Chemicals

HOUSTON (ICIS)–Commercial vessels are likely to continue diverting away from the Red Sea in the peak season of summer as the US has stepped up attacks on Houthi rebels in Yemen, a shipping analyst said. Lars Jensen, president of consultant Vespucci Maritime, said shipping capacity is likely to maintain its strong supply/demand balance if demand growth holds up. “Additionally, [US President Donald] Trump has warned that counterattacks from the Houthis will de facto be seen as attacks performed by Iran and that Iran will be held responsible,” Jensen said. “For shipping this means an increased risk of escalation, which could include the Strait of Hormuz.” Trump said on 15 March that “no terrorist force will stop American commercial and naval vessels from freely sailing the waterways of the world”. In a social media post on 16 March, the president said the US military was carrying out aerial attacks on the terrorists’ bases, leaders, and missile defenses to protect American shipping, air, and naval assets, and to restore navigational freedom. Jensen said the Houthis remain defiant and claimed to have attacked a US aircraft carrier with missiles and drone. The Red Sea is also one of several global shipping choke points to be targeted by the US Federal Maritime Commission (FMC) for possible impacts to shipping that could include refusing entry to US ports by vessels registered in countries responsible for creating unfavorable conditions. BACKGROUND Global shipping capacity tightened dramatically in December 2023 when attacks by Houthis on commercial vessels in the Red Sea led to diversions around the Cape of Good Hope, leading to higher costs for carriers using more fuel and more ships for the longer journeys around the south of Africa, and higher container rates for shippers. Houthi rebels began attacks as retaliation for Israel’s attacks on Hamas in the West Bank. There was hope that after a ceasefire was declared between Israel and Hamas in January shippers could return to using the Suez Canal, but most of the major carriers continued to avoid the route. The diversions have the largest impact on the Asia-Europe trade lane. About 30% of all global container trade passes through the Suez, but only 12% of US-bound cargo. Container ships and costs for shipping containers are relevant to the chemical industry because while most chemicals are liquids and are shipped in tankers, container ships transport polymers, such as polyethylene (PE) and polypropylene (PP), are shipped in pellets. Titanium dioxide (TiO2) is also shipped in containers. They also transport liquid chemicals in isotanks.

19-Mar-2025

SINGAPORE (ICIS)–Japan’s chemical exports rose by 7.5% year on year to yen (Y) 1 trillion in February, supporting the fifth consecutive rise in overall exports abroad, official preliminary data showed on Wednesday. The country’s exports of organic fell by 2.1% year on year to Y180.7 billion in February, while shipments of plastic materials were up by 10.8% at Y282.5 billion, Ministry of Finance (MOF) data showed. By volume, shipments of plastic materials fell by 1.7% year on year to 429,716 tonnes. Japan’s total exports rose by 11.4% year on year to Y9.19 trillion in February, while imports slipped by 0.7% to Y8.61 trillion. This resulted in a trade surplus of around Y584 billion. By destination, Japan's overall exports to China rose by 14.1% year on year in February, reversing the 6.2% decline in January. Total exports to the US rose by 10.5% year on year in February, while overall shipments to the Association of Southeast Asian Nations (ASEAN)  were up by 13.3%.

19-Mar-2025

HOUSTON (ICIS)–As the landmark year, 2025, swiftly passes, many within the US recycled polyethylene terephthalate (R-PET) industry doubt the demand and market growth promised by voluntary brand goals and regulatory post-consumer recycled (PCR) content minimums will come to fruition. Despite this reality, the market has and will continue to see slow progress, with forecast growth even in the face of trade and macroeconomic uncertainties heading into this year’s Plastics Recycling Conference (PRC). MARKET SNAPSHOTOver the course of 2024, average US R-PET market prices saw increases across the board ranging from 2 cents/lb to over 6 cents/lb. More muted growth is expected throughout 2025. At present, East Coast bale, flake and pellet prices remain steady, on sufficient supply and unchanged demand trends despite March typically being a period of transition for the market. On the West Coast, bale prices remain under pressure from Mexican export interest, though domestic players are muted. Flake and pellet prices have shifted in line with bales, but remain under pressure from competitive recycled and virgin imports. Demand expectations across the US for the full spring season are mixed. Historically, demand from thermoformers who cater towards agricultural markets increases in the spring and summer alongside growing season. At the same time, demand from the beverage industry also tends to increase in the spring in preparation for summer bottled beverage consumption. Though, this year, ramp-up timing and intensity remains uncertain due to the impacts of tariffs and inflation on consumer spending. On the fiber side, demand is expected to remain weak and is typically not as seasonally driven. BRAND DEMAND AND SUPPLY LANDSCAPEWhen assessing PCR demand, there are two factors of influence: firstly, the overall product demand as referenced above, but then secondly, the transition from virgin packaging materials to recycled content. Hinging on the same macroeconomic uncertainty, late last year and early this year several brands have publicly stated it is likely they will miss their 2025 sustainability goals. Under this mentality, PCR sellers have noted that many brand and converter customers have downsized PCR growth plans throughout this year as a cost-savings mechanism. This comes as the most recent fast-moving consumer goods (FMCG) data suggests slowing progress, or even in the case of the 2023 Canadian Plastics Pact annual report, negative progress. According to the latest Ellen MacArthur Foundation Global Commitment report, nearly 1.6 million tonnes of additional recycled plastic would be needed for signatories to meet their 2025 targets, as compared to 2023 PCR volumes. On top of the overarching trend, much of the market presently remains in wait-and-see mode due to the whiplash effect of proposed US tariffs, though few players are heard to be operating strongly with consistent year-round demand. The fragmentation of the market persists, as was highlighted during off-peak season last year, and underscores the evolving landscape of polyethylene terephthalate (PET) recycling infrastructure. While some large players who have become entrenched as a premier provider of R-PET see strong order books, other standalone players continue to struggle. Adding to the mixed messaging, several players expect expanded capacity in 2025 such as Republic Services, D6 and Circularix, while another player, Evergreen, has announced a partial facility closure. Future investments in R-PET, whether domestic or international, have largely been paralyzed by the risk that market sentiment and trade policies could shift with each administration, and investments take several years to come to fruition. POLICYWhile not a primary driver of US international trade, plastic scrap and recycled plastic do have strong exposure to international markets, particularly Canada and Mexico as waste is regional and typically market economics hinge on location proximity. To be clear, the proposed 25% tariff on imported goods from Canada and Mexico does include recycled plastic and plastic scrap. When looking at bale and flake supply, tariffs could push US recyclers who are close to Mexico and Canada away from international supply, and towards domestic volumes, thus further straining the limited collection system. The US imported 133 million lbs of PET scrap in 2024, with Canada leading the globe as the US's strongest PET scrap trade partner, followed by Thailand, Ecuador and Japan. Moreover, several US converters and brands have partnered with Canadian and Mexican recyclers over the last several years and now may seek supply relationships with domestic recyclers to avoid additional tariff-related costs. This could be seen as a positive force for the domestic recycling market, though players expect little further support from the current administration, as sustainability and environmental progress has not been identified as a key priority. No federal policies are expected. Despite the ongoing negotiations of the Global Plastics Treaty, based on President Trump's second withdrawal from the Paris Climate Accord, it is unlikely the US will support another global sustainability effort. Instead, state-level legislation is expected to continue carrying PCR momentum, with several proposed extended producer responsibility (EPR) bills as well as some PCR mandates active within various state legislatures. Moreover, as existing policies continue to take shape, such as defining the regulations of California’s Senate Bill 54, or the implementation of Oregon’s EPR program starting this July, the industry hopes that regulation provides a stronger foundation for recycled plastic market growth over voluntary goals which shift with economic sentiment. Hosted by Resource Recycling Inc, the PRC takes place on 24-26 March in National Harbor, Maryland. ICIS will be presenting "Shaping the Future of Recycled Plastics: Trends and Forecasts" on Monday, 24 March at 11:15 local time in room Potomac D. As well as attending our session, we would love to connect with you at the show – please stop by our booth, #308. Visit the Recycled Plastics topic page Visit the US tariffs, policy – impact on chemicals and energy topic page Visit the Macroeconomics: Impact on chemicals topic page Visit the Logistics: Impact on chemicals and energy topic page Focus article by Emily Friedman

18-Mar-2025

HOUSTON (ICIS)–The US polyvinyl chloride (PVC) market is facing continued headwinds as tariff-related uncertainties persist heading into this year's International Petrochemical Conference (IPC). The domestic PVC market is expected to grow between 1-3% in 2025 but continues to face challenges in housing and construction. Meanwhile, export markets continue to wrestle with the threat of protectionist policies and tariffs at home and abroad. The domestic PVC market has been healthy to start the year but has been saddled with excess supply following capacity additions in late Q4. The new capacity, coupled with strong run rates, resulted in high levels of inventory to start the year. This added supply comes in contrast to a US housing market plagued by high prices and high borrowing costs. The pressure of these variables, coupled with exceptionally cold weather, was evident in January housing statistics, where housing starts slumped 9.8% to a 1.366-million-unit pace led by a steep 13.5% decline in the multifamily segment. Despite this, production and sales remained firm in February. Production was expected to decline in March due to turnarounds by two US producers. There was some positive economic news with 30-year mortgage rates easing in March and falling to their lowest levels of 2025 at 6.63% in early March before inching to 6.65% in mid-March. Still, current levels were well above levels considered necessary to spur demand, generally considered to be around 5.0-5.5%. Additionally, inflation appeared to stabilize in February, coming in at 2.8%, lower than the forecast 2.9% and below January levels of 3%. Despite these developments, consumer confidence remains weak. The US PVC export market will also face its share of challenges coming primarily via protectionist policies. Potential 25% tariffs on Mexico and Canada could present challenges as the US exports significant volumes of PVC to each country and then brings back the converted goods for use in medical, building and construction, auto and industrial applications. Reciprocal tariffs could increase the cost of these imports and dent US PVC demand. Additionally, US PVC exports face existing and potential tariff threats from a number of other trading partners including India, Canada, Mexico, Brazil and the EU. Given the challenges in the domestic market and current growth levels, US producers will need to export more than one-third of their production to maintain operating rates in the mid-80s% range, a tall task considering adequate supply and the proliferation of tariffs and antidumping duties (ADDs). To the south, the Latin America PVC market also faces significant challenges, with demand trends differing across key regional markets. A combination of economic pressures and the potential of US tariffs is reshaping the landscape, influencing both supply and demand dynamics. In Brazil, PVC demand remains weak, largely due to persistently high interest rates and ongoing economic uncertainty. These factors have led to buyer hesitancy, reducing the country's dependence on US PVC imports. The outlook for Brazil’s construction sector in 2025 presents a mixed scenario that could influence PVC market dynamics in different ways. The Brazilian Chamber of the Construction Industry (CBIC) projects a 2.3% growth in the sector’s GDP. At the same time, Sinduscon-SP and Fundacao Getulio Vargas (FGV) have a slightly more optimistic forecast, expecting a 3.0% expansion. This growth is primarily driven by ongoing projects and newly contracted developments set to begin in the coming months, particularly in infrastructure and real estate. However, broader macroeconomic factors may temper this momentum. The expectation of slower economic growth, higher inflation exceeding the target ceiling and rising interest rates could cool investment and business activity. If these conditions lead to tighter credit and reduced consumer confidence, demand for new real estate developments could soften, impacting the need for PVC-based materials used in construction applications like pipes, fittings and profiles. Colombia is also experiencing economic difficulties, though the exact demand trends remain unclear. The overall sentiment is cautious, with expectations for stable-to-weak demand in the near term. Meanwhile, Argentina faces persistent investment shortfalls in critical sectors, which continue to hinder PVC demand. This adds to the difficulties for US exporters separately aiming to maintain market share in the country. Mexico, as a key importer of US PVC, brings in around 350,000 tonnes annually. However, the introduction of new tariffs is expected to raise costs for downstream segments that export goods to the US, which reduces the competitiveness of US exports and demand could soften. Pricing dynamics are also likely to shift, if the additional tariff scenario among Mexico, Canada and the US changes in April, as the US Gulf PVC producers could face lower operational rates if demand from their primary export destinations declines. This could lead to production cutbacks, raising per-unit production costs. For the Americas as a whole, uncertainty remains a prevalent theme. 2025 looks to be a challenging year and the effect of proposed tariffs from the Trump administration and retaliatory tariffs on PVC demand is unclear, with economic and inflationary factors adding further uncertainty to the 2025 outlook. Policy and economic health will continue to drive demand in 2025 and producers will need to manage production and inventories closely, control costs and target alternative outlets for exports to mitigate the risks that lie ahead. Hosted by the American Fuel & Petrochemical Manufacturers (AFPM), the IPC takes place on 23-25 March in San Antonio, Texas. Visit the US tariffs, policy – impact on chemicals and energy topic page Visit the Macroeconomics: Impact on chemicals topic page Visit the Logistics: Impact on chemicals and energy topic page Focus article by Kevin Allen and Daniel Lopes Thumbnail source: Shutterstock

18-Mar-2025

TORONTO (ICIS)–Depending on who wins the next election, Canada may soon be without federal carbon pricing. Opposition Conservatives to scrap carbon pricing Ruling Liberals would retain industrial carbon pricing Industry sees carbon pricing as “backbone” of decarbonization Canada’s opposition Conservatives have finally clarified their position on federal industrial carbon pricing – they would abolish it, if they win the next election, they said, along with the federal consumer carbon tax. This would lower prices in the Canadian steel, aluminum, natural gas, food production, concrete and all other major industries, boost the economy, and allow “our companies to become competitive again with the United States”, the party said on Monday. Canada’s provinces could still address carbon emissions “as they like but will have the freedom to get rid of these industrial taxes that the federal government has forced them to impose”, party leader Pierre Poilievre said. Instead of carbon pricing or a carbon tax, the Conservatives would use technology "to protect our environment” they said. In particular, they would expand the eligibility for certain investment tax credits (ITCs), they said. The Conservatives’ announcement came after Canada’s minority Liberal government, under its new prime minister, Mark Carney, suspended the consumer carbon tax. The suspension was one of Carney’s very first actions after taking over from Justin Trudeau last week. However, Carney said that his government would retain and improve federal industrial carbon pricing as the most effective measure to control emissions. The premier (governor) of oil-rich Alberta province, Danielle Smith, said that she was concerned Carney’s government would “significantly increase the industrial carbon tax”, which would be just as damaging to Alberta’s economy as the consumer carbon tax had been. She suggested that federal industrial carbon pricing was a hidden carbon tax, rather than a transparent one. CHEMICALS Industrial carbon pricing is seen as key in attracting investments in low-carbon projects, such as Dow’s Path2Zero petrochemicals complex under construction in Alberta province. Trade group Chemistry Industry Association of Canada (CIAC) supports industrial carbon pricing. Carbon pricing and programs offering incentives for low-carbon chemical production plants were needed to get those facilities built in Canada, the group has said. “We support industrial carbon pricing as the backbone of decarbonization across this country,” CIAC and other industrial trade groups said in a joint statement last year. Industrial carbon markets were the most flexible and cost-effective way to incentivize industry to systematically reduce emissions, they said. ENVIRONMENTALIST Environmental Defense said that Canada’s industrial carbon pricing has “effectively driven down pollution levels more than any other measure”. The group also said that federal carbon pricing was needed if Canada is to diversify its exports towards other markets, away from the US. For example, Canada would not be able to access the European market without strong environmental rules like industrial carbon pricing, the group noted. The EU is implementing a Carbon Border Adjustment Mechanism (CBAM) that puts a price on the emissions of carbon-intensive goods imported into the EU. CANADIAN ELECTION Carney, who does not have a seat in parliament, is expected to call an election possibly as early as this week. Once called, the election will likely take place in late April or early May. Following Trudeau’s resignation announcement on 6 January, the tariff threat from the US, and US President Donald Trump's repeated suggesting that Canada should become part of the US, the Liberals have caught up with the opposition Conservatives in opinion polls about the next federal election. By law, the elections must be held before the end of October. Focus article by Stefan Baumgarten Thumbnail photo source: International Energy Agency

18-Mar-2025

BARCELONA (ICIS)–Moves by Germany and across Europe to boost defence spending could give a significant uplift to the region’s beleaguered chemical industry. Need to maintain robust national or regional supply chains may benefit chemical industry in Europe, which is threatened with closures German defence/infrastructure spending boost could be 2% of GDP, larger than increase linked to German reunification, post-war Marshall Plan Rising defence spending in Europe would help boost electricity demand significantly, estimates vary from 7%-30% Data-driven technology for defence would also raise electricity demand Will raise demand for gas and renewable-based power Europe will need to become more self-sufficient in energy, driven by renewables In this Think Tank podcast, Will Beacham interviews ICIS gas and cross-commodity expert, Aura Sabadus; Nigel Davis and John Richardson from the ICIS market development team; and Paul Hodges, chairman of New Normal Consulting. Editor’s note: This podcast is an opinion piece. The views expressed are those of the presenter and interviewees, and do not necessarily represent those of ICIS. ICIS is organising regular updates to help the industry understand current market trends. Register here. Read the latest issue of ICIS Chemical Business. Read Paul Hodges and John Richardson's ICIS blogs.

18-Mar-2025

COATZACOALCOS, Mexico (ICIS)–Mexico’s new ethane import terminal in the state of Veracruz is poised to transform the country's struggling petrochemical sector by alleviating critical raw material shortages, according to the chief at the facility. Cleantho de Paiva, CEO at the Terminal Quimica Puerto Mexico (TQPM) in Veracruz’s municipality of Coatzacoalcos, said the terminal should start up in May and be able to import 80,000 barrels of ethane, mostly from the US. Natural gas derivative ethane has become the prime choice to produce polymers in North America after the US’s shale gas boom in the 2010s. The ethane will be primarily delivered to polyethylene (PE) major Braskem Idesa, a joint venture between the Brazilian and Mexican chemicals producers of the same name. TQPM is, at the same time, a joint venture between Braskem Idesa and Dutch company Advario. ICIS visited TQPM on 15 March – a few pictures shown at the bottom. FINALLY, START-UP PLANNED FOR MAYThe terminal’s years-long construction is a key project of Braskem Idesa, which until now has been dependent on supply of inputs mostly from Mexico’s crude oil major Pemex, supply which at a time was unstable and below what had been agreed. The situation became so critical that Braskem Idesa, which operates one of Latin America's newest PE complexes, was forced to seek alternative supply arrangements. Industry analysts have pointed to Pemex's supply shortfalls as a major constraint on Mexico's petrochemical sector growth. The terminal’s financing was at some point in doubt, although the parties agreed to inject further cash last year so it could be finalized in 2025. TQPM will make it easier for Braskem Idesa to secure inputs necessary to produce PE, without depending on Pemex, whom at the same time would be able to redirect the inputs it was delivering to the PE producer to other petrochemicals companies. A common theme for Mexican chemicals companies is the lack of raw materials, so any additional supply is always welcome news, said de Paiva. "This project has a very important impact on the development of the national petrochemical industry, because it's precisely to complement access to raw materials that we lack today. With a capacity to import up to 80,000 barrels per day of ethane, this will significantly exceed the 63,000 barrels Braskem Idesa currently requires for its operations,” said de Paiva. “The issue of the lack of ethane in the country is structural. Since the US is the largest producer and exporter of petrochemical ethane, building this terminal gives us access to import sufficient raw material. "When the terminal comes into operation, Pemex, which currently has an obligation to supply a certain amount to Braskem Idesa, will no longer have it and will be able to direct this raw material to its own petrochemical complexes and also resume its operating capacity," he added. This cascading effect could benefit Mexico's broader petrochemical industry, potentially allowing Pemex to better serve other domestic manufacturers once relieved of its Braskem Idesa commitments. De Paiva described this as a “structuring” event for Mexico’s manufacturing industry as it could allow the country's petrochemical industry to return to operating its plants at higher capacities. The executive offered a segment-by-segment assessment of Mexico's chemical industry, noting varying conditions across different product categories. He said polypropylene (PP) production, led by Indelpro – a joint venture between Mexico’s Alpek and the US’s LyondellBasell – as well as production of polyethylene terephthalate (PET) are performing quite well. It is the PE market which faces significant shortages, said de Paiva. PEMEX ASSETSAddressing questions about the state of Pemex's aging petrochemical assets, de Paiva suggested that proper maintenance and technological upgrades could extend the operational life of even decades-old facilities. Some players in Mexico’s chemicals industry think there is room for joint ventures with the private sector to revive some of Pemex’s assets. That was the opinion of Martin Toscano, director for Mexican operations at Germany’s chemicals major Evonik, in an interview with ICIS. Other players, however, think the only way forward would be privatization so Pemex, which recurrently needs bailing out from the Mexican Treasury, would stop being a burden for the taxpayer, according to Javier Soriano, director at chemicals distributor Quimisor. De Paiva said he could not opine about Pemex’s assets, but did say that if plants are properly maintained they should be able to run for decades after start-up. "Petrochemical plants must operate for 30, 40, even 50 years, but they must maintain a continuous maintenance and technological upgrade program. Braskem's experience in Brazil offers a glimpse of this: the company successfully operates plants of similar age, but with consistent investments in modernization,” said de Paiva. Before being appointed CEO at TQPM – a position he will keep for some time after the start-up in May, he said – de Paiva spent decades working for Braskem in Brazil, his country of origin. The terminal's completion comes at a critical time for Mexico's manufacturing sector, which has been looking to capitalize on nearshoring opportunities as global companies seek to reduce dependence on Asian supply chains. Industry experts suggest that resolving raw material constraints could position Mexico's petrochemical sector for significant growth, particularly given its proximity to the US market and competitive labor costs. De Paiva concluded saying that once TQPM is up and running, that will create room for Braskem Idesa to think about potential expansions. The terminal’s storage tanks, being painted The dock where two Braskem Idesa-owned vessels will unload the ethane, to come mostly from the US Work was energetic even on a Saturday (15 March) as TQPM’s two partners want to inaugurate the facility in less than two months Miniature TQPM; right bottom, detail of area’s map and the pipelines (yellow line) connecting the terminal with Braskem Idesa’s facilities, some 10km away Pictures source: ICIS  Interview article by Jonathan Lopez

17-Mar-2025

LONDON (ICIS)–In this ICIS energy podcast, energy news editor Jake Stones is joined by ICIS head of gas analytics Andreas Schroeder and ICIS energy managing editor Jamie Stewart to discuss the role speculative participants play in European gas and power markets today. Schroeder and Stewart provide a summary of recent bull and bear runs in EU energy markets, and look at the significance of speculative financial players' trading behaviors and how these have transformed market dynamics.

17-Mar-2025

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 14 March. US energy secretary optimistic as tariff proposals in early days The US is still in the early stages of its tariff proposals, which could increase the costs of the steel and aluminium needed for oil and gas production, but vigorous dialogue about their effect on the economy is taking place behind closed doors, the secretary of energy said on Monday. AFPM ’25: Shippers weigh tariffs, port charges on global supply chains Whether it is dealing with on-again, off-again tariffs, new charges at US ports for carriers with China-flagged vessels in their fleets, or booking passage through the Panama Canal, participants at this year's International Petrochemical Conference (IPC) have plenty to talk about. AFPM ‘25: US tariffs, retaliation risk heightens uncertainty for chemicals, economies The threat of additional US tariffs, retaliatory tariffs from trading partners, and their potential impact is fostering a heightened level of uncertainty, dampening consumer, business and investor sentiment, along with clouding the 2025 outlook for chemicals and economies. INSIGHT: Tariff war escalates as EU new round of retaliation includes US PE, plastic products Yet another front is opening up on the US tariff war – this one with the EU. In retaliation for US 25% tariffs on steel and aluminium imports that took effect on 12 March, the EU plans to not only roll out old measures, but launch new more significant tariffs directly targeting US polyethylene (PE) and other plastic products. AFPM '25: INSIGHT: New US president brings chems regulatory relief, tariffs The new administration of US President Donald Trump is giving chemical companies a break on regulations and proposing tariffs on the nation's biggest trade partners and on the world. Dow to announce decisions on European asset footprint on Q1 and Q2 earning calls – CFO Dow plans to announce decisions from its European asset review on its Q1 and Q2 earnings calls, its chief financial officer (CFO) said. Canada’s new prime minister to focus on trade diversification and security Canada’s new prime minister, Mark Carney, will focus on diversifying the country’s trade relationships and improving its security, he said on Friday after officially taking over from Justin Trudeau. AFPM ’25: LatAm chemicals face uncertain outlook amid oversupply, trade policy woes Latin American petrochemicals face ongoing challenges from oversupplied markets and poor demand, with survival increasingly dependent on government protectionist measures.

17-Mar-2025

LONDON (ICIS)–Click here to see the latest blog post on Chemicals & The Economy by Paul Hodges, which looks at the changes underway in oil markets. Editor’s note: This blog post is an opinion piece. The views expressed are those of the author and do not necessarily represent those of ICIS. Paul Hodges is the chairman of consultants New Normal Consulting.

17-Mar-2025