zoom Greek marine fuel logistics company Aegean Marine Petroleum Network Inc. is planing to expand its operations to the South American market during the first quarter of 2016.The company’s new office will be based in Rio de Janeiro, Brazil, and will manage an asset-light physical supply and back-to-back trading model in the region.“Our expansion into the South American market is an important milestone for the company and underscores our focus on expanding our capabilities and global footprint to drive profitable growth and create value for shareholders,” said E. Nikolas Tavlarios, President of Aegean.The announcement comes on the back of Aegean’s recently acquired loans.In November 2015, the company entered into a USD 120 million credit facility for its wholly-owned subsidiary, Aegean Oil Terminal Corporation, arranged by local United Arab Emirates banks.Additionally, Aegean renewed its USD 1.2 billion secured global borrowing base multicurrency revolving credit facility under improved terms in September 2015.
TORONTO — The plunge in global stock markets over the past week has dragged down the Canadian dollar and oil prices, but some market observers see signs the loonie’s fortunes will change this year even as the Canadian dollar continued its slide Monday.The loonie is down slightly in the opening months of the year as the global stock market rout that started at the beginning of February has investors turn to safe-haven assets like the U.S. dollar and the Japanese yen.After climbing from 79.71 cents US at the outset of 2018 to as high as 81.38 cents US on Feb. 1, the loonie reversed course at the end of last week. As of Monday morning, the loonie was down to 79.40 cents US.The Canadian dollar tends to move on several types of data — particularly commodity prices — which have also seen their fortunes reverse during the heightened levels of volatility in the marketplace. When oil prices fall, the loonie typically follows suit, especially against the greenback as oil prices are denominated in U.S. dollars.The C.D. Howe Institute says the Canadian economy is particularly open and, because of its reliance on commodity exports, vulnerable to shocks from abroad.The Canadian dollar’s response during recent tumult is consistent with past periods of volatility, said Mark McCormick, North American head of FX strategy for TD Securities.He forecasts the loonie will bottom out at about 79 cents US and settle into a range of 80 to 81 cents US within the next couple of months.“If we start to see equity markets selling off and volatility moving higher, the way that global capital flows move is there’s usually repatriation of Japanese investors having overseas investments where they bring that money home, and U.S. investors also tend to bring their money home,” he said.The Canadian dollar is also influenced by the Bank of Canada. The currency soared last year after the central bank surprised the markets and raised interest rates twice in the third quarter. However, policymakers subsequently tempered their hawkish tone, emphasizing that the bank will proceed cautiously in order to gauge the impact of higher borrowing costs and a stronger loonie on the economy.While a stronger currency may appeal to Canadian businesses buying goods and services from the U.S. and Canadians vacationing south of the border, a weaker loonie makes it easier for Canadian businesses to export products and bolsters our own tourism industry.Sometimes larger macroeconomics trends can affect the loonie — an unanticipated rise in employment, for example — typically means a rise in the Canadian dollar.The tumult that saw global equity markets begin to fall at the beginning of February was triggered by U.S. jobs data that showed wages grew more than anticipated, raising worries that signs of higher inflation might push the U.S. Federal Reserve to increase interest rates more quickly. Many market watchers had also been predicting a pullback after the market’s relentless march higher over the past year.“All of this has really triggered a spike in volatility because it’s brought into question whether higher interest rates are going to curtail the global growth story or erode corporate profitability,” said Bangsund.The VIX index — Wall Street’s so-called “fear gauge” because it measures how much volatility investors expect in the future — had spiked above 50 early Tuesday, quadruple where it was about two weeks ago, before settling at 25 late Wednesday and them ramping up to 34 by late Thursday. By Monday morning it was hovering above 27.Despite the nervousness in the market, Bangsund said her firm believes there is strong support for the Canadian dollar right now and has increased her 12-month target for the loonie to 85 cents US from 82 cents US.“There’s a good fundamental floor because of the strong economy, because of the fact that commodity prices are moving higher,” she said.“This is very positive for the Canadian dollar. Right now, we’re just in a risk-off phase and what you’re seeing is an over-reaction.”
Find out who has joined the premier automotive trade association and what they get from membership: New members – July 2018.Albis (U.K.) Limited – www.albis.com/uk-enDataArt Technologies UK Limited – www.dataart.comDontyne Gears Limited T/A Dontyne Systems – www.dontynesystems.comHiETA Technologies Limited – www.hieta.bizJost UK Limited – www.jostuk.co.ukO B Spoke Services Limited T/A Bespoke Services – http://bespokeni.com/Penny Hydraulics Limited – www.pennyhydraulics.comTrifords Limited T/A Auto Windscreens – www.autowindscreens.co.ukTry EV Limited – www.TryEV.comUrban Electric Networks Limited T/A Urban Electric – www.urbanelectric.londonWurth Electronics UK Limited – www.we-online.comXplore Technologies T/A Xplore – www.xploretech.com/ukSMMT data services:Extensive market data providing key information to assist marketing and promotional activity, and future business opportunities.Legal helpline:SMMT advisors provide assistance with disputes, contracts, employment issues, health and safety matters and much more.Developing business opportunities:SMMT’s targeted events and Automotive Supplier Finder (ASF) service helps facilitate opportunities by matching buyers to suppliers.Production outlook:European car and light commercial vehicle production outlook helps plot future vehicle volumes, as well as new and facelift model introductions.International business expertise:SMMT exhibitions and overseas visits create new business opportunities on top of our excellent database of international sales leads.Raising productivity:10% discount on standard Industry Forum prices.Information:SMMT’s continual flow of information and analysis reflects the full spectrum of industry issues at home and abroad.Technical helpline:Get instant advice on new technical standards which will impact on your business.Funding and support:Expand or modernise your business using SMMTs knowledge of the funding and support systems available.The pace of change in the motor industry puts demand on businesses. Today, businesses need to be better informed, more efficient and more competitive. On your own this can be tough call, but as a member of SMMT you have a resource to help you realise your full potential.For information on joining SMMT please contact: Alison Handley/Liz Paul on 020 7344 9210/1663 or email@example.comClick to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)