Apollo Global Management is backing away from the Yellow bankruptcy. A group of lenders led by the asset manager is selling a loan to the trucker totaling more than $500 million and is dropping plans to provide financing for Yellow’s unwinding in bankruptcy court. The WSJ’s Soma Biswas reports that Apollo’s withdrawal from the jockeying over debtor-in-possession financing leaves two big trucking-connected businesses bidding to provide the loan to help Yellow clear out its assets. Estes Express Lines, a major rival to Yellow in the less-than-truckload market, is offering a bigger loan than Apollo put on the table and spreading it over a longer period. MFN Partners, which owns a significant stake in trucker XPO, is also bidding to provide the loan. The Estes loan terms stretch for 180 days, suggesting it may take months to wind down Yellow’s business and sell assets valued at more than $2 billion. 

A bidding war over one of the largest steelmakers could create a new leader in the crucial industrial sector, and draw pushback from regulators and steel buyers. Cleveland-Cliffs’ pursuit of United States Steel could ratchet up market concentration in steel used to make auto fenders, food cans and batteries for electric vehicles. The WSJ’s Bob Tita reports Cleveland-Cliffs and industrial conglomerate Esmark have both made offers for U.S. Steel that would value the company at more than $7 billion. Steel production in the U.S. already is concentrated among four big suppliers. Further consolidation could give producers more price leverage at a time when the U.S. has the world’s most expensive steel. Cleveland-Cliffs would become the largest steel company in North America, with an outsize stake in flat-rolled steel business. The potential concentration in the automotive market is likely to become a flashpoint for steel users and antitrust regulators.

Brutal summer heat around the world is taking a toll on energy trade. The high temperatures across the Middle East and North Africa have energy-rich countries struggling to keep power flowing to their own citizens as export business pulls back. The WSJ’s Chao Deng reports that Egypt is the latest country to impose rolling blackouts, prompting concerns that Cairo’s domestic gas supply is running low. Oil exporters Iran and Iraq are also facing blackouts amid blistering temperatures, with the thermometer reaching 122 degrees Fahrenheit in Baghdad. Egypt denies it faces a gas shortage, but the country’s gas exports fell to zero in June and rose only slightly in July, according to commodities data firm Kpler. Analysts say that extreme summer temperatures have been exacerbated by a lack of maintenance of some power stations, rising demand from a fast-growing population and falling output at Egypt’s largest gas field.

U.S. retail sales increased for the fourth straight month, with spending online and at bars and restaurants leading the growth. (WSJ)

China’s central bank cut key interest rates after expansion in retail sales and industrial production slowed last month. (WSJ)

The United Auto Workers will hold a strike authorization vote amid sluggish progress in negotiations with automakers. (WSJ)

The U.S. is in talks with Turkey, Ukraine and its neighbors to ramp up alternative routes for Ukrainian grain exports. (WSJ)

Home Depot’s second-quarter sales rose 6.5% as higher prices more than offset another drop in retail transactions. (WSJ)

Dubai automaker NWTN is investing $500 million in the electric-vehicle unit of beleaguered Chinese property developer Evergrande. (WSJ)

Japanese components supplier Kaga Electronics is building a plant in Mexico to tap into nearshoring trends. (Nikkei Asia)

A panel of U.S. shippers gave a cautious reception to Federal Maritime Commissioner Rebecca Dye’s proposals to address port congestion. (Journal of Commerce)

Shipping rates on Russia-connected routes are plummeting after new carriers ramped up capacity. (The Loadstar)

Vietnamese logistics companies Transimex and Tan Can acquired feeder containerships and will expand into liner operations. (TradeWinds)

Wallenius Wilhelmsen ordered up to 12 car carriers capable of operating on methanol and ammonia. (ShippingWatch)

U.S. trucking regulators will consider waivers from hours-of-service rules regarding meals and rest breaks. (Heavy Duty Trucking)

Daimler’s chairman says the sudden death last week of Jochen Goetz, chief financial officer at Daimler Truck, was caused by a wasp sting. (Transport Dive)

Costa Rica-based LatAm Logistics Properties plans to go public through a SPAC merger that values the warehouse operator at $578 million. (Bloomberg)

Supply-chain job openings at beverage and alcohol manufacturers rose more than 50% in the first half of 2023. (Just Drinks)

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.