The fast-fashion sensation that helped disrupt trans-Pacific trade is now stuck in the middle of U.S.-China tensions. Founded in China and now headquartered in Singapore, Shein has seen its hopes for a New York initial public offering fade after largely failing to bridge misgivings about the company’s compliance and transparency. The WSJ’s Shen Lu writes that Washington lawmakers are suspicious of Shein’s China ties and have demanded more details on its supply chain. Shein has shifted its main listing efforts to London. Shein’s challenges are a sign that the widening divide between Beijing and Washington goes beyond sectors like semiconductors with sensitive technology. Shein has big ambitions to extend its growing logistics operations to other companies, or “supply chain as a service.” But the business now faces its own challenges rooting out cotton from China’s Xinjiang cotton in the complex global supply chain behind apparel manufacturing.

• South Korea inspectors found high levels of toxic substances in children’s products sold by Shein. (Straits Times)

The drama is only deepening at Forward Air. Activist investor Irenic Capital Management has built a stake of nearly 5% in the expedited trucking business that recently completed a controversial acquisition. The WSJ’s Lauren Thomas reports that Irenic wrote to Forward Air’s directors this month calling for a board shakeup and a strategic review to consider options including a sale. Irenic joins investors who have been irked by the company’s $3.2 billion acquisition of Omni Logistics. That deal soured as Omni’s business deteriorated and shareholders questioned the structure of the agreement. Forward Air’s strategy to become more vertically integrated by buying one of its customers also raised concerns among customers that ship with Forward Air and compete with Omni Logistics. Irenic told Forward Air it believes a number of private-equity firms would be interested in acquiring the company at a substantial premium to its current deeply-degraded share price.

A measure of U.S. consumer confidence rose sharply in May following three straight monthly declines. (WSJ)

Toyota plans to develop smaller engines for cars that can run on carbon-neutral fuels. (WSJ)

The Biden administration released a set of policies and principles aimed at bolstering trust in voluntary carbon markets. (WSJ)

Hess shareholders approved a $53 billion deal to sell the company to Chevron. (WSJ)

From worsening port congestion and lengthening delays to mounting pirate attacks, supply chains built on global shipping face a growing array of strains. (Financial Times)

A Houthi missile hit and damaged a Greek-owned bulk ship in the Red Sea. (TradeWinds)

Bank of America says worsening port congestion is consuming more than 2% of global container shipping capacity. (Splash 247)

Linerlytica says container backups at the Port of Singapore are stretching to seven days. (The Loadstar)

Authorities now expect the full reopening of the Port of Baltimore shipping channel to be delayed until at least June 8. (Maritime Executive)

Car carrier Wallenius Wilhelmen is selling its Melbourne, Australia, terminal to Qube Logistics for about $221 million. (Daily Cargo News)

China’s state-owned CHN Energy is moving into ship ownership with the acquisition of 11 bulk carriers. (Lloyd’s List)

Pharmaceutical maker Novo Nordisk blames middlemen in the U.S. healthcare system for the high prices of its top-selling weight-loss drugs Wegovy and Ozempic. (MarketWatch)

Williams-Sonoma says supply-chain efficiency gains contributed 240 basis points to the retailer’s gross margin improvement last quarter. (Supply Chain Dive)

A 90-year-old Kansas man claimed a record as the world’s oldest truck driver. (Hays 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.