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War and geopolitics are threatening a foundation of global trade: free access to the world’s oceans. Open seas and a spirit of cooperation, even among competing nations like the U.S. and China, fueled decades of economic growth. The WSJ’s Drew Hinshaw and Daniel Michaels write that that may be ending as rising geopolitical tensions and a dearth of strong navies among the world’s richest countries limits who can sail through major shipping routes. Houthi rebels are allowing Chinese- and Russian-linked ships to access the Suez Canal while attacking other vessels. Piracy is returning to the Horn of Africa, and China is asserting control over parts of the South China Sea traditionally viewed as international waters. China has a formidable navy. But navies of other powers suffer from decades of underinvestment. The U.S. Navy has 300 ships, down from 7,000 at the end of the Second World War.

• U.S. forces struck targets belonging to Yemen’s Houthi rebels on Thursday. (WSJ)
• The CEO of Ocean Network Express says the Red Sea crisis will disrupt sailings at least through June. (Journal of Commerce)
• Saudi Arabia is increasing oil exports from its Muajjiz terminal that allows it to avoid Houthi attacks in the southern Red Sea. (Bloomberg)
• U.K. and eurozone manufacturers said their supply chains deteriorated for the first time in a year in a sign of the wider disruption to trade caused by attacks in the Red Sea. (Financial Times)

One of America’s hottest commodities is probably in your trash bin. The WSJ’s Ryan Dezember reports that paper mills around the world are gobbling up corrugated boxes used to package pizza and e-commerce delivery orders to make new packaging. The price of the material surged on soaring e-commerce demand during the pandemic before crashing in 2022 when rising interest rates and surplus inventory prompted businesses to slow ordering. Prices rebounded this past year after several mills opened that use old corrugated containers to make fresh containerboard for shipping boxes and paperboard that is folded into cereal boxes and coffee cups. But the mills are jockeying for the material at a time of limited supply because of cuts to production while businesses were destocking. A significant amount of old corrugated containers also end up in landfills rather than back at mills as people throw away boxes rather than recycling them.

U.S. initial jobless claims rose in the week ended Jan. 27. (MarketWatch)

Construction spending in the U.S. increased 0.9% in December. (MarketWatch)

An investor group led by Ancora Holdings plans to run a proxy fight to overhaul Norfolk Southern’s board and replace its CEO. (WSJ)

Amazon.com faces a government order that could make it responsible for the safety of goods that it sells and fulfills for outside vendors. (WSJ)

Amazon’s fourth-quarter sales rose faster than expected driven by strong e-commerce sales during the critical holiday shopping season. (WSJ)

A gunman took people hostage at a Procter & Gamble factory in Turkey in an apparent protest over the continuing conflict in Gaza. (WSJ)

The Teamsters union says negotiations with Anheuser-Busch have stalled and its members will likely strike at the company’s U.S. breweries in March. (WSJ)

The International Longshore and Warehouse Union is paying $20.5 million to settle an unfair labor practices lawsuit with ICTSI Oregon. (Dow Jones Newswires)

Volvo Car won't provide further funding to its electric-vehicle affiliate Polestar. (WSJ)

A report from Human Rights Watch says Toyota Motor, General Motors, Tesla and Volkswagen could be exposed to forced labor in Xinjiang, China, through a metal used in their cars. (Nikkei Asia)

Ryder System acquired Concord, N.C.-based trucking company Cardinal Logistics for an undisclosed amount. (Dow Jones Newswires)

Schneider National’s profit fell to $27.4 million in the fourth quarter on lower freight demand and two accident claims. (Dow Jones Newswires)

Truck maker Paccar projects North American truck orders this year will be on pace with 2023. (Trucking Dive)

Freight forwarder DSV reported profit fell in the fourth quarter. (Journal of Commerce)

Belgian tanker owner Euronav reported a huge profit for the fourth quarter, boosted by the sale of 24 modern VLCCs to Frontline. (TradeWinds)

A New Jersey police officer delivered an Uber Eats food order after the original delivery driver was detained on an outstanding warrant. (Bergen Record)

• Earnouts in M&A deals are on the rise as companies look to close the gap between what buyers want to pay and what sellers think they are worth.
• Weak cargo demand, rising labor costs and higher interest rates are challenging freight upstarts.
• Publicly traded biotech companies are drawing interest from venture investors as share prices in the sector have fallen.
• Need your employees to learn AI? There’s AI to teach them.

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.