Ocean freight carriers have little to show from an anemic peak season that has seen container shipping rates plunge from pandemic highs. Daily market prices to move cargo from Asia to the U.S. and Europe in September were down as much as 90% from early 2022, extending a downturn that began in the second half of last year. The WSJ’s Costas Paris reports the steep decline is leading carriers to cancel sailings in bigger numbers during a period when operators and their customers are usually rushing to push goods through supply chains. Capacity cuts helped pump up rates a bit in August, but prices have faded more recently and more cancellations are planned this month following China’s Golden Week holiday. There is little relief on the horizon. Wholesale inventories have been ticking down in recent months but are well above prepandemic levels, a sign that goods orders may remain depressed for some time.

• Evergreen Marine President Eric Hsieh says the company’s recent order of two dozen mid-sized container ships may “be too much.” (The Loadstar)

A tentative contract agreement wasn’t enough for Mack Trucks to head off a strike. Nearly 4,000 United Auto Workers members walked out at factories in Pennsylvania, Maryland and Florida, the WSJ’s Bob Tita reports, after some 73% of workers rejected an agreement that included a 19% wage increase over five years and a $3,500 bonus. The UAW’s previous four-year contract with the Volvo Group unit expired on Oct. 1. The union says it plans to push for higher pay increases, improved cost-of-living allowances, upgraded job security and better pension benefits. The walkout comes as new orders for Class 8 heavy-duty trucks are surging as new-build slots for 2024 open. After a light start to the year, FTR and ACT Research reported strong orders in September despite concerns over near-term freight demand and carrier earnings. Mack produces medium and heavy-duty trucks, including trash collection and construction vehicles.

Iron ore markets are defying the economic drag from China’s reeling property market. Prices for the key industrial commodity have risen by roughly 20% since late May even as bad news has piled up in China’s housing market. The WSJ’s Rhiannon Hoyle reports the resilience has surprised some traders and suggests a temporary reordering of trade flows that could fan concerns about Chinese market power. China produces more than half of the world’s crude steel, and its exports have at times stoked political tensions. China has recently been shipping more of its steel abroad to help plug the gap left by weaker demand from the property sector. Exports were roughly 28% higher in the first eight months of the year than last year. The country’s steel mills have been churning out steel at a near-record rate while stockpiles of ore at major Chinese ports remain low.

• Rio Tinto struck deals to add nearly 400 miles of railway in Guinea that will help it launch mining of the world’s largest untapped supply of high-grade iron ore. (Oil Price)

• Here are live updates on the battle in the Middle East.
• Oil and natural-gas prices jumped after the attack on Israel by Hamas and the Israeli response risked stoking instability in the petroleum-rich Middle East. (WSJ)
• Israel's biggest oil-importing port closed to tankers and some shipowners hesitated about calling at the country's other harbors. (WSJ)
• Israel ordered Chevron to shut down natural-gas production at one of the two major offshore platforms it operates in the eastern Mediterranean. (WSJ)
• Airlines suspended scores of flights in and out of Israel. (Associated Press)

Bankruptcies of big American businesses are rising this year. (WSJ)

Canadian auto workers went on strike against General Motors after the two sides failed to reach a contract agreement. (WSJ)

At least 19,000 trucks loaded with $1.9 billion of goods are stuck in Mexico under Texas Gov. Greg Abbott’s border-security crackdown. (Bloomberg)

The Biden administration will allow South Korea’s Samsung Electronics and SK Hynix to expand their factories in China. (South China Morning Post)

The U.S. opened a new round of CHIPS Act funding for small-scale supply chain projects and businesses. (Supply Chain Dive)

Japan will provide $205 million in state support for research on hydrogen-powered aircraft. (Nikkei Asia)

John Fredriksen’s Frontline completed the purchase of 24 very large crude carriers from Euronav. (Seatrade Maritime)

Toll Group CEO Alan Beacham says the Singapore-based logistics operator aims to double its business through acquisitions. (ShippingWatch)

Rail operations at the ports of Los Angeles and Long Beach are slowing because of a shortage of rail cars. (Journal of Commerce)

Ryder System is adding a 400,000-square-foot distribution center to bring a Chicago-area logistics center to 2.4 million square feet. (Logistics Management)

StitchFix is laying off 558 people as the online clothing retailer closes its Dallas distribution center. (Dallas Morning News)

Walmart named Rina Hurst, a senior executive at Target’s Shipt operation, as vice president of the Walmart GoLocal delivery-service platform. (Dow Jones Newswires)

The New England Patriots are suing Eastern Airlines over the charter carrier’s alleged breach of contract. (New York Post)

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.