President Trump temporarily waived the Jones Act, a century-old law designed to protect American shipbuilding, in a bid to lower the cost of moving oil, gas and other fuels around the U.S.

The Jones Act of 1920 requires all goods moving between U.S. ports to sail on U.S.-flagged ships, built at American shipyards and crewed by U.S. sailors, the WSJ’s Costas Paris writes. Trump’s waiver will allow foreign ships to move cargoes of vital products between U.S. ports for 60 days. For instance, foreign tankers could be used to move gasoline and diesel fuel produced by refineries in Texas and Louisiana to markets along the East Coast.

Most tankers that can carry oil, gasoline, diesel and LNG aren’t American-made. It costs at least three times as much to build such vessels in the U.S. when compared with big shipbuilding nations such as China and South Korea. Jones Act supporters say the law supports hundreds of thousands of jobs and contributes billions of dollars to the economy. Detractors say it drives up the costs of everything from food to cars.

• Iranian strikes caused extensive damage to a major Qatari fuel hub, following an Israeli attack on the large South Pars gas field that Iran shares with Qatar. Brent crude futures, the global benchmark, hit a 52-week high. (WSJ)
• About 20,000 seafarers have been stranded by the near-closure of the Strait of Hormuz, with 3,200 vessels stuck to the west of the critical waterway, according to the International Maritime Organization. (WSJ)
• Asian refiners are securing Russian Far East crude earlier than usual due to fading hopes for a Middle East supply resolution and a looming U.S. waiver expiration. (WSJ)
• German chemical company BASF is raising prices by up to 30% for many products in Europe, citing war-related cost volatility. (WSJ)
• CMA CGM is using multimodal sea, rail and road operations to maintain the flow of cargo around the Strait of Hormuz. (Splash247)

An Australian startup that helps aircraft, ships and other vehicles navigate GPS dead zones has raised $110 million as it seeks to speed its growth in the U.S. and Europe. Advanced Navigation builds AI-assisted hardware that provides accurate location data in areas where GPS is jammed, unreliable or otherwise unavailable.

GPS has long had dead spots, but its reliability has been further eroded by the emergence of cheap handheld devices that can drown out the satellite signals upon which it relies, the WSJ’s Stuart Condie writes. Jamming has been commonplace along the Russia-Ukraine border, and more recently at the Strait of Hormuz.

The Sydney company’s bespoke inertial navigation units are packed with sensors that detect acceleration, velocity and other variables. AI-powered software then combines and cross-checks data to provide an accurate location.

Meanwhile, Candela–a Swedish company that started out developing leisure boats–raised nearly $35 million to support expanded production of its P-12 hydrofoiling electric ferries. The Journal’s Dominic Chopping writes that backers include CalPERS, boat manufacturer Beneteau and marine-transport investor Ocean Zero, as well as Swedish private-equity firms EQT Ventures and SEB Private Equity.

Candela’s hydrofoil system cuts drag and reduces energy consumption. The P-12 has a range of around 40 nautical miles when traveling at full capacity with 30 passengers and one crew member.

Miners sitting atop one of the world’s largest copper deposits took a step toward production this week when the U.S. Forest Service completed a long-delayed land swap with Resolution Copper, the Journal’s Ryan Dezember writes.

The venture between Rio Tinto and BHP in Arizona still needs state permits, but the land swap gives a green light for Resolution to start developing a mine the venture says will eventually fulfill 25% of U.S. copper consumption. Congress in 2014 passed legislation to facilitate the land swap, but it was held up by legal challenges, including from American Indian groups who say it is sacred land.

For roughly 2,400 acres around a defunct mine it owns, Resolution traded the Forest Service and Bureau of Land Management more than 5,400 acres to add to federal holdings in Arizona. Resolution’s president and general manager said the venture would start hiring for about 100 positions at the mine and disbursing $100 million it agreed to spread among local tribes and communities.

• BHP named Brandon Craig, who has run the miner’s Americas operations since March 2024, as its next CEO. (WSJ)
• Prysmian is considering a second copper rod facility at its site near Dallas, as the Italian cable maker expands capacity in North America. (Bloomberg)

• Wholesale inflation hit the highest rate in a year last month, with the producer-price index rising 0.7%, reaching a 3.4% 12-month rate. (WSJ)
• Elliott Investment Management has built a stake in Mitsui O.S.K., saying the Japanese shipping giant is materially undervalued despite its business strength. (WSJ)
• Macy’s reported an unexpected 1.8% rise in fourth-quarter same-store sales, driven by Bloomingdale’s, but issued a cautious outlook. (WSJ)
• Jabil said demand remained robust across cloud- and data-center infrastructure, networking and communications, and capital equipment. (WSJ)
• U.K. ship broker Clarksons is acquiring U.S. oil and derivatives brokerage Link Group for $80 million. (TradeWinds)
• The Coast Guard is investigating the deaths of two crew members in a confined space incident on a freight barge in Alaska. (WorkBoat)
• Investigators in Illinois found a warehouse with $3 million in stolen merchandise in the Chicago area while tracking a stolen Target trailer.  (Transport Topics)
• A House committee passed “Dalilah’s Law,” legislation that would revoke non-domiciled CDLs except for lawful permanent residents and holders of specific visas. (Journal of Commerce)

Mark R. Long is editor of WSJ Logistics Report. Reach him at mark.long@wsj.com. Follow the WSJ Logistics Report team on LinkedIn: Mark R. Long, Liz Young and Paul Berger.