The world’s biggest container shipping markets are contracting at a dizzying pace. Ocean carriers are canceling dozens of sailings out of Asia to Europe and the U.S., the WSJ’s Costas Paris reports, in a sign of how volatility in economic demand is triggering a whiplash in the shipping sector. The spate of cancellations this month marks a sharp reversal from a few months ago, when shipping lines commanded premium prices and booked record profits. Retailers now are coping with excess inventories and trans-Pacific shipping rates are down roughly 75% from year-ago levels. Xeneta and Sea-Intelligence say container capacity on the Pacific was down 13% last month. A total of about 40 scheduled sailings from Asia to the U.S. over the next two weeks have been scrapped. The peak season is fading fast and carriers that had been scrambling to find capacity now are reversing course with even more urgency. 

• Maersk Line will slow ship speeds to reduce fuel costs and effectively consume container capacity as demand recedes. (Reuters)
• Spot rates on some air cargo routes out of Asia have fallen below long-term contract levels. (Journal of Commerce)

A revamped management team is trying to overcome production and credibility challenges to make Nikola the first to market hydrogen-powered commercial trucks in the U.S. The startup rolled out its first battery-powered electric trucks line this year, and expects to build around 300 by the end of 2022. The WSJ’s Bob Tita reports Nikola plans to begin producing heavy-duty trucks powered by hydrogen fuel cells next year, and that it counts overall orders for 1,500 battery and hydrogen fuel-cell models. That’s far below the 14,000 hydrogen fuel-cell truck orders the company reported in 2020 when investors’ optimism soared over Nikola’s potential in the Class 8 truck market. Company founder Trevor Milton had captivated investors with ambitious forecasts. But Nikola ended up paying $125 million to settle securities fraud allegations under Mr. Milton’s leadership and the former CEO is now on trial in federal court in New York.

• Tesla vehicle deliveries rebounded strongly in the third quarter. (WSJ)
• Electric-vehicle start-up Arrival produced its first battery van at its U.K. factory. (Financial Times)

Nike’s latest quarterly results suggest inventory problems afflicting big retail-sector suppliers aren’t limited to the U.S. The sneaker giant’s revenue from China in the August quarter fell 16% to $1.65 billion, the WSJ’s Inti Pacheco and Theo Francis report, contributing to a 44% increase in inventory that raised concerns about growing stockpiles and likely discounting in China's retail sector. Covid-19 lockdowns and a recent heat wave have also disrupted production plans and slowed deliveries. Executives from Western companies are telling investors and analysts that they aren’t changing their investment plans. But Leland Miller of China Beige Book says some companies are concluding that at least some of their challenges in China may be long lasting. Nike rival Adidas says it no longer expects sales in the country to recover in the second half of the year and the company is expected to mark down products to help move excess inventory.

U.S. household spending growth accelerated in August. (WSJ)

Activity in China’s service sector slowed in September. (WSJ)

The eurozone’s annual rate of inflation hit a record 10% in September. (WSJ)

The global benchmark price for oil fell 23% in the third quarter. (WSJ)

Millions of people across the southeast U.S. are tallying losses and assessing the damage left by former Hurricane Ian. (WSJ)

Russia’s Gazprom suspended natural-gas deliveries to Italy. (WSJ)

Exxon Mobil is pushing back against potential reductions in U.S. fuel exports. (WSJ)

China’s first narrow-body jet cleared a major regulatory hurdle to begin carrying passengers. (WSJ)

United Airlines is dropping its operations at New York’s JFK International Airport at the end of October. (WSJ)

Stanley Black & Decker eliminated about 1,000 finance jobs in an effort to cut up to $200 million in costs. (WSJ)

JD.com founder Richard Liu settled a sexual assault lawsuit filed against him by a student at the University of Minnesota. (WSJ)

BNSF Railway plans to build a $1.5 billion, 4,500-acre intermodal hub and logistics center in Barstow, Calif. (Railway Age)

Georgia-Pacific is building a $425 million paper products plant in Jackson, Tenn., to be served by CSX. (Jackson Sun)

Striking Port of Liverpool dockworkers plan a second seven-day walkout this month. (Liverpool Business News)

Royal Mail workers plan strikes on 21 days over the next two months. (Manchester Evening News)

New Zealand will bar sea transport of live animals starting next April. (Maritime Executive)

Los Angeles International Airport plans a major modernization of its aging cargo facilities. (The Loadstar)

Crocs-owned footwear brand Hey Dude is building a 730,000-square-foot national distribution center in North Las Vegas. (Las Vegas Review-Journal)

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 Twitter at @WSJLogistics.