cusp of a balance that can support reliable returns.
EY Price Point: global oil and gas market outlook (Q4, October 2020)EY
Oil and gas prices have recovered steadily from their lows and are relatively stable, but that stability is supported by the combination of purposeful withholding of production by oil-producing countries and economic stress on upstream independents. Oil prices closed the quarter roughly where they started it, while refining spreads were down slightly. LNG spreads were substantially higher at the end of Q3 than they were at the beginning of the quarter but are still roughly half of what is generally thought of as sustainable.
Going forward, the market will be looking closely at how the economy and demand respond to new developments with respect to a potential COVID-19 vaccine and the US election.
EY Price Point: global oil and gas market outlookEY
As we close the second quarter of 2020, in most of Europe and Asia, the first (and hopefully last) wave of the COVID-19 crisis appears to be abating. In the parts of the US where the virus hit early, the profile has largely matched Europe’s, while in other parts, the urge to reopen businesses has trumped the desire to contain the virus and uncertainty looms. In the developing world, the crisis has just begun, but without the economic headroom and resources necessary to contain it. As the crisis unfolded, the effect on oil and gas demand has been predictable but difficult to gauge precisely and therefore difficult to manage.
Oil prices have crept up steadily as production has been curtailed through coordinated action (OPEC+) and because of economic reality (unconventional oil in North America). That trend has been subject to momentary spasms when bad news hit the market. It would be understandable if traders were nervous, and it seems that they are. Although nowhere near where it was at the peak of the crisis, option implied volatility is still at historically high levels. Gas markets, without the benefit of coordination on the supply side, continue to deal with the market implications of storage at or near capacity. Interfuel competition in power generation has always provided something of a floor, but those lows have been, and will continue to be, tested.
Zahl der Gewinnwarnungen steigt auf RekordniveauEY
Immer mehr deutsche börsennotierte Unternehmen müssen ihre eigenen Umsatz- oder Gewinnprognosen nach unten korrigieren. Im ersten Quartal stieg die Zahl der Prognosekorrekturen auf ein neues Rekordniveau: Insgesamt 77 Gewinn- oder Umsatzwarnungen wurden registriert.
Die Corona-Krise trifft auch die Versicherungsbranche mit voller Wucht. Die Versicherer rechnen mit weniger Neugeschäft. Jeder Fünfte mit Personalabbau und Prämienerhöhungen.
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Folgt auf die Corona-Krise ein M&A-Boom? Laut Capital Confidence Barometer von #EY hoffen 40 Prozent der deutschen Unternehmen auf sinkende Bewertungen von Übernahmekandidaten.
EY Price Point: global oil and gas market outlook, Q2, April 2020EY
The first quarter of this year has seen some extraordinary events. As if chronic oversupply, prices stuck below sustainable levels, the looming energy transition, and investor pressure to decarbonize weren’t enough, our industry now faces a dramatic, but hopefully temporary, downturn in demand as a result of the ongoing COVID-19 outbreak.
Our Global Chemical Industry Leader Frank Jenner explores the trends and drivers that will shape the chemical industry of tomorrow in our latest Chemical Market Outlook.
Die Geschäftslage im Mittelstand hat sich leicht verschlechtert, ist in den meisten Branchen aber weiter überwiegend gut - die Einstellungsbereitschaft sinkt.
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Is the future of shipping in ships and ports, or chips and blocks?
1. Some industries can get disrupted quickly, but shipping is not
necessarily one of them. As long as people create products and
extract raw materials in one part of the world that are needed in
another, it’s likely that the physical infrastructure of freighters and
ports will play a continuing, critical role in international trade.
However, this doesn’t mean the wider operational environment in
which shipping operates will be similarly static. Things like insurance,
logistics management and backend services for the industry all
stand in the crosshairs of current trends in geopolitics, business
and technology.
Ultimately, the shipping industry is crying out for new ways of doing
business. And emerging technologies, like blockchain and artificial
intelligence, may provide that.
Is the future of shipping in ships and
ports, or chips and blocks?
Shipping is an industry that’s hard to change,
but new market opportunities and new
technologies are making transformation
inevitable.
2. New geopolitical opportunities and uncertainties
The maritime sector, while not about to jump online, is nevertheless contending with major global trends.
Many of these are geopolitical in nature, and include:
• The growth of ASEAN: The ASEAN free trade area is predicted to evolve over the next decade. Japan has
been investing in the ASEAN markets for some time, and upcoming trade agreements like ASEAN+1 and
ASEAN++ will deepen this trend. ASEAN already sees US $2.2 trillion of trade every year, and these ongoing
political shifts are likely to accelerate this trend. All of this means an easing of trade friction, more details,
and more demand for shipping and services that support shipping, like insurance and back-end services.
• The rise of South and Southeast Asia: Linked to the projected growth of ASEAN is the more general trend
of emerging economies around maritime Southeast Asia, including India, Thailand, Malaysia, Indonesia and
the Philippines. Alongside the growth of economies in the region, we can expect a significant increase in
maritime infrastructure and traffic — meaning an increasingly complex web of insurance requirements.
• OBOR: Overlaying all of this is China’s One Belt, One Road (OBOR) initiative. OBOR is one of the largest
infrastructure projects ever undertaken, and involves investment from China into more than 60 countries
around the world. It aims to link China to the rest of Asia and Europe via a land route across Eurasia and a sea
route through the Indian Ocean. This sea route involves the substantial development of ports in Hong Kong,
Guangzhou, Shenzhen and Shanghai. To give a sense of the scale of the project: the port of Ningbo-Zhoushan,
near Shanghai, will be connected to more that 242 sea routes around the world, and more than 600 ports.
All of this is contributing to a general uptick in the global maritime industry. Across 2017, the United Nations
Conference on Trade and Development (UNCTAD) reported a 4% growth in global seaborne trade volume, and
a 3.3% increase in fleet capacity.
Storm clouds on the horizon?
However, not all geopolitical developments spell good
things for the maritime industry, and the sectors (like
insurance) that it supports.
During 2018, the escalation of the US - China trade
dispute has introduced a substantial element of
uncertainty into global trade operations, which could
dampen the growth of the market and associated
opportunities in Asia and beyond.
At the same time, a growing international architecture
of environmental regulations — such as the sulphur
emission regulations recently issued by the
International Maritime Association (IMO) — may impose
substantial uncertainty on the sector, and complicate
growth as ships are refitted for fuel efficiency and new
forms of fuel are developed.
And it’s not only the need for insurance that is growing
— Brexit is driving a breakup of traditional London-
based insurance markets, and in turn, the emergence
of new insurance and reinsurance markets in Europe
and Asia.
All of this means there’s a growing and compelling
need for better alignment of ports, supply chains, and
cross-border activities to ensure maximum operational
efficiency — driven by better use of data as an asset.
Singapore’s September 2018 launch of the Networked
Trade Platform (NTP) — providing one digital ecosystem
for traders, partners, regulators and other stakeholders
— could be one vision of the future. The July 2018
announcement of a blockchain-based trade alliance by
European banks could be another.
The question is how will the shipping industry respond?
Is the future of shipping in ships and ports, or chips and blocks? | 2
3. The future of shipping is both complex and uncertain,
a mixture of opportunity and risk. But at the same
time, there is a growing demand for more robust
measurement and more effective insurance to help
organizations cope with these uncertainties.
To some extent, shipping insurance is largely the same
today as it was back in its early days four centuries
ago. Shippers provide insurers with an inventory, that
inventory is valued, the shipping route is assessed for
potential dangers and insurance is priced accordingly.
Today, smart sensors, smart shipping infrastructure
(including both the ships themselves and the ports
that serve them), and more sophisticated and deeper
forms of data analytics are giving insurers access to
much deeper insights into their clients’ operations than
ever before. This, in turn, is enabling more accurate
risk assessment, and more accurate pricing — along
with increased expectations from buyers of insurance
and shipping services that their risk will be accurately
assessed and their goods appropriately tracked.
But the assessment of maritime risk has always been
a challenge — as has the verification of losses when
claims have been made. Where other areas of insurance
have become more granular and sophisticated, shipping
insurance has lagged behind — in part because it’s so
hard to track items at sea, where connectivity is limited
and monitoring activity challenging. This has made
pricing maritime insurance difficult — in turn pushing up
costs and reducing margins for the industry.
Even without connectivity challenges, the very nature
of shipping means that it is full of deep structural
complexities. The work itself is innately physical,
meaning losses and damage are real. The cargo
is often owned by multiple third parties, meaning
liabilities can get more complex. Ships often cross
multiple jurisdictions, leading to legal complexities.
And waterborne craft are unusually exposed to unique
forms of risk — including war, piracy, and extreme
weather events, any of which can lead to catastrophic
asset damage, including sinking.
The potential of new technologies to help make
shipping more transparent and insurance more
accurate has long been clear — and demand has
been rising for a more modern solution. The challenge
has been how to realize this potential in such an
infrastructure-intensive industry, where redesigning or
refitting ships and ports to introduce new technologies
can take years — and cost prohibitive amounts.
What shipping — and shipping insurance — needs is
something to facilitate the collection and exchange
of information in a global ecosystem.
Emerging tech and expectations
Is the future of shipping in ships and ports, or chips and blocks? | 3
4. A blockchain solution
Blockchain interacts with these trends in several key ways.
Blockchain is a remarkable technology because of what
it avoids. Because the information it contains is distributed
between multiple participants on the chain — and changes
in recorded information are simultaneously visible to all
participants on the chain — it substantially cuts down
on the paperwork and record-keeping involved in
traditional transactions.
This means top-level efficiency savings. Not having to have a
paper trail, and getting real-time access to asset information,
can both massively increase the efficiency of insurance
operations and reduce the potential for fraud. This in turn
naturally lowers the cost for both the insurer and insured.
But there are other, more transformative implications of
blockchain-enabled insurance. Not least, it promises to
transform the role of insurance professionals. Rather than
shouldering the administrative burden of signing and handling
transactions, or negotiating between carriers and clients,
brokers and underwriters can instead focus their attention
on more value-adding roles, like limit-setting and risk
management.
The transformation of
maritime transport
The move to blockchain-powered insurance
can also have a direct impact on the logistics
of the shipping industry. If asset data can
be collected and shared across a blockchain
network, in real time, it gives participants
in shipping a much better view of how their
assets are behaving — and, significantly, how
they interact with insurance mechanisms.
For example, if a ship suffers damage to its
assets in transit, this information could be
automatically recorded by the blockchain,
and a relevant insurance policy could pay
out without the need for claims inspectors
on the ground. For the shipping industry,
where large amounts of capital can be tied up
in operations, that by their very nature are
geographically difficult-to-access, this could
introduce significant value.
Or, if a ship is moving through jurisdictions, or
geographic zones (such as war zones, or areas
with a high risk of weather events), insurance
policies in place could automatically modify to
reflect this shifting context.
Better ways of tracking and measuring risk
may also help in breaking down long-standing
silos in the insurance industry. The marine
insurance industry has evolved over so many
centuries that some products currently
require several layers of brokerage to
effectively connect buyers and underwriters.
This should lead to streamlined services and
better outcomes for buyers.
In short, blockchain-enabled insurance
platforms could help bring capital and risk
management closer together than ever before
— something that can drive real strategic value.
Case study: how blockchain is
reducing the fluidity of risk in
marine insurance
Is the future of shipping in ships and ports, or chips and blocks? | 4
5. Turning the promise of blockchain into a reality
To this end, EY has been working with Guardtime, Microsoft and Acord, along with key industry participants
Maersk, Willis Towers Watson, AXA XL and MS Amlin to produce the world’s first maritime blockchain
backed insurance platform, Insurwave. Using a Keyless Signature Infrastructure (KSI) cryptographic data
timestamping, Insurwave verifies data at its source — in ports, smart devices, or any other point of data
generation throughout the supply chain.
The system can then monitor this data in real time, preventing tampering and providing guarantees of
provenance to reassure all stakeholders, from regulators through owners, insurers and customers. And all
of this can be done far more efficiently than traditional methods, reducing costs, as well as increasing the
potential for identifying new insights through more robust tracking of assets.
Ultimately, a blockchain-based insurance platform underpinning shipping could play a critical role in bringing
the industry fully into the 21st century and help it address some of its most pressing challenges.
EY Global Insurance blockchain leaders
Guardtime blockchain leaders
Shaun Crawford
EY Global Vice Chair
EY Global Services Ltd.
+44 207 951 2172
Mike Gault
CEO
+31 62 507 1958
Ian Meadows
Senior Manager
Ernst & Young LLP
+44 207 951 9594
Jamie Steiner
GM, Financial Services
+371 2 027 8869
Preetham Peddanagari
Principal
Ernst & Young LLP
+44 207 951 6979
David Piesse
Chairman, Ambassadors
International Insurance Society
+44 207 951 6979
Authors
Is the future of shipping in ships and ports, or chips and blocks? | 5