Shipping’s Red Sea crisis may be roiling supply chains but it’s providing a boost to some carriers. The effect on shipping prices has been eye-popping, as container lines hike spot rates and add surcharges to compensate for longer voyages around the Cape of Good Hope. The WSJ’s Megha Mandavia writes in a Heard on the Street column that shipping stocks are also riding higher, with A.P. Moller-Maersk shares up 19% in the past three weeks and Hapag-Lloyd’s stock price up 34%. Investors are responding to the sharp turnaround in the sector’s long-running rate decline over the past year. Still, new shipping capacity due to come online may mean the rebound is short-lived. DNB Markets estimates that new container shipping capacity equal to about 11% of the current fleet will enter the seas this year. Container xChange CEO Christian Roeloffs sees the current situation as “acute but not chronic.”

• India’s navy says its commandos secured a bulk carrier after an attempted hijacking in the Arabian Sea. (TradeWinds)

India is facing a new supply problem in its burgeoning manufacturing sector. The country’s factory employment remains stagnant even as the government is trying to boost the industrial economy to cope with chronic unemployment or underemployment. The WSJ’s Shan Li and Vibhuti Agarwal report the ranks of India’s farmworkers have swelled by some 60 million over the past four years, a shift fueled in part by a food-welfare program that feeds hundreds of millions of people. It is the opposite of the path many economists expected for India, and it highlights the challenges that India and foreign companies face in the push toward industrialization. Instead of seeing the masses move onto factory floors, India appears to be deindustrializing. Companies are reporting difficulty in scaling up output to meet new orders for logistics-sector expansion and from buyers abroad because they can’t staff up production lines.

• Vietnam’s VinFast plans to build an electric-vehicle plant in southern India’s Tamil Nadu state. (Financial Times)

Alaska Airlines and United Airlines canceled hundreds of U.S. flights as regulators ordered that Boeing 737 MAX 9 passenger jets be grounded after a section of a plane ripped away in flight. (WSJ)

U.S. hiring accelerated in December as 216,000 new jobs were added, and the unemployment rate held steady at 3.7%. (WSJ)

Jobs growth in Canada is cooling as part-time hiring grows while full-time employment recedes. (Dow Jones Newswires)

A measure of the U.S. service-sector economy fell in December to a seven-month low. (MarketWatch)

U.S. regulators will allow Florida to become the first state to import drugs from Canada, a milestone in efforts to reduce the cost of medicines. (WSJ)

Natural-gas producers Southwestern Energy and Chesapeake Energy are close to a merger that would create a roughly $17 billion company. (WSJ)

The U.S. says imports of tin mill products from Canada, China, Germany and South Korea are being dumped into the U.S. market. (WSJ)

Iran’s oil exports jumped 27% last year as the fleet carrying the country’s crude expanded by 100 vessels. (Lloyd’s List)

Vacancy rates at logistics facilities in eastern China are soaring. (Bloomberg)

Sporting goods supplier Amer Sports plans an initial public stock offering to back its plan to open its own stores and direct-to-consumer sales. (Retail Dive)

Developers plan to build a logistics park southwest of Atlanta that would include up to 2 million square feet of warehouse space. (Atlanta Journal-Constitution)

Shipbroker Clarksons projects a record pretax profit of about $137 million for 2023. (ShippingWatch)

U.S. regulators recovered more than $1 million in back wages and damages for 165 workers at garment manufacturers in California. (Sourcing Journal)

Auto-parts supplier Continental is helping Aurora to scale production of sensors and computers to advance the company’s autonomous technology. (Trucking Dive)

A warehouse worker in Scotland was ordered to pay more than $25,000 for stealing a shipment of special edition James Bond whisky. (Daily Record)

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.