The head of the world’s third-largest container line says there is no need to panic over a sharp retreat in carrier earnings. CMA CGM CEO Rodolphe Saadé says he expects weak trade volumes that are roiling the shipping sector this year to continue in 2024. But Saadé tells the WSJ Logistics Report’s Paul Berger the tumbling profits from record highs during the Covid-19 pandemic essentially bring the business back to prepandemic levels. Big container lines made tens of billions of dollars during the pandemic, when shipping demand soared and freight rates skyrocketed. Industry analyst John McCown says net profits for shipping lines were down a combined $54 billion in the second quarter. CMA CGM’s own profits were down 83% from last year’s second quarter, although it still earned $1.3 billion. But Saadé said he expects the second half of 2023 will be weaker than the first half of the year.

Freight carriers are sending troubling signals about U.S. industrial markets. Union Pacific beat expectations with its third-quarter earnings report that showed profit sliding 19% from a year ago to $1.5 billion. But the WSJ’s Dean Seal reports that underlying figures showed weakening demand across major business segments, including declining volumes and revenue across key industrial commodities. The results follow J.B. Hunt Transport Services' report earlier this week showing earnings tumbled more than 30% last quarter and revenue was off 18% from last year. The carriers are showing the impact of the muted peak season executives have been forecasting. Intermodal volume and pricing were down sharply at Union Pacific. The revenue declines across the coal, metals and chemicals carload lines also raise questions about the direction of industrial production. The railroad’s forest product loads fell 13%, showing a weak U.S. housing market is reaching across supply chains.

A WSJ measure shows global trade flows rose in August after four straight months of decline. (WSJ)

Home sales in the U.S. fell in September to the lowest rate in 13 years. (WSJ)

The Biden administration suspended a broad array of sanctions against Venezuela’s oil and gas sector. (WSJ)

Telecom equipment maker Nokia plans to cut up to 14,000 jobs over the next three years. (WSJ)

The world’s largest contract chip manufacturer thinks a turnaround in the semiconductor market is finally near. (WSJ)

The Chinese parent of pork giant Smithfield Foods is setting the groundwork to take the business public again in the U.S. (WSJ)

India’s Adani Ports remains confident in its deal to buy Israel’s Port of Haifa despite the exploding conflict between Israel and Hamas. (Nikkei Asia)

Investigators are focusing on a Chinese container ship and a nuclear-powered cargo vessel after damage to a subsea gas pipeline in the Baltic Sea. (Maritime Executive)

Canada’s import-heavy Prince Rupert port is building a large export facility. (Journal of Commerce)

Germany’s Hapag-Lloyd and Brazil’s Norsul established a joint venture to launch domestic and feeder services through the country’s ports. (Splash 247)

Dry-bulk vessel operator Ultranav invested in Belgian autonomous ship startup Mahi. (ShippingWatch)

Eastern Bulk Carriers is winding down as its family owner moves away from owning and trading vessels. (TradeWinds)

Retailers have had varying success in their destocking efforts. (Retail Dive)

Amazon is testing prescription medicine delivery in less than an hour with drones. (CBS)

American Airlines' cargo revenue fell nearly 31% in the third quarter. (Air Cargo Next) 

Gartner says less than half of companies are making progress eliminating slavery in their supply chains. (DC Velocity)

American Eagle Outfitters named Sarah Clarke, a longtime supply-chain executive at PVH and Gap, as its new chief supply chain officer. (Supply Chain Dive)

• The U.S. is warning businesses to be on the lookout for Iranian attempts to acquire goods–including circuit boards, aluminum tubes and gyroscopes–that could support its ballistic missile program.
• A Houston bankruptcy judge resigned under a misconduct investigation over his failure to disclose his romantic relationship with a bankruptcy lawyer who had business before his court.
• Ransomware attacks are increasing, and insurance claims after such attacks are rising too. 
• A judgment-preservation insurance will guarantee software firm Appian a $500 million award, despite a potentially lengthy appeal.
• Flexport expects to get back to profitability by the end of next year or early 2025, founder Ryan Petersen said.

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.