The big inventory drawdown rolling through retail supply chains is reaching the warehousing sector. Growing numbers of companies are consolidating their logistics space, subleasing unused capacity and looking to upgrade existing sites rather than add facilities. The WSJ Logistics Report’s Liz Young writes that the shift is the latest sign that supply chains are returning to more normal patterns following dramatic turns during the pandemic, when product shortages and transport disruptions fueled a boom in demand for distribution centers. Real-estate firm Savills says the amount of U.S. warehouse space listed for sublease reached a record high at the end of 2023, with more than three times the amount available two years earlier. Average leasing prices are still rising, but increases have pulled back sharply from the levels of a little more than a year ago. That suggests that lean-inventory strategies may extend into storage space for some time.

• Blackstone plans to merge two U.K. warehouse landlords to create one of the country’s largest owners of logistics properties. (City A.M.)
• Labor unions and community activists say 10% of workers at an Amazon warehouse in Syracuse suffer work-related injuries. (Syracuse Post-Standard)

In any battle for supremacy on the seas, China has a clear advantage at its shipyards. More than half of the world’s commercial shipbuilding output came from China last year—making it the top global shipmaker by a wide margin. The WSJ’s Niharika Mandhana reports that the once-prolific shipyards of the West have shriveled while most of what China doesn’t build comes from South Korea and Japan. This shipbuilding empire is a symbol of China’s historic transformation to a maritime power, and a pivotal strategic asset as Chinese leader Xi Jinping tries to reshape the world order. Giant Chinese shipbuilding firms that crank out merchant ships are often the same ones building warships for China’s navy. Those shipyards are thriving, with billion-dollar contracts pouring in for containerships, oil tankers and bulk carriers. With their order books full for years to come, the shipyards have built sprawling supply chains.

• A senior manager from a foreign subcontractor was killed and other executives were injured in an accident at a South Korean shipyard. (TradeWinds)

Consumer inflation in the U.S. cooled to the lowest annual rate since June. (WSJ)

OPEC maintained its expectations for global oil-demand growth and raised its economic outlook to 2.7% this year. (WSJ) 

Walmart is in talks to buy smart television manufacturer Vizio. (WSJ)

U.S. companies are hiring fewer people for roles related to environmental, social and corporate-governance issues. (WSJ)

Instacart is cutting about 7% of its staff amid rising food costs and heated competition in the grocery-delivery business. (WSJ)

Hasbro cut its outlook after slashing inventory by 51% in the latest quarter, including 56% in its consumer products line. (MarketWatch)

Coca-Cola raised its outlook after sales volume rose 2% despite rising prices. (WSJ)

Activist investor Carl Icahn has a nearly 10% stake in JetBlue Airways and may consider pushing for board representation. (WSJ)

Chinese electric-vehicle manufacturer BYD is considering establishing a plant in Mexico. (Nikkei Asia)

Technical problems in Mexico’s customs system have disrupted cross-border freight movements in recent days. (The Loadstar)

Troubled aviation parts supplier Spirit AeroSystems is trying to revise a supply agreement with Airbus. (FlightGlobal)

Mediterranean Shipping acquired an Italian factory from ship engine maker Wärtsilä. (ShippingWatch)

Knight-Swift Transportation bought 10 more former Yellow truck terminals for a total of $2.2 million. (Journal of Commerce)

Canadian trucker TFI International plans to spin off its Daseke flatbed acquisition into a separate company in 2025. (Trucking Dive)

U.S. trucking regulators are planning a study of sexual harassment across the sector. (Commercial Carrier Journal)

Freight broker Axis Global Logistics named former Yellow senior executive Jason Bergman as its CEO. (Supply Chain Xchange)

E-commerce startup Bolt slashed its valuation to an implied $300 million​ from $11 billion in an investment round two years ago. (The Information)

A group led by the owner of U.K. logistics group Tuffnells is buying troubled parcel delivery company Yodel. (Financial Times)

Owners of U.K. package delivery firm Evri are looking to sell the business at a valuation of around $2.5 billion. (Motor Transport)

European antitrust regulators approved Korean Air’s acquisition of rival Asiana Airlines. (Reuters)

Orders for industrial robots fell 30% last year from a record level the year before. (DC Velocity)

Paul Page is editor of WSJ Logistics Report. Reach him at paul.page@wsj.com.

Follow the WSJ Logistics Report team: @PaulPage, @bylizyoung and @pdberger. Follow the WSJ Logistics Report on X at @WSJLogistics.