United Parcel Service is shedding 12,000 workers and possibly its Coyote Logistics brokerage unit because of weak demand. The WSJ’s Esther Fung reports that the Atlanta-based company is trying to save $1 billion following declines in domestic and international parcel volumes. UPS said it expects small-package volume growth in the U.S. to be less than 1% this year. Chief Executive Carol Tomé said the cuts are part of an efficiency push that includes using artificial intelligence and other technologies to boost operations. Tomé said UPS is also considering a potential sale or other strategic alternatives for Coyote Logistics. The WSJ Logistics Report writes UPS executives believe the brokerage is too exposed to swings in the trucking market and is a drag on earnings. Tomé said Coyote Logistics accounted for 38% of the more than $3 billion decline in revenue last year at UPS’s supply chain solutions business unit.

Shipowners have a novel idea to reduce carbon emissions: burial at sea. Greece-based Capital Product Partners is buying four ships from HD Hyundai Heavy Industries designed to carry liquefied carbon dioxide. The WSJ’s Costas Paris reports that the idea is to supercool carbon emissions to temperatures so low they become a liquid and then entomb them in offshore oil-and-gas wells. The burial-at-sea strategy hasn’t been widely studied or tested and still faces unknowns related to safety and environmental impact. If it works, it could be a welcome option for the growing number of companies that are trapping carbon dioxide to avoid carbon-emissions taxes. Inland facilities for storing captured carbon dioxide, such as depleted oil wells, are filling up and becoming more expensive, prompting emitters and cargo-ship owners to look for a solution offshore. 

• A coalition of business groups is suing California to overturn a law that would require companies to publicly report greenhouse-gas emissions​. (WSJ)

Europe’s economy fell further behind the U.S. in the final three months of last year. (WSJ)

Germany narrowly missed a recession in the final quarter of 2023. (WSJ)

A lack of major supply disruptions has helped the oil market keep its cool. (WSJ)

Boeing is withdrawing a request for a safety exemption for a new MAX series jet. (WSJ)

Toyota Motor set a new record high for group sales globally, cementing its position as the world’s biggest carmaker. (WSJ)

General Motors provided a bullish profit outlook for 2024. (WSJ)

Shares of Chinese electric-vehicle maker BYD fell after its latest profit forecast fell short of expectations. (WSJ)

Canadian Pacific Kansas City reported better-than-expected revenue in the latest quarter. (Dow Jones Newswires)

Companies trading commodities have threatened legal action and sought to alter contract terms to pressure shipowners to use the Suez Canal. (Financial Times)

Hapag-Lloyd posted a loss before interest and taxes equivalent to about $216.7 million for the fourth quarter, down from a $3.6 billion profit a year ago. (MarketWatch)

The Port of Zeebrugge in Belgium was blockaded as a wave of farmer protests spread across Europe. (The Guardian)

Car carrier Wallenius Wilhelmsen landed two multi-year shipping deals worth more than $1.2 billion. (Offshore Energy)

A.P. Moeller-Maersk veteran Charles van der Steene has been appointed regional president for North America. (Lloyd’s List)

Air cargo rates and demand from Asia to Europe have risen sharply in the past week. (Journal of Commerce)

Meal-kit company FreshRealm is acquiring food subscription service Marley Spoon for $24 million. (Food Business News)

TikTok is planning to open studios in the U.S. where social-media creators can livestream and sell products. (The Information)

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.