Petrex GmbH wishes a joyful Advent time!

Petrex GmbH wishes a joyful Advent time!

We wish you a beautiful and contemplative Advent time with your loved ones. Instead of sending gifts, we decided to invest in environmental protection this year. That’s why we have supported Plastic Fischer GmbH financially.

About Plastic Fischer

Plastic Fischer collects plastic from rivers, primarily in India, Indonesia and Vietnam. With the help of the so-called TrashBooms, a kind of floating garbage collection station, a large amount of plastic can be removed efficiently before it lands in the oceans of the world. The plants are maintained by local residents, who receive a full-time job in return. They also help to sort the garbage. In addition, recyclable plastics are to be sold to recycling companies in the future and collection technologies may be leased or licensed.

Sustainability at Petrex GmbH

To develop long-term sustainable business processes is also our goal for 2022. It is our conviction to constantly keep this task in mind with well-thought-out actions. This year, we were already able to record initial successes when we achieved a platinum medal in the EcoVadis sustainability rating.

Container shortage: No improvement in sight!

Container shortage: No improvement in sight!

This year, global supply chains were once again confronted with serious delays. In addition to rising freight rates and longer transit times, this also led to the general congestion of ports. As consequence, there is still a shortage of containers.

Causes of container shortage

Due to disruptions in the shipping schedule, empty containers are not returned in time. There was also an increase in blank sailing leading to delayed container handling. As a result, containers are stacked at ports, which further slows down logistics processes.

Outlook in 2022

Improvements in the current situation are not expected to occur until early next year. The Chinese New Year will lead to a temporary reduction in Chinese logistics activities, which will have a positive impact on the global logistics situation. Around 60,000 to 70,000 new containers are also expected to go into operation globally in mid-2022. In the long term, some new ship orders can also be awaited to improve the shipping availability on the market.

Have you seen our code of conduct?

Have you seen our code of conduct?

Ethics, sustainability and self-commitment are not verbiages for us, but buzzwords we are convinced of and stand for. In our code of conduct, we have recorded our essential behaviors. Our business partners must meet high standards, along with high quality.

About the Code of conduct

The Code of Conduct provides a collection of binding behaviors in internal and external business environments. Contents of the rules cover various areas but there is no prescriptive form. The more comprehensive the rules are, the better and more effective they can be applied.

Our values

We stand for honesty, openness and transparency, which is why we do not tolerate bribery and corruption. Due to our social responsibility, we do not accept any discrimination in the internal and external business environment. But our efforts are not only limited to publishing documents, we also actively implemented sustainability aspects. Accordingly, we are proud to announce that we have received an EcoVadis certification this year again. Learn more about our Code of Conduct here.

The development of the Yuan

The development of the Yuan

The Yuan is a dynamic currency that has also shown impressive development in recent months. Also known as “Renminbi” (English: People’s Currency) the Yuan is issued and regulated by the People’s Bank of China (PBOC). However, fluctuations in quotations can be observed regularly.

Yuan comparison 2020/21

In the second half of last year, quotations fell from just under 7,20 yuan to around 6,50 yuan. The initial high values were associated with the Corona pandemic. Compared with other countries, China’s economy has recovered quickly. Also, China is ahead of the US and Europe in the business cycle.

This is followed by a striking interim low of around 6,35 yuan per dollar in early July 21 – the lowest level since May/June 2018. The yuan continues to fluctuate strongly, with a slight decline in November compared to the previous month.

Outlook

Further losses of the Yuan cannot be ruled out. This also has an impact on the Australian and New Zealand currencies, which are heavily dependent on China’s development. It is also to be seen how the introduction of eYuan – the new state cryptocurrency – will affect development.

Olympic Games in China

Olympic Games in China

The Olympic Games are a world-famous competition, which is regularly held in various sports. Since 1896, the competition has been realized in different countries and amuses the spectators. This year, the Winter Olympics will take place in China. The capital Beijing is already preparing intensively to offer athletes and spectators an unforgettable competition. The Games will be officially opened on February 4 and will end on February 20.

The impact of the Olympic Games on the chemical industry

Already in the past, we have had the experience that major events affect the production of Chinese chemical companies. Official requirements also lead to a temporary reduction in production capacities during the upcoming Olympics. Production is stopped before and during the current competition. In addition to the national holiday week “Spring Festival” impacts to the chemical production can be expected mid-January to the end of February.

The Olympic Games and the Supply Chain

The reduction in production capacity leads to delays in the supply chain. Changes in the freight market have also been observed in this respect. Even if this situation lasts only for a short time, companies who buy their intermediates or finished goods from China should be as proactive as possible in adapting their flow of goods. It is also advisable to build up buffer stock, ideally already in the fourth quarter.

Team Petrex has organised all necessary steps to secure a steady supply to our customers. For any questions please do not hesitate to contact us.

Petrex GmbH reached the EcoVadis platinum status!

Petrex GmbH reached the EcoVadis platinum status!

Since we joined the EcoVadis Program in 2017, the role of sustainability is more important than ever.  Companies have to raise awareness of issues related to the environment and question their ethical point of view. This forward-looking topic is an important concern for us and we are pleased to have found a rating service that can quantify our efforts. Being sustainable is a  necessary measure to save the planet.

Petrex GmbH joins EcoVadis programm

EcoVadis is a certificated service for companies that analyses the sections environment, fair business practice, sustainable procurement, labor, and ethics of a participating company. As a result, an evaluated business gets a scorecard with an overview of its sustainable performance. The rated company can compare its score with the benchmark in their industry. Depending on your score results, you get possible bronze, silver, gold or platinum ratings.

The score shows the transparency and sustainability of Petrex GmbH

As an importer of chemicals and pharmaceuticals, a high understanding of ethics is imperative – not only for our employees but also for every business partner. We have evaluated comprehensive measures to act sustainably in the long term. We are pleased that our efforts and our improvements have been recognized with a platinum medal. In all the areas, we can achieve a rating well above the industry average. This makes us one of the one Top-1%-companies of all the companies rated by EcoVadis. Sustainability is a matter of the heart for Petrex GmbH. We also want to improve continuously in the future. Any questions? Feel free to contact us!

Power supply cut in China

Power supply cut in China

Temporary power cuts in China are regularly organized – especially in the wintertime. There are a variety of possible reasons for this e.g. electricity supply issues or regulations to protect the environment. Since a few weeks, a new power supply cut has been realized. To meet environmental goals, the country’s environmental officer arranged the measure.

Who is affected by the power supply cut?

The regions affected most particularly are Jiangsu, Zhejiang, Shandong, Yunnan, Guizhou and Guangdong. But not everyone is affected by the restriction. Initially, the companies have been ordered to halt production to meet energy consumption targets. This arrangement primarily covers companies in the textile, dyeing, and chemical fiber industries. There may also be temporary power outranges in private households.

Consequences of power supply cut

According to the latest information, production will be impacted for several weeks at least. Every province’s government makes its individual regulations. This influences the availability and price of some raw materials like fibers or phosphor. Short-term product shortages may occur.

Petrex sponsors Young Masters soccer tournament

Petrex sponsors Young Masters soccer tournament

Every year over 1.800 primary students, kindergarten children and over 2.000 visitors joined the local soccer tournament in our neighboring city St. Hubert. The annual and three-day-running event already reached cult status in our area.

What is Young masters?

Young Masters is the largest promotional event for children’s football in the region. Children get to know soccer at this cooperation event and thus make their way into this team sport. The little athletes enjoying this time and love the concept “1:0 for children”. Soccer inspires people and connects generations.

The role of Petrex

In his over 30-year-old history, we are a long-term partner of the sports club St. Hubert and proudly support the soccer events financially. We are happy to take our part in the intermediation of precious values for the children and look forward to joining the event.

FM Global Resilience Index 2021 has been published!

FM Global Resilience Index 2021 has been published!

The FM Global Group provides the Global Resilience Index every year. This tool evaluates and brings together economic, supply chain, and risk quality data from almost 130 countries. As a result, global resilience can be rated validly.

FM Global Resilience Index 2021 for risk management…

The report enables companies to better assess the potential risks a region presents. It provides an important basis for future strategic decisions. The document contains an interactive world map with resilience rankings and scores based on 12 objective metrics. The report 2021 shows unexpected results and is worth a visit. It must be pointed out that pandemic risk is not explicitly measured in the index.

Our findings from FM Global Resilience Index 2021

We gained valuable insights from this report and incorporate them into our corporate decisions. Only a critical risk analysis enables us to conduct morally justifiable business activities.

The new risk report has been published!

The new risk report has been published!

2020 was a challenge for many companies – not only because of the Corona pandemic. The Munich-based IT provider riskmethods examine each year in their risk report which risks have particularly affected companies. However, the effect of Covid-19 is less than expected.

The risk report and its results…

The impact of the pandemic on global supply chains is focused on in the report. According to riskmethods, the number of risk alerts increased by 57 percent in 2020 compared to the previous year. The consequences were capacity limits, product shortages, and in many cases a significant decline in sales and orders. Suppliers, in particular, came under pressure. Almost every second risk alert in 2020 showed a financial problem among suppliers.

The pandemic causes new risks

The pandemic supply chain problems value for only a small proportion of 4% in the survey, the rest being taken by other risks. The paper lists the top 3 SCM threats for 2020 as changes in revenue and growth prospects, changes in the ownership structure, and changes in key employees. An overview of the 10 most common risks can be found in the figure. Risks are also expected to increase in 2021. Challenges of shipping blockades and also the problem of cybercrime in the Home Office could grow even further in 2021.