Tanker companies are reaping a bonanza from their aging ships that end up in Russia’s so-called shadow fleet. Publicly listed shipping companies have been able to sell their old and soon-to-be-scrapped vessels at high prices as demand remains high from those who are eager to participate in the Russian oil trade. The WSJ’s Megha Mandavia reports in a Heard on the Street column that the buyers are often unlisted Greek and Chinese shipping companies who are looking to cash in on the upheaval that is sending more tankers on longer journeys that generate higher returns. Growing global oil demand and slim new vessel orders since 2015 are helping to prop up the value of ancient ships, says Stifel analyst Benjamin Nolan. Owners of newer ships are also doing well, with companies including Euronav, Frontline, Hafnia and Mitsui O.S.K. getting high prices for old ships while benefiting from strong tanker rates.

• Iran seized the third tanker it has taken in the past three weeks in the Persian Gulf region. (Seatrade Maritime)
• Longtime shipping executive Tina Revsbech will replace Christian M. Ingerslev as CEO of Maersk Tankers. (Splash 247)
• John Fredriksen’s SFL tanker and bulk ship operator raised $1 billion in new financing after earnings plummeted in the first quarter. (TradeWinds)

Automakers’ urgent efforts to secure raw minerals for electric-vehicle batteries are creating haphazard alliances across two sectors with very different cultures. The potential for an EV battery shortage is pushing car companies to get more directly involved in the mining business. The WSJ’s Mike Colias and Scott Patterson write many automakers are using their deep pockets to help get mines up and running, while guaranteeing to purchase the extracted materials, pushing them into a business that is largely foreign to them and carries new risks. The carmakers typically rely on their suppliers to source raw materials. Now, they have discovered that battery- and raw-materials supply chains don’t work like those for steering columns or spark plugs. Automakers say they want stable, hedged prices; miners are accustomed to wild market swings. Bridging the gap will be crucial to forming the new supply chains behind electric vehicles.

• Gold mining giant Newmont is buying Australia’s Newcrest Mining, in a bet on copper demand. (WSJ)

The company that pioneered the commercial jet engine is embarking on a new attempt to pull itself out of a decadelong tailspin. Former oil-industry executive Tufan Erginbilgic is leading the effort after taking over as CEO of British engine maker Rolls-Royce Holdings in January. The WSJ’s Benjamin Katz writes he is moving aggressively by renegotiating sales and supply contracts, raising prices, slashing spending on noncore projects and shaking up senior management. He is trying to engineer a turnaround at a business that started reeling in 2013 after bribery and corruption charges, and later had to spend billions of dollars to compensate airlines and fix a design flaw in its Trent 1000 engine. The stakes are high for the aerospace sector, which counts Rolls-Royce as a critical cog in the global supply chain. Airbus relies on Rolls-Royce engines for its wide-body aircraft while Boeing offers them for the 787 Dreamliner.

• Russian customs data shows that millions of dollars of aircraft parts made by Boeing, Airbus and others were sent to Russia last year. (New York Times) 

The British pound has staged a strong turnaround after crashing to a record low last September. (WSJ)

A measure of business activity in New York state plunged deep into negative territory. (MarketWatch)

Mexico says renewed Texas truck inspections at the Brownsville-Matamoros crossings are delaying cross-border freight shipments up to 27 hours. (Associated Press)

The collective fortunes of a small group of shipping tycoons have ballooned by $95 billion in recent years. (Bloomberg)

Linerlytica says newcomers to long-haul container shipping lanes are dropping their services as rates fall. (The Loadstar)

South Korea’s HMM plans cost-cutting measures after first-quarter profit plummeted 92% to about $213 million. (Korea JoongAng Daily)

Taiwanese container line Yang Ming’s first-quarter profit fell to $112 million from $1.97 billion a year ago on a 68% drop in revenue. (Lloyd’s List)

Bulk and container ship owner Costamare boosted its first-quarter profit 21% to $148.9 million. (TradeWinds)

South Korea's HD Hyundai Heavy Industries is in talks to expand its ship-related business in Subic Bay in the Philippines. (Nikkei Asia)

Federal environmental regulators approved an inland intermodal container terminal in Gainesville, Ga. (Port Technology)

Truck driver pay increases are moderating after rapid growth over the past two years. (Transport Dive)

Western U.S. grocery chain Chedraui USA is opening a 1.4 million-square-foot distribution center in Rancho Cucamonga, Calif., as it expands its store fleet. (Winsight Grocery Business)

Demand for supply chain managers has been strong in the wake of disruptions to global trade during the pandemic. (Financial Times)

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.