The ordeal of the crew of the Rubymar began late on the night of Feb. 18, when the first of two missiles struck the bulk vessel as it made its way toward the Strait of Bab-el-Mandeb—“the Gate of Grief.” The crew would have barely three terrifying hours to decide whether and how to save their 563-foot-long ship, with their lives hanging in the balance. The WSJ’s Drew Hinshaw and Joe Parkinson, using interviews, ship logs and videos, report on a harrowing night as water streamed in and pipes burst after missiles launched by Houthi forces in Yemen triggered back-to-back explosions that tore open the vessel. The experience is part of the toll that the Red Sea crisis is taking on ship crews imperiled by the Houthis’ attempt to effectively close off a major shipping lane leading to the Suez Canal.

In peacetime, a third of all containerships pass through the canal, and large numbers of tankers and bulk ships—such as the fertilizer-laden Rubymar—navigate the waters. Now, a diminishing number of shipping companies are trying their luck, hazarding the ship, crew and cargo, at times offering their sailors a modest premium to stomach the risk. But the conflict has forced the world’s most powerful fleet to reconsider whether it has the tools to secure the vital shipping lane. A future in which the seas are only open to some seems on the horizon.

• A Houthi official says ships entering Yemeni waters now must obtain a permit. (Jerusalem Post)
• Ocean Network Express CEO Jeremy Nixon says retailers should rethink their inventory strategies in light of the Red Sea crisis. (Journal of Commerce)

Rubymar, the dry-bulk ship struck by Yemen’s Iran-backed Houthi forces last month, has sunk into the Red Sea, according to U.K. and Yemen officials.

Target has its supply chain in good order, now it just needs more customers buying at its stores and online. The retailer is trying to rebound from a rocky sales period by investing heavily in new and existing stores and launching a paid membership with rapid delivery options to compete with Amazon and Walmart. The WSJ’s Sarah Nassauer reports Target is looking to recover after annual revenue declined for the first time in seven years while comparable sales fell 4.4% last quarter. Target has worked through the inventory glut that built up after earlier supply-chain snarls, and says its inventories were nearly 12% behind the year-ago levels last quarter. The retailer is still adjusting, however, and is slowing some of its warehouse upgrades. Investment now will go toward opening 300 additional stores, and in rolling out Amazon Prime-like delivery benefits with its Target Circle 360 membership program.

Service-sector growth in the U.S. slowed slightly in February. (MarketWatch)

New U.S. factory orders slipped 0.8% in January, excluding volatile transportation orders. (MarketWatch)

China set an official growth target of 5% for its economy this year. (WSJ)

Tesla halted production at its plant outside Berlin after what police said was a suspected arson attack. (WSJ)

Commercial truck maker Traton’s annual profit rose 16.2% to $50.9 million last year on an 11% gain in sales. (WSJ)

General Motors will spend $23 million to add robotics and other automation technology to its Charlotte, N.C., parts warehouse. (Charlotte Observer)

Ceva Logistics withdrew from the bidding for U.K. operator Wincanton. (Motor Transport)

Chinese electric-vehicle giant BYD plans to increase its fleet of car carriers to eight vessels within two years to boost its export capacity. (Nikkei Asia)

Ocean carrier Mitsui O.S.K. and insurer Allianz are suing Volkswagen over the fire that damaged the Felicity Ace car carrier. (Bloomberg) 

German supermarket chain Lidl will start offering logistics services in addition to the container shipping business it started last year. (ShippingWatch)

Less-than-truckload carriers Old Dominion Freight Line and Saia both saw daily shipment growth accelerate in February. (Dow Jones Newswires)

Lufthansa plans to resume negotiations next week with the union that has repeatedly struck at cargo operations. (The Loadstar)

Hong Kong-based Kerry Logistics acquired French freight forwarder Business By Air. (Air Cargo News)

IMC Logistics is acquiring fellow port trucker American Pacific Transportation. (Commercial Carrier Journal) 

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.