Today's newsletter was written by WSJ Logistics Report's Jennifer Smith.

Surging energy costs and geopolitical pressures are pummeling stressed aluminum supply chains. Aluminum prices are up to a near-decade high as the prospect of a Russian invasion of Ukraine adds to pressure from rising energy costs that have shut plants in China and Europe, crimping the supply of the commodity for auto makers and other buyers, the WSJ’s Rhiannon Hoyle and Joe Wallace report. Making aluminum is an energy-hungry business, giving rise to the commodity’s nickname of congealed electricity. Alcoa plans to take an unprofitable plant in Spain offline for up to two years because of soaring electricity prices in the country, and aluminum producers across Europe have laid out similar plans for cutbacks. About 4 million tons of capacity have been closed or mothballed globally. Aluminum stockpiles in warehouses have shrunk to their lowest level since 2007, and traders fear further supply disruptions if a conflict breaks out over Ukraine.

Chip makers are gearing up to more than double their sales after a blockbuster year. The semiconductor industry logged a record $500 billion-plus in collective revenue in 2021 despite struggles to meet robust pandemic-era demand, the WSJ’s Jiyoung Sohn and Meghan Bobrowsky report, and is on an expansion tear that could take sales to $1 trillion in less than a decade. Samsung, Intel and others are forecasting strong results as they ride a wave of investment and government subsidies to build out new manufacturing sites. Some analysts are skeptical, citing the industry’s history of big swings and reversals. Semiconductor suppliers say their closer ties with customers will reduce those risks and they point to the growing range of chip-hungry products and continued demand for smartphones, cars and data centers. Building out new capacity will take years. In the meantime supply remains tight, with average wait times for semiconductors now stretching beyond 25 weeks.

Mounting conflict in the breadbasket of Europe is driving volatility in wheat markets. Russia and Ukraine account for 29% of global wheat exports, and wheat futures are rising on the threat of war and the potential for Western sanctions on Russian exports, the WSJ’s Will Horner and Kirk Maltais report. Ports in both nations are key gateways for grain exports to buyers in North Africa and the Middle East, and damage to port infrastructure or disruption to shipments could snarl supplies for countries that depend on imports to keep their populations fed. Ukraine’s key wheat-growing regions also lie close to Russian-held territory. The risks are pushing wheat futures traded in Chicago up to nearly $8 a bushel. Other major wheat growers like the U.S., France or Australia could use any disruption to expand their share of the export market.

The IMF projects Latin America’s economy will grow 2.4% this year, far weaker than the rest of the world. (WSJ)

The Omicron variant has dented European economic growth to a lesser extent than previous surges. (WSJ)

A Canadian official says a Covid-19 vaccine mandate for cross-border truckers has had little impact on trailer volumes. (WSJ)

A swing back to heavier consumer spending on services could reverse some stock market gains made during the pandemic. (WSJ)

Qatar Airways plans to buy up to 50 of Boeing’s new 777X freighter jets. (WSJ)

The U.S. is sanctioning the operator of Myanmar’s TMT Port in Yangon over its alleged ties to last year’s military coup. (WSJ)

Exxon Mobil is reorganizing its business into three segments including a low-carbon unit. (WSJ)

CMA CGM is moving into last-mile delivery by taking a 51% stake in French distribution specialist Colis Privé. (The Loadstar)

Overall container throughput at Chinese ports rose 7% last year to the equivalent of 282.7 million boxes. (Port Technology)

Eighteen crew members were rescued after a bulk carrier collided with a product tanker and a wind turbine platform off the Dutch coast. (Splash 247)

The U.S. has vaccinated more than 76,000 seafarers. (Lloyd’s List)

J.B. Hunt bought speciality less-than-truckload carrier Zenith Freight Lines for $87 million from Bassett Furniture Industries. (Dow Jones Newswires)

Daimler Truck North America plans to set up a nationwide charging network for commercial vehicles with NextEra Energy Resources and BlackRock Renewable Power. (pv magazine)

Union Pacific is buying 20 battery-electric locomotives and plans to invest more than $100 million in equipment and infrastructure. (Progressive Railroading)

Ground handler dnata is investing the equivalent of more than $224 million in a fully automated cargo facility at Amsterdam Airport Schiphol. (Air Cargo News)

Senegal wants to set up a formal recycling system to meet growing demand for recycled plastic waste. (New York Times)

An Amazon warehouse manager pleaded guilty to stealing and reselling more than $273,000 of computer parts from a Charlotte, N.C., distribution center. (The Verge)

Paul Page is editor of WSJ Logistics Report. Write to him at paul.page@wsj.com.

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