logo
Bookings for cargo shipping spiked this week — but it may not last, a shipping CEO said

Bookings for cargo shipping spiked this week — but it may not last, a shipping CEO said

Yahoo15-05-2025

American importers are rushing to ship Chinese goods after the US's 90-day tariff truce with China.
Bookings for China-to-US cargo surged after the tariff rollback agreement, said Hapag-Lloyd's CEO.
However, the surge may be short-lived and would depend on future trade talks, said the CEO.
American importers have rushed to load up on Chinese goods this week after the US and China agreed to a temporary truce on tariffs, but a top shipping executive warned that the rebound may not last.
Bookings for cargo capacity from China to the US have shot up this week after the two economic giants agreed to roll back tariffs, said Rolf Habben Jansen, the CEO of Hapag-Lloyd. The company is the world's fifth-largest shipping firm by capacity.
"We have seen over the last couple of days that bookings have indeed been up more than 50% compared to what we saw the last four weeks," the CEO said during the company's first-quarter earnings call on Wednesday.
Habben Jansen said the rebound came after China-to-US container ship bookings crashed 20-30% in the last few weeks as Trump's 145% tariff on Chinese goods took hold.
This week's rapid turnaround followed the US slashing the combined tariff rate on Chinese goods to 30% for 90 days following the US and China's trade talks in Switzerland over the weekend. The new tariff rate took effect on Wednesday.
San Francisco-based container-tracking software provider Vizion said on Wednesday that US-China container bookings surged 277% in the week from May 5.
"We are definitely starting to see the bookings return now that this temporary pause is in effect," wrote Ben Tracy, Vizion's vice-president of strategic business development, in a LinkedIn post.
Hapag-Lloyd's Habben Jansen said it was unclear if the current booking euphoria could hold.
"Right now, we see a surge that could be very short-lived, but it could also last for 60 or 90 days, very much dependent on what comes out of those trade talks between China and the US," Habben Jansen said.
Last week, shipping giant Maersk said customers reacted "very, very fast on canceling orders or stopping orders" following Trump's tariff announcement on "Liberation Day."
Container volumes between the US and China plunged 30% to 40% in April, said Maersk's CEO, Vincent Clerc.
Earlier this month, logistics experts and shipping specialists told Business Insider that the US could face price hikes and empty shelves within weeks as Trump's tariffs hit supply chains.
Read the original article on Business Insider

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Pentagon Is Reviewing Deal to Equip Australia With Nuclear Submarines
Pentagon Is Reviewing Deal to Equip Australia With Nuclear Submarines

New York Times

time14 minutes ago

  • New York Times

Pentagon Is Reviewing Deal to Equip Australia With Nuclear Submarines

The Trump administration is reviewing whether a security pact between the United States, Britain and Australia meant to equip Australia with nuclear submarines is 'aligned with the president's America First agenda,' a U.S. defense official said on Wednesday. When the deal was reached under President Joseph R. Biden Jr.'s administration in 2021, it was billed as crucial for countering China's growing military influence in the Asia Pacific. Now, its review appears to reinforce President Trump's skeptical and transactional approach to longstanding alliances, including demands that allies spend more on their own defense. The Pentagon official said the review would ensure that the pact, known as Aukus, met 'common-sense, America First criteria,' including ensuring that U.S. forces are at 'the highest readiness,' that allies are doing their part, and that 'the defense industrial base is meeting our needs.' The review was first reported by The Financial Times. Australia's defense minister, Richard Marles, said both Australia and Britain had been notified about the review and that all three nations were still committed to the deal. 'We've been aware of this for some time. We welcome it,' Mr. Marles said in a radio interview with ABC Melbourne on Thursday, Australia time. 'It's something which is perfectly natural for an incoming administration to do.' Australia sees the Aukus agreement as central to its defense strategy in the coming decades in a region increasingly shaped by China's assertive military posturing. Nuclear submarines can travel much farther without detection than conventional ones can and would enable the Australian Navy to greatly extend its reach. Under the pact, Australia is scheduled to receive secondhand Virginia-class nuclear submarines from the United States in the 2030s while scaling up the capacity to build its own, using a British design. But there has been concern in both Washington and Canberra about whether the United States can build new submarines to replenish its fleet quickly enough for the older ones to be transferred to Australia. Elbridge Colby, the U.S. under secretary of defense for policy, said during his Senate confirmation hearing in March that he was skeptical about the pragmatic feasibility of the deal. The Financial Times reported that Mr. Colby was heading up the Pentagon review. 'So if we can produce the attack submarines in sufficient number and sufficient speed, then great,' Mr. Colby said at the hearing. 'But if we can't, that becomes a very difficult problem.' Even before the review was announced, concern and anxiety had been building in Australia over whether it could continue to depend on its longstanding relationship with the United States, given the Trump administration's treatment of allies. Mr. Marles, the Australian defense minister, said in the radio interview that he was confident the Aukus deal would proceed because 'it's in the interests of the United States to continue to work with Australia.' Michael D. Shear contributed reporting from Washington.

Can Fashion's ‘Bridges' Overcome Its ‘Barriers'?
Can Fashion's ‘Bridges' Overcome Its ‘Barriers'?

Yahoo

time14 minutes ago

  • Yahoo

Can Fashion's ‘Bridges' Overcome Its ‘Barriers'?

Even Queen Mary of Denmark had nothing to say at this year's Global Fashion Summit, perhaps the industry's most boldface of sustainability conclaves. The longtime patron of the Global Fashion Agenda typically delivers a brief speech to kick things off, usually along the lines of the need for collective action for transformation to occur. Or she might joke about her daughters stealing her shoes as a form of reuse. Somewhere between the opening smooth-jazz jam and a H&M Foundation-helmed panel on operationalizing circularity, however, the royal consort slipped away from her front seat at the Copenhagen Opera House, her exit barely announced by the fading click of her stilettos. More from Sourcing Journal Refiberd Wins Trailblazer 2025 With AI-Powered Textile Recycling Global Fashion Agenda's Innovation Incubator Returns, Opens Call for Solutions What Will a Second Trump Term Mean for Fashion's Sustainability Ambitions? It was a stealthy retreat that, inadvertently or not, reflected the muted mood of the two-day conference, which one attendee described as 'somber,' another as 'a bit flat' and a third as evocative of a 'palpable decline of interest.' Fewer high-level brands abounded, a consequence of throttled travel budgets, a fear of appearing overtly political—and potentially ticking off a certain White House inhabitant—and cannibalization by concurrent events such as SXSW's first London foray and, we were told, an especially buzzy textile recycling expo in Brussels where shoulders were slapped and hands shaken over business deals. For the thousand or so people who converged on Copenhagen, just a hair fewer than those who turned up for last year's 15th anniversary, there was very little to feel celebratory about. Geopolitical turmoil, tariff uncertainty and environmental deregulation hung heavily in the air. Even attempts to put a positive gloss on corporate efforts that were already lagging before the rightwing shift in both Europe and the United States, but could now be actively backsliding, felt more perfunctory than usual. The same week, a analysis of more than 40 apparel companies found that 40 percent increased their carbon footprint versus their baseline, outlapping those on a 1.5-degree Celsius trajectory by a nearly six-to-one margin. In the latest iteration of the International Trade Union Confederation's global rights index, data showed a 'sharp escalation' in violations of fundamental labor rights, including freedom of association and collective bargaining. 'Apparently more was happening in the roundtables,' one attendee said of the closed-to-press executive-level sessions, which had the likes of Kering diving into what a just transition means in the age of climate change, Target speaking about moving production closer to consumer markets and The Fashion Pact hosting a conversation about corporate financial engagement in decarbonization. The more accessible stages—the concert hall, 'action' and 'ignite'—stuck to broader, more anodyne issues such as fiber innovations, resale, regenerative materials and the gender pay gap. The biggest ripple in all that taut placidity was occasioned by Veja co-founder Sébastien Kopp, who described sustainability as a 'bag of vomit.' Kalpona Akter's heartfelt description of garment workers' struggles in Bangladesh produced little response and, by the time the 'celebration dinner' rolled around, no offers of help that might relieve her organization's loss of funding from the U.S. Agency for International Development, or USAID for short. Eileen Fisher's call for everyone to 'show up more and collaborate more' offered a burst of inspiration. Things flattened from there. 'Some feedback I heard is that some people feel the brands are too restrained and they prefer the speakers that are more candid and speak more openly,' an attendee said. But the event's dour note was hardly unexpected. There is simply no way to spin the current climate, whether political, environmental or otherwise, no matter how many times someone insists that there is no business on a dead planet. For brands grappling with the existential threat of tariffs, sustainability has dropped several rungs in priority. The Trump administration's crackdown on so-called 'woke' notions such as climate action or DEI in the United States isn't even the half of it. In Europe, the omnibus package, a series of amendments designed to simplify—and many say water down—the corporate sustainability due diligence directive, the corporate sustainability reporting directive and other legislative instruments, threatens to unravel years of progress holding corporations liable for their environmental and social impacts. It's still unclear how other forthcoming regulations involving extended producer responsibility, greener design requirements and traceability compliance will play out. 'There's a general backlash on sustainability in Brussels,' Lara Wolters, the Dutch politician who was the European Parliament's lead negotiator on the CSDD, said at a pre-game policy masterclass at the Danish Architecture Center. 'None of this is for a good reason, but maybe to take a step back. What the Commission has done is roll out a deregulatory agenda under pressure from a lot of large lobby groups in some of the member states. The intention, I think, is to give a political signal that we, too, are going to do things differently. I would even call it a sort of 'Trump Lite.'' She said that the result of this reversal would be more paperwork and less impact, especially for small and medium-sized enterprises. For the politicians who have been clamoring for fewer guardrails, however, the 'intention is to do things as fast as possible, never mind the consequences.' Across the Atlantic, the Trump administration has pulled the United States out of the Paris Agreement (again), dismantled critical climate safeguards and obliterated other regulations governing clean water, toxic pollutants and wildlife. It has clawed back most forms of foreign assistance, including grants for programs that strengthened workers' rights and combated child and forced labor. 'I spent a good chunk of my flight over breaking through President Trump's proposed 2026 budget,' said Chelsea Murtha, senior director of sustainability at the American Apparel & Footwear Association. 'And, of course, USAID is completely eliminated, and a lot of the functions that it had are not even fully being transposed over to the State Department. The U.S., in particular, was a very large funder of the [International Labour Organization's] Better Work program, and all of that funding is gone now.' The outcome has been a 'sort of paralysis,' she said. Brands, squeezed by higher import costs, are hard-pressed to fill the breach. And while individual states could step up with rulemaking to counter the White House's actions, there's also only so much they can do. 'It's not like they can't step in and do things, but they're constricted in their authorities,' she said. 'They cannot negotiate trade deals, and they can't control imports. They can pass EPR programs, because EPR programs regulate products within their state, but what they can't do is institute something like an export ban.' On the first day of the Global Fashion Summit, themed 'Barriers and Bridges,' Federica Marchionni, CEO of Global Fashion Agenda, didn't mince words, either, calling this an 'extremely challenging time for sustainability' that is hampering fashion's ability to be a 'force for good.' At the same time, she said, the only certainty in an uncertain world is climate change. And a 'strong absence' of leadership requires 'collective courage' to build supply chain resilience. The few suppliers who spoke—their attendance likely, again, constrained by a lack of financial wherewithal—alluded to their struggles. 'The volumes are lower than they used to be a couple of years ago,' said Attila Kiss, CEO of Gruppo Florence, an integrated manufacturing hub in Italy. 'The brands are asking for lower prices because they have pressure on the margins. And from the other side, we have all the ethical issues, the social issues to manage.' In a panel that discussed Arvind Limited and Fashion for Good's plans for 'near-carbon-neutral' textile factory in India that would bring online tested and emergent solutions that could collective slash greenhouse gas emissions by as much as 93 percent, Abhishek Bansal, the former's head of sustainability, said that most of the industry's climate mitigation efforts either involve setting targets or pushing the supply chain to do so. 'Unfortunately, I have seen very little money going into helping build the hard assets that are going to actually reduce emissions,' he said. 'If you honestly ask how many industry stakeholders have set aside funds to build plants or invest in technologies to achieve those targets, I think you can count them on the fingers of one hand.' 'It's a big thing to say,' Bansal added quietly, 'but I don't think we are going to meet 2030 targets.' The dearth of representation—from suppliers, from economists, from investors—was noticeable, more than one attendee said. Speaking to an audience, Tara St. James, senior director of sustainability at the Canadian retailer Moose Knuckles, said that brands could take more responsibility for fostering inclusion by bringing their suppliers to conferences or having them speak on panels with them or in their stead. 'We talk about making changes in our supply chain, which is where most of the impact is, but then we don't invite suppliers into every conversation,' one attendee said. 'And when we do, it's usually farmers and manufacturers, which is great, but I want to hear from a mom-and-pop mill, a dye house. I want more doers on the panels. And that includes more brands.' Yayra Agbofah, founder and creative director of The Revival, an organization that tackles global textile waste in Ghana, including through the Global Change Award-winning Revival Circularity Hub, said there's a difference between being ready—say, for circularity—and showing readiness based on actions. Fulfilling the second part requires reexamining fashion's business model, which he described as a failure because it fails to recognize communities like Accra's secondhand Kantamanto Market as stakeholders. 'We are dealing with the waste we didn't create, and not having a decision on how to deal with this crisis is a big problem,' he said. 'We need to be part of the decision-making. We shouldn't be left out and be an afterthought.' It was during the Q&A portion of Agbofah's panel that Brooke Roberts-Islam, a sustainable fashion journalist and consultant, nearly leaped out of her chair. Just minutes before, Golnaz Armin, vice president of color and materials at Nike, was speaking about the footwear giant's efforts to 'imagine and create meaning' with post-consumer waste. She said that Nike's size was both its advantage and disadvantage. 'Kantamanto is the only example of a scaled circular economy,' Roberts-Islam said. 'It seems so strange to have this framing of 'Why can't we scale this up for Nike because we're such a large organization?' and, you know, a lot of Nike products end up in Accra. Kanatamanto has tens of thousands of businesses that do this. They know the answer, and Nike says you're trying to find the answer, so can you, Yayra, give Nike the answer?' One of the most incisive sentiments of the conference was uttered during the very first session, but it remains to be seen if it made an impression. 'Someone told me once that a wall lying down is actually a bridge,' said Christiane Dolva, head of innovation, research and demonstration at H&M Foundation. 'I think that some of the barriers that a lot of us feel that we're running into, which literally can be like running into the wall, can be part of the solution if we shift our perspective. We need to shift our perspective.'

When "Just for Fun" Meets AI Tech: Singapore Tourism Board and Mafengwo Explore New Ways to Travel in the Future
When "Just for Fun" Meets AI Tech: Singapore Tourism Board and Mafengwo Explore New Ways to Travel in the Future

Yahoo

time15 minutes ago

  • Yahoo

When "Just for Fun" Meets AI Tech: Singapore Tourism Board and Mafengwo Explore New Ways to Travel in the Future

SINGAPORE, June 12, 2025 /PRNewswire/ -- On June 10th, the Singapore Tourism Board (STB) and Mafengwo jointly hosted the "#AnywayIt'sFun Inspiration Renewal Journey" event in Beijing. Centered around the themes of "contrast, novelty, and social connection," the event showcased the diverse charm of Singapore travel through an immersive Nanyang-style experience, a friendly roundtable discussion, and stories shared by travel influencers. Mafengwo unveiled its latest AI-powered cultural and creative product, powered by its self-developed AI model for travel industry, offering tourists a glimpse into the future of "smart travel." In recent years, Chinese travelers have increasingly sought deeper, more personalized travel experiences rather than chasing popular attractions. According to user data from Mafengwo's "AI Travel Assistant for Singapore", travelers' preferences to Singapore are becoming more nuanced and segmented. Families with children care about "queue times at attractions" and "stroller rentals," young travelers seek out "trendy cafés" and "Peranakan culture check-ins," while seniors prioritize "barrier-free facilities." "To meet these needs, Singapore has introduced five themed travel profiles," explained Mr. Andrew Phua, STB's Chief Representative and Executive Director of Greater China, during the roundtable. "Health-conscious travelers can explore Sentosa's rainforest ecosystem through immersive guided tours. Food lovers may try the uniquely flavored coffee pork ribs. Urban explorers can marvel at prehistoric wonders at the new Jurassic World: The Exhibition at Gardens by the Bay. Experience-seekers can feel the pulse of Formula 1 and enjoy live performances at the Singapore Grand Prix. Meanwhile, senior travelers may enjoy the tranquility and joy of traditional embroidery workshops. By combining AI technology with tourism products, we can provid endless possibilities aligned with the "Just for Fun" spirit. " "AI travel assistants—whether in the form of digital itineraries or creative cultural products—are more than tools. They are triggers for travel inspiration," said Chen Gang, CEO of Mafengwo. He elaborated on how AI is reshaping travel in the era of hyper-independent travel and introduced "AI XiaoXinxin," an AI assistant in plush doll form. It could seamlessly answer Singapore-related travel questions from both the host and guests, while also acting as a fun companion for photos and emotional support on trips. The AI Travel Itinerary tool ("AI Roadbook") offers exhaustive pre-trip planning support. Chen Gang demonstrated when prompted with "a 5-day in-depth cultural trip with parents," the system generated a thoughtfully balanced itinerary including Chinese heritage tours in Chinatown, local coffee culture, traditional crafts, and old-school cafés. Each section comes with budget allocations from economical to premium tiers. Especially for senior travelers, it introduces features like Singapore's "Green Man+" system and Silver Zones—facilities designed to enhance elderly convenience—thus easing planning anxiety. "Additionally, the newly launched real-time translation tool by AI Xiaoma eliminates the hassle of typing; users can simply press and speak into two microphones alternately on the same screen for seamless multilingual interaction." Two Mafengwo's influencers (Feng Shou) shared what "Just for Fun" means to them in Singapore. Geotechnical engineer and super dad Ren Yuan Tai Shan reflected on how he once fixated on rigid itineraries, but now treasures spontaneous moments—like chatting with local elders while enjoying fish ball noodles with his child near HDB flats. Meanwhile, first-time visitor and ski coach Yi Yun looked forward to zoning out, sipping Kopi, and strolling around the vibrant, sun-soaked streets, hoping to stumble upon delightful surprises. Beyond savoring local dishes at the Peranakan Flavor Remix Booth and creating handmade crafts at the Nanyang Mini Workshop, the appearance of the AI-powered "Xiaoma Robot" dressed in Singapore-themed outfits brought the event to a peak. Like travelers just back from Singapore, these robots offered guests a quirky, smart, and whimsical travel encounter. As long-term strategic partners, STB and Mafengwo have previously precisely reached family and young traveler segments through campaigns like "The Best Summer Homework" and "Jackson Wang's Itinerary," pioneering the integration of the latest technology into travel as the first overseas destination AI partner. The launch of this AI travel companion marks a significant transition in their collaboration from "content marketing" to " intelligent services." It is understood that both parties will continue to upgrade the AI companion's features to empower the "Just for Fun" philosophy, enabling travelers to enjoy both meticulous planning and unexpected discoveries around every corner in their Singapore journey. View original content to download multimedia: SOURCE Mafengwo Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store