Benefits from use of CDC vouchers not equally distributed, with some buyers trying to seek profit
The Federation of Merchant's Associations Singapore says gains from CDC vouchers aren't evenly felt across merchants, as digitally savvy merchants tend to attract more customers. At the same time, shifting spending habits have seen some Singaporeans trying to profit off their vouchers by flipping them for cash. Now, heartland enterprises are finding new ways to keep customers coming back. Nasyrah Rohim with this report.
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CNA
5 hours ago
- CNA
Benefits from use of CDC vouchers not equally distributed, with some buyers trying to seek profit
The Federation of Merchant's Associations Singapore says gains from CDC vouchers aren't evenly felt across merchants, as digitally savvy merchants tend to attract more customers. At the same time, shifting spending habits have seen some Singaporeans trying to profit off their vouchers by flipping them for cash. Now, heartland enterprises are finding new ways to keep customers coming back. Nasyrah Rohim with this report.
Business Times
8 hours ago
- Business Times
Can US ports handle a freight spike or will they be overwhelmed?
ARE Los Angeles and Long Beach heading for another port congestion crisis? Since the United States put tariffs on hold for a 90-day trade war truce with China on May 14, the market has expected a shipping surge driven by Chinese exports. Ocean carriers have re-instated suspended services, restarted vessels lying idle, and introduced new routes – revitalising transpacific lanes. But how much capacity has actually returned to the US-bound trade? Estimates vary. According to maritime consultancy eeSea, total capacity from Asia to North America will reach 2.4 million twenty-foot equivalent units (TEUs) in June – 400,000 TEUs more than May. That figure is projected to climb further in July to 2.8 million TEUs. The majority of this added capacity targets the US West Coast, particularly the ports of Los Angeles and Long Beach. Data provider Sea-Intelligence reports similar trends. Its latest weekly update shows a 17 per cent year-on-year rise in Asia-US West Coast capacity in June, with a projected 19 per cent jump in July. Meanwhile, East Coast capacity is growing more modestly – up only 7 per cent in June but expected to match the West Coast's 19 per cent rise in July. These figures are based on carriers' existing schedules, which remain subject to change. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The big question is whether Los Angeles and Long Beach can handle this influx. Will the port congestion seen in the pandemic era re-appear? Preliminary forecasts indicate that container volumes at both ports will begin rising in the second week of June, topping 100,000 TEUs a week. Volumes will continue climbing in the third week. While fourth-week data is not yet available, estimates suggest traffic will remain elevated. Many extra sailings are scheduled to arrive in late June and early July, suggesting persistently high throughput at least into mid-July. Historically, both ports handled their highest Asian import volumes in 2021 during the Covid-19 pandemic – about 10 million TEUs for the year. The Port of Los Angeles alone processed a record 520,000 TEUs in May 2021, while the Port of Long Beach reached its single-month peak of 400,000 TEUs the same month. Will the same influx appear again this time? Industry opinion is divided. Senior executives at leading carriers and terminals suggest the tariff deferral may not trigger a pandemic-style shipping boom. While June volumes are likely to exceed May's, early expectations may have overshot. Much of the inventory that had been sitting in warehouses shipped out quickly after the May 14 tariff suspension. And even if buyers place new orders, lead times mean many shipments will not depart until late June or July. Moreover, despite the suspension of a 125 per cent reciprocal tariff, the 30 per cent levy added this year – on top of 2018's Section 301 duties – means US-China trade has not returned to normal. The truce may offer temporary relief, but it is unlikely to generate a prolonged surge. Freight rates on transpacific routes have spiked in recent weeks. But does that signal true demand strength? A key indicator is the balance between cargo booked under negotiated contract (NAC) rates versus freight-all-kinds spot rates. At present, many freight forwarders are still able to secure lower-priced NAC slots — suggesting excess capacity remains. While sentiment may push prices upward temporarily, ultimate rate direction hinges on ship utilisation. If vessels sail full, rates will hold firm. If not, the rally will fade. So, will there be port congestion? A sudden and sustained spike in volume could strain operations. However, if elevated cargo volumes last only two to three weeks, the ports can manage. If imports climb more than 20 per cent above normal and stay high through July, congestion risks increase sharply. The bottom line is that Los Angeles and Long Beach are entering a high-alert phase. If disruption comes, it will probably begin to show in late July. CAIXIN GLOBAL Zhang Huafeng is the chief operating officer of Duke Shipping Agency
Business Times
11 hours ago
- Business Times
Income Eco Run raises S$70,000 for WWF-Singapore
[SINGAPORE] The inclement weather in the wee hours of Sunday (Jun 8) morning did not deter close to 5,500 people from turning up for the annual Income Eco Run at Marina Barrage to run for a good cause. The carbon-neutral event featured five distances – 3 km, 5 km, 10 km, 15 km and the 21.1 km half-marathon – as well as a kids' run and a new pets category. A group of 20 athletes with special needs from Special Olympics Singapore also took part, running alongside volunteer pacers. Speaker of Parliament Seah Kian Peng flagged off the 5 km and 10 km runs at 8 am, about an hour later than scheduled due to the rain. He also took part in the 5 km event. This year's Eco Run was held in conjunction with Income Insurance's 55th anniversary celebrations. On Saturday night, nine runners took part in an invitation-only 55 km ultra-marathon. Income Insurance once again matched S$1 for every kilometre clocked, bringing the total contribution to S$70,000 – the largest amount raised so far. The money will go towards supporting the World Wide Fund for Nature Singapore's (WWF-Singapore) pilot programme to reduce single-use food and beverage packaging. This programme, supported by WWF-Singapore's partnership with Income Insurance, aligns with the Singapore Green Plan's target to reduce the amount of waste sent to the landfill each day by 30 per cent by 2030. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up After a rain-induced delay, the runners were raring to go at the starting line at Marina Barrage. PHOTO: INCOME INSURANCE Income Insurance's chief executive officer Andrew Yeo said: 'We are proud to champion zero waste not just in principle but in practice – from how we manage logistics, materials and waste, to how we rally and engage the public on sustainable choices.' At the hydration points along the route, for instance, a total of 73,000 compostable, plastic-free cups were used. Instead of being sent to the landfill, these cups will be composted along with banana peels that were collected as part of broader waste-segregation efforts. The organisers also avoided further waste by encouraging participants to run in their own or past Eco Run shirts. Those who completed their runs received e-certificates instead of physical medals, and the run bibs they wore were about 65 per cent smaller than standard bibs. At last year's Eco Run, 60 per cent more recyclables were recycled including metal cans, paper cartons and plastic bottles, and general waste generated per person dropped by 25 per cent.
