Iran told mediators it would limit the number of ships crossing the Strait of Hormuz to around a dozen a day and charge tolls under the cease-fire struck by President Trump. Tehran’s plan to keep control over the world’s most important energy-shipping lane includes requiring ships to coordinate with the Islamic Revolutionary Guard Corps, the WSJ’s Jared Malsin, Summer Said and Rebecca Feng report.

Iran is requiring ships to work out toll arrangements ahead of time and then pay the fees in cryptocurrency or Chinese yuan, mediators and shipbrokers said. Four ships were allowed to pass Wednesday, the fewest so far in April, according to S&P Global Market Intelligence, down from more than 100 a day before the war.

Oil-tanker traffic was halted as of Wednesday evening local time, following Israel’s attacks on Lebanon, according to Iran’s semi-official Fars News Agency, which is closely affiliated with the IRGC. White House press secretary Karoline Leavitt said reports that Iran had closed the strait were false.

• Oil prices took a historic tumble on news of the cease-fire, with benchmark Brent crude settling down 13% on Wednesday, though crude prices climbed again early Thursday, as questions grew about the stability of the truce.
• Shell cut its first-quarter natural-gas production outlook due to lost Qatari volumes from the Iran war. (WSJ)
• Delta Air Lines said its first-quarter fuel costs rose $330 million from a year earlier, and projected a $2 billion second-quarter increase. (WSJ)
• Rio Tinto and Century Aluminum raised premiums by about 12% on a semi-processed aluminum product in the U.S. after the Iran war disrupted Mideast imports. (Bloomberg)

CK Hutchison started arbitration against A.P. Moller-Maersk, accusing the Danish company of undermining a long-term contract after Panama seized the Hong Kong conglomerate’s port assets in the country.

The move escalates a dispute that began in January, when Panama’s supreme court voided CK Hutchison’s contracts to run two terminals at either end of the Panama Canal. Maersk unit APM Terminals was granted an interim contract to run the Port of Balboa on the Pacific coast, and said it doesn’t believe it is liable for the claims. Hutchison, founded by Hong Kong billionaire Li Ka-shing, has separately filed claims against the Panamanian government.

The legal conflict has complicated Hutchison’s plan to sell the two contested ports as part of a $23 billion deal to a group that includes BlackRock. The court’s ruling raised Beijing’s ire, and U.S. Secretary Marco Rubio last week accused China of detaining Panama-flagged vessels in retaliation.

• The Panama Canal handled 1,148 transits last month, the most since the Covid-spurred boom at the end of 2021, led by tanker transits. (Lloyd’s List)

FedEx Freight said it was targeting growth with small and midsize businesses, as well as in the healthcare, grocery and data-center sectors.

The less-than-truckload company—due to be spun off from FedEx on June 1—forecast 4% to 6% medium-term compound annual revenue growth. It also expects 10% to 12% growth in adjusted operating income, the Journal’s Katherine Hamilton writes. At a presentation to investors Wednesday, FedEx Freight said it was looking to save costs by modernizing its network and fleet.

It also is shifting billing and invoicing resources in-house and nearshore, after most documents were handled by offshore vendors that may have had limited experience. A new 500-person LTL salesforce and specialized AI technology will support its strategy, as will a dedicated service portal for LTL customers.

• Eurozone retail sales volumes slipped 0.2% in February, following flat sales in January. (WSJ)
• German manufacturing orders climbed 0.9% in February from the month before, recovering from an 11.1% slump in January. (WSJ)
• TikTok is investing $1.16 billion in a second data center in Finland, part of a 12 billion-euro initiative to localize European user data amid regulatory scrutiny. (WSJ)
• Taiwanese carrier Evergreen Marine reached a deal for six LNG-fueled containerships worth as much as $1.8 billion, to be built at Hanwha Ocean’s South Korean shipyard. (Journal of Commerce)
• China’s Windrose said it delivered its first long-haul electric truck in the U.S. to logistics company Allogic and charging partner Greenspace. (Reuters)
• American Ocean Minerals and Odyssey Marine Exploration agreed to combine their businesses and create a leading deep-sea critical-minerals research and extraction company valued at about $1 billion.
• Canada’s Kriska Transportation Group acquired temperature-controlled trucking company Sharp Transportation. (Transport Topics)
• A Kimberly-Clark employee was detained on suspicion of arson after a fire tore through a 1.2-million-square-foot California warehouse housing toilet paper and facial tissue. (FOX11)

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.