Volume 5 – 21 Feb 2024
Look Forward
Supply Chain 2024
During the COVID-19 pandemic, the world realized that supply chains are fragile and can have significant national strategic implications, especially at a time when geopolitical competition is on the rise.
Recent attacks on shipping in the Red Sea further show that the pre-pandemic world, where supply chains were largely undisrupted and efficient, is unlikely to return. These developments have enabled a widespread reevaluation of the global wave of outsourcing that began in the 1990s. Today, the term "supply chain" is an all-encompassing catchphrase spanning international trade, logistics and manufacturing in the context of both corporate operations and national economic security.
It is a broad topic, but S&P Global has the advantage of drawing on deep expertise across the enterprise to frame major themes and offer a glimpse of the future.
For this inaugural issue of Look Forward: Supply Chain, we tapped into the knowledge of multiple specialists in areas such as labor, mobility, geopolitics, decarbonization, shipping and international trade to present a series of articles that delve beyond the headlines and provide critical insights to our customers worldwide. Our deep dive into electric vehicles and batteries is a great example of how technology and geopolitics are reshaping global supply chains.
At S&P Global, we recognize that the world is in a state of transition and growing increasingly complex every day, which is reflected in the new risks associated with supply chains. We aim to go beyond what is expected and seek new levels of understanding to help companies, governments and individuals make an impact on tomorrow. This report is a product of that commitment, and we hope it will be of value to our readers.
S&P Global Mobility
Edouard Tavernier
S&P Global Mobility
President, S&P Global Mobility
Edouard Tavernier is the President of S&P Global Mobility, a division of S&P Global that operates a portfolio of leading information and technology products for the automotive sector and operates under several brands including CARFAX and automotiveMastermind. He is a member of S&P Global’s Executive Committee.
Edouard was appointed senior vice president and head of the IHS Markit Transportation division in 2016. Under Edouard’s leadership the transportation division, which comprised information businesses serving the automotive, maritime and trade and aerospace & defense sectors, expanded significantly through organic growth and through strategic acquisitions, including those of automotiveMastermind and Carproof.
Previously, Edouard was appointed head of IHS’s Automotive business in 2012. He led the acquisition and integration of Polk & Co. in 2013. He also served at IHS in several product leadership roles after joining the company in 2009.
Before joining IHS Markit, Mr. Tavernier held leadership positions at LexisNexis, including head of LexisNexis’ Client Development businesses in Europe, Canada and Latin America, and head of product management for Lexis Nexis’ Global Practice Management Solutions. Prior to this, he held management positions at Global Insight, World Markets Research Center and United Business Media. He also worked as an investment banker at Goldman Sachs and BNP Paribas.
Edouard holds a master’s degree in Business Studies from the Ecole des Hautes Etudes Commerciales (HEC) in France.
Sponsors & Contributors
S&P Global Commodity Insights
Atul Arya, Ph.D.
Senior Vice President and Chief Energy Strategist
Dr. Atul Arya is Senior Vice President and Chief Energy Strategist at S&P Global Commodity Insights. He is responsible for integrating energy content, analysis and insights across the entire energy value chain and for c-suite client engagements.
His areas of expertise include business strategy, commercial analysis, oil markets, energy technologies, climate change and renewables. He has previously led Energy Insight, Research and Analysis and Energy Research teams at S&P Global (Now a part of S&P Global). Dr. Atul previously worked for BP for over 20 years in a number of operational, business, technical and strategic positions around the world. His career includes international leadership experience in a diverse array of energy fields spanning strategy development, business planning, field operations and technology commercialization. His experience includes leadership in solar energy development as well as oil and gas. Dr. Atul has previously served on boards of several companies and institutions and is member of the World Economic Forum's Global Future Council on Advanced Energy Technologies and is 25+ year member of the Society of Petroleum Engineers. He is a sought-after speaker and moderator at public conferences, company boards and industry events and a member of the CERAWeek leadership team.
He holds B.S., M.S. and Ph. D. degrees in engineering.
S&P Global Ratings
Alexandra Dimitrijevic
Global Head of Research & Development
S&P Global Ratings
Martina L. Cheung
S&P Global Ratings
President, S&P Global Ratings
Martina L. Cheung is President of S&P Global Ratings. She has ultimate responsibility for all aspects of the business, including commercial, analytical, control, and operations functions.
S&P Global Ratings is regulated in many of the countries in which it operates, and Martina is a director of three of its largest legal entities, S&P Global Ratings Europe Limited, S&P Global Ratings UK Limited and Standard & Poor’s Financial Services LLC. Ms. Cheung also serves as the Executive Lead of S&P Global Sustainable1, supporting to drive the enterprise-wide growth strategy for ESG.
Ms. Cheung is a member of the Council on Foreign Relations, the Economic Club of New York, and served on the U.S. Commodity Futures Trading Commission’s (CFTC) subcommittee on Climate-Related Market Risk. Ms. Cheung has spoken on key industry topics covering ESG, cyber security, technology and diversity in the workforce across public forums that include the World Economic Forum at Davos, the Institute for International Finance membership meeting, and Politico Women Rule, among others.
Ms. Cheung joined S&P Global in 2010 as Vice President of Operations and went on to serve as S&P Global’s Chief Strategy Officer, where she was responsible for the execution and measurement of S&P Global’s continuing expansion of its global footprint. She also served as Head of Risk Services in S&P Global Market Intelligence, where she leveraged S&P Global’s significant risk intellectual property to serve clients in managing complex risk challenges. She most recently served as President of S&P Global Market Intelligence and Ms. Cheung formally served on the Board of CRISIL.
Ms. Cheung is the Executive Sponsor for the Women’s Initiative for Networking Success (WINS). She also has active involvement in other S&P Global People Resource Groups (PRGs) including Women in Technology (WIT) and S&P Global's LGBTQ+ & Friends PRG (Spectrum). Ms. Cheung’s philanthropic efforts include support for organizations such as Upwardly Global and YWCA.
Prior to joining S&P Global, she worked in the consulting industry, first in Accenture’s Financial Services Strategy group and later as a Partner at Mitchell Madison Consulting. She holds a bachelor’s degree in Commerce and a master’s degree in Business Studies from National University of Ireland, Galway.
S&P Global Market Intelligence
Peter Tirschwell
Vice President, Maritime & Trade
Peter is responsible for all content appearing on JOC.com, The Journal of Commerce magazine and JOC Events, as well as Safety at Sea and Ports & Harbors magazines. Previously, he was executive vice president and chief content officer at JOC Group, as well as a reporter, West Coast Bureau chief, editor in chief and publisher of The Journal of Commerce. Peter is the founder and chairman of the annual TPM conference in Long Beach, California, one of the world's largest shipping events, and led the development of the JOC Port Productivity data, the first global database of container port and marine terminal performance. He is a columnist for The Journal of Commerce and JOC.com covering a range of international logistics topics. He is a sought after speaker for industry events and has been quoted in The Wall Street Journal, Financial Times and The New York Times.
Peter received a Master of Business Administration from Fordham University, Gabelli School of Business in New York and a Bachelor's Degree from the University of Maine, US.
S&P Global Market Intelligence
Chris Brooks
Executive Editor, Maritime & Trade
Chris Brooks is executive editor for Maritime & Trade at S&P Global Market Intelligence.
During more than 30 years as a journalist, his career has touched on every facet of editorial operations, from editing and writing to layout and design. Chris was executive editor of The Journal of Commerce and JOC Events. At JOC, he oversaw daily operations for the magazine and website, upholding and advancing JOC Group's superior editorial reputation. He also served on the programming committee for numerous JOC conferences, including TPM, TPM Asia, Inland Distribution and Port Performance-North America. JOC Group Inc., a premier provider of US seaborne trade intelligence through data, online content and events, was acquired by S&P Global in 2014 and JOC is now part of S&P Global.
He holds a bachelor's degree in Journalism from Lock Haven University in Lock Haven, Pennsylvania, US.
S&P Global Market Intelligence
Chris Rogers
S&P Global Market Intelligence
Head of Supply Chain Research
Chris Rogers is Head of Supply Chain Research at S&P Global Market Intelligence. He has over 25 years of research experience, including more than a decade covering global supply chains. He has worked at firms including Panjiva (acquired by S&P Global in 2018), Bloomberg, JP Morgan, and most recently freight forwarder Flexport. His coverage includes corporate decision-making, international trade policy, and logistics network operations.
S&P Global Market Intelligence
Mayank Agarwal
Principal Analyst, Ship Characteristics
S&P Global Market Intelligence
Carlos Cardenas
S&P Global Market Intelligence
Research and Analysis Executive Director
Carlos Cardenas manages S&P Global Market Intelligence's Latin America Country Risk team. He covers Latin American politics as well as the region's security and business environment assessing risks such as expropriation, non-payment, contract frustration, civil unrest, business disruption, extortion, kidnapping, crime and terrorism.
Carlos, Director of Latin America Country Risk Analysis and Forecasting, is responsible for the generation of commercially relevant political and violent risks forecasts for a variety of sectors in Latin America, including energy, manufacturing, mining and insurance. He manages a team of Latin American experts, as well as a remote network of contributors based in the region, covering risks such as expropriation, non-payment, contract frustration, civil unrest, business disruption and security-related risks (extortion, kidnapping, crime and terrorism). Carlos has also worked and delivered numerous consulting projects for a variety of clients interested in understanding the role of stakeholders and risks at the project level in Latin America. His areas of expertise include petroleum policy and economics, public governance in natural resource rich countries, international relations, criminal dynamics in Latin America and political economy.
He holds a BA in International Studies from Universidad Central de Venezuela (Magna Cum-Laude), an MA in International Political Economy from Birmingham University (distinction) and an LLM in Petroleum Law and Policy (distinction) from Dundee University.
S&P Global Mobility
Graham Evans
Director, Auto Supply Chain & Technology
Previously employed within Engineering, Graham has 10 years' experience in Powertrain Development and Noise, Vibration and Harshness (NVH) having previously worked for Ricardo, Bentley Motors and Jaguar Land Rover. He joined IHS Markit in 2016. IHS Markit merged with S&P Global in March 2022.
Graham graduated from Loughborough University in the UK with a Master's Degree in Automotive Engineering and is a Chartered Member of the Institution of Mechanical Engineers.
S&P Global Market Intelligence
Vittoria Ferraris
S&P Global Ratings
Analytical Leader I, Credit Analysis
S&P Global Market Intelligence
Mark Fontecchio
S&P Global Market Intelligence
Research Analyst
Mark Fontecchio is a research analyst for the Internet of Things channel of 451 Research, a technology research group within S&P Global Market Intelligence. He covers horizontal IoT technology, as well as focuses on the commercial transportation vertical, supply chain technology, and shipping and logistics.
Before joining S&P Global Market Intelligence, Mark was the M&A research manager at 451 Research, where he helped direct the firm's coverage of technology mergers and acquisitions, and its M&A KnowledgeBase.
Prior to joining 451 Research, he spent eight years at TechTarget, where he wrote and directed coverage on datacenters, data management and enterprise applications.
S&P Global Market Intelligence
Diego Iscaro
S&P Global Market Intelligence
Senior Economist, Europe Economics
He is responsible for economic analysis and forecasting for several countries in the Western European region. He produces macroeconomic forecast for many Eurozone economies, including France, Greece and Portugal using the Global Linked Model (GLM). Moreover, he conducts the sovereign risk analysis for many European countries and writes regular briefing notes and in-depth reports. Diego makes presentations at seminars and conferences on behalf of S&P Global, deals extensively with the media and is widely quoted in the press. Prior to joining S&P Global, Diego was a risk analyst in the Coutts and Co. division of the Royal Bank of Scotland and worked for Citibank in Buenos Aires, Argentina.
He earned a master's degree in economics and a postgraduate certificate in economics with mathematics from Birkbeck College, the University of London. He speaks fluent English and Spanish.
S&P Global Mobility
Calum MacRae
Director, Supply Chain and Technology
S&P Global Market Intelligence
Turloch Mooney
Product Management Associate Director, Maritime, Trade & Supply Chain
Turloch Mooney leads S&P Global Market Intelligence Port Analytics team and is an expert in port infrastructure and investment.
Turloch is a product management associate director with more than two decades of experience in maritime and air cargo supply chains and international trade policy and processes. He leads S&P Global Market Intelligence's Port Analytics team and is an expert in port infrastructure and investment, including national and international development programs such as Belt and Road, and container port performance and efficiency. He is an expert in the international container supply chain and logistics sector and international trade policy and processes.
Over the course of his career. Turloch worked on major consulting projects with Accenture, Boston Consulting and a variety of global multinational corporations and financial institutions. He is regularly invited as an expert speaker at global industry conferences and in 2019 addressed the Box Club meeting of the CEOs of the world's largest global shipping lines in Shanghai. He is regularly quoted in global media and industry journals.
He worked previously for the Geneva-based International Air Transport Association (IATA) as secretary of the industry Global Compliance User Group focused on global air cargo rules and regulations and as a journalist with Lloyd's of London Press in Hong Kong in the late 1990s.
Turloch holds a Bachelor's degree and Graduate Diploma in Communications, and an Master's degree with specialization in International Law and Economics.
S&P Global Market Intelligence
Kevin Murphy
S&P Global Market Intelligence
Senior Analyst
S&P Global Ratings
Elijah Oliveros-Rosen
S&P Global Ratings
Emerging Markets Chief Economist
Elijah Oliveros-Rosen is a Senior Economist covering Latin Americaat S&P GlobalRatings. He forecasts the main macroeconomic variables for major countries in the region, which are used by S&P Global analysts during the ratings process. He also publishes work on the outlook for emergingeconomies, as well as on other topics pertaining to the region.
Before joining S&P Global, Elijah was a Latin America Country Risk Analyst at BMI Research, where he conducted macroeconomic forecasts and published commentary on breaking developments. He also held the role of lead Latin America financial markets strategist at BMI Research, in which he identified investment opportunities across FX, Fixed Income, and Equities.
Elijah received his bachelor’s degree in International Economics from the University of Richmond, and his master’s degree in Global Finance, Trade, and Economic Integration from the Josef Korbel School of International Studies at the University of Denver.
S&P Global Ratings
Andrew Palmer
Managing Direct Methodologies COE
S&P Global Ratings
Jose Perez-Gorozpe
S&P Global Ratings
Head of Credit Research Emerging Markets
Jose Perez-Gorozpe is the Head Credit Research for Emerging Markets and chairs the credit conditions committee for Emerging Markets. Credit Conditions Committees meet quarterly to review macroeconomic conditions in each of four regions (Asia-Pacific, Emerging Markets, North America, and Europe, the Middle East, and Africa). Discussions center on identifying credit risks and their potential ratings impact in various sectors, as well as borrowing and lending trends for businesses and consumers.
Jose also chairs the Emerging Markets Risk and Research Hub. This Hub coordinates our economists, research analysts and senior practice representatives to determine our house view on key macro and credit trends.
Jose spent ten years as part of the Financial Institutions analytical team in Mexico’s City office. He was responsible for the analysis of several financial systems in Latin American countries including Brazil, Chile Colombia, Peru and Mexico. He also performed credit rating analysis for several insurance companies and the largest banks in the region. Previously, he was responsible for the analysis of various local and regional governments, other public entities and water utilities for the International Public Finance Ratings team.
Jose joined S&P Global Ratings in November 2003 and holds a BA in Economics from Instituto Tecnológico Autónomo de México (ITAM) and a Master’s Degree in Banks and Financial Markets from Universidad Anahuac.
S&P Global Ratings
Vishrut Rana
S&P Global Ratings
Asia-Pacific Economist
Vishrut drives the team’s macro view on the region’s emerging markets. In addition, he generates economic forecasts for the region, contributes to the team’s research agenda, and serves as a spokesperson for the Asia-Pacific macro narrative. Prior to S&P Global, Vishrut was with the Centre for Research on the Economics of Ageing in Singapore as a Research Associate. Vishrut completed his Ph.D. in Economics from Singapore Management University, where his research focused on business cycles, credit and its interaction with the economy, and financial intermediation.
S&P Global Market Intelligence
Yacine Rouimi
Principal Economist
S&P Global Ratings
David Tesher
S&P Global Ratings
Head of Credit Research, North America
David Tesher is a Managing Director and the Head of U.S. Corporate Research at S&P Global Ratings. The U.S. Corporate Research Team is responsible for researching, writing and publishing topical credit and sector specific commentaries. In addition to coordinating thought leadership research efforts for U.S. Corporate Ratings, David also leads the North American Corporate Ratings Group on the North American Credit Conditions Committee and Portfolio Analytics Team. His responsibilities include identifying and disseminating macroeconomic trends that are then consistently used across sectors, and coordinating credit research efforts across U.S. Corporate Ratings.
David initially joined Standard & Poor’s U.S. Structured Finance Group in 1995. Shortly thereafter, David formed Standard & Poor’s CDO Group, and was a Practice Leader responsible for managing Standard & Poor’s U.S. Cash Flow CDO business prior to transitioning to the Corporate & Government Ratings Group in 2010.
Before joining S&P Global Ratings, David was a commercial lender and senior credit officer with National Westminster Bank PLC, responsible for corporate lending and the monitoring of credit policy for the firm's corporate loan portfolio.
David holds a Bachelor of Arts in Business and Economics from Lafayette College.
S&P Global Ratings
Bruce Thomson
Director, Global Social Specialist, Sustainability Research
S&P Global Commodity Insights
Chris To
Managing Editor, Global Container Markets
S&P Global Market Intelligence
Ashima Tyagi
S&P Global Market Intelligence
Economics Associate Director, Pricing & Purchasing
Ashima Tyagi is an economics associate director at Pricing & Purchasing Service, Global Intelligence & Analytics
Armed with more than 14 years of all-rounded experience in leadership roles within the commodities space, Ashima currently holds the position of Economics Associate Director in the Pricing & Purchasing team, at S&P Global Market Intelligence, based in Singapore.
Ashima's expertise lies within the metals and mining domain, especially on steel markets, encompassing macro-economic research, pricing, procurement strategies & data analytics. She has several white-papers, podcasts, live TV interviews, print media interactions and conference presentations to her credit, wherein she offers her independent and unique perspective on macro developments, steel's linkages to economic growth within various industrial segments, global value chains as well as international trade.
In her previous role, she served as Assistant Director at the Indian Steel Association, New Delhi, representing at the highest levels in the Government of India offices as well as international industry bodies like World Steel Association. Ashima has a masters in Business Administration degree from Amity Business School, New Delhi and a bachelor's degree in Economics from Shri Ram College of Commerce, University of Delhi.
S&P Global Market Intelligence
Ken Wattret
Vice-President, Global Economics
Ken Wattret is the Global Economist within the Analysis and Insights team at S&P Global Market Intelligence.
Ken oversees global economic forecasting and analysis and supports a broad spectrum of corporate and financial clients. Ken has worked as an economist in the financial sector since the early 1990s including for HSBC and BNP Paribas where he was the head of market economics for the euro area. Prior to joining IHS Markit (now part of S&P Global) as Chief European Economist in 2018, Ken was a Managing Director of Global Macro at TS Lombard, an independent research provider. He is a well-known commentator in financial media.
Ken received his honors degree in economics from the University of Sheffield and holds post-graduate qualifications in finance.
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Editors
April Pascual, Senior Editor
Matthew Schick, Editor
Ellen White, Copy Editor
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Meha Dave, Associate, Business Manager
Head of Editorial, Design & Publishing Team
Ken Fredman
Content Strategy
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May Kek, Communications Director
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Carla Donaghey, Senior Designer