Amazon com (NASDAQ:AMZN)
Historical Stock Chart
2 Months : From Aug 2019 to Oct 2019
By Paul Page
Sign up: With one click, get this newsletter delivered to your inbox.
Amazon.com Inc. is taking a major step toward electrifying its still-growing logistics network. The e-commerce giant says it is ordering 100,000 electric delivery trucks, the WSJ's Patrick Thomas reports, as part of a plan to make the company carbon neutral by 2040. The mega-order from the suburban Detroit-based startup Rivian Automotive comes as the company faces criticism over its environmental impact, including a threatened walkout by some of its own employees to press the company to take action on climate change issues. The environmental impact of e-commerce has become a growing concern, and United Parcel Service Inc. and FedEx Corp. have been rolling out their own electric vehicles in selected operations. Amazon looks set to overtake those efforts with plans to have 10,000 of the new vehicles on the road as early as 2022 and all 100,000 by 2030.
Shipbuilders may get a boost from burgeoning petrochemical trade. A surge in demand for ethane in industrial operations could drive orders for up to 40 very large gas carriers in the next 12 months, the WSJ Logistics Report's Costas Paris writes, with much of the business likely to go to South Korean shipyards. The American Bureau of Shipping's Aditya Aggarwal told a conference in Houston that U.S. exports of the gas are soaring as the price of by-product of shale production declines. Global trade in the gas has grown to eight million metric tons annually, and several production sites are due to go online in the next couple of years as U.S. exporters strike more deals in Asia and South America. At $120 million each, the new ships will be welcome additions at Korean shipyards that are still seeking financial equilibrium.
The shutdown of some of Saudi Arabia's oil facilities is changing crude tanker flows in surprising ways. Facing a potential shortage of its own supplies, the kingdom is reaching out to foreign producers for crude and other petroleum products, Sarah McFarlane, Benoit Faucon and Summer Said report, effectively ramping up imports so it can maintain exports. The steps come as the attacks on Saudi oil sites continue to roil global oil supply chains. Crude prices have been gyrating over questions of when production will be restored, including a new runup in pricing on Thursday. Tanker operators have been preparing to divert vessels to different export sites while shipping rates have soared. Reduced Saudi supplies have prompted some rival producers to offer alternatives to international buyers. Riyadh is responding with what it calls its own "robust logistics network," including 16 refineries and flexible sourcing.
IN OTHER NEWS
Chinese authorities detained a FedEx Corp. pilot for allegedly transporting ammunition, identified as nonmetallic pellets for air guns, in a checked bag. (WSJ)
Sales of previously-owned U.S. homes rose in August at the fastest pace in 15 months. (WSJ)
The U.S. finalized a deal with Mexican tomato growers that some warn could lead to more expensive tomatoes at the supermarket. (WSJ)
An airport partly owned by units of HNA Group Co. has failed to repay holders of its dollar bonds on time. (WSJ)
A group of Sears Holdings Corp. creditors say the remaining part of the retailer left under bankruptcy protection is so low on cash it should be liquidated. (WSJ)
Colt Defense LLC say it will stop producing semiautomatic rifles for civilians, citing a glut in the market. (WSJ)
Insys Therapeutics Inc., the first drugmaker driven into bankruptcy protection over litigation in the opioid crisis, plans to wind down operations. (WSJ)
United States Steel Corp. scaled back its outlook after disappointing quarterly results. (Barron's)
Michigan-based auto parts supplier Nexteer Automotive is furloughing workers because of the General Motors Corp. strike. (Detroit News)
Navistar International Corp. will build a $250 million plant in Texas for medium- and heavy-duty trucks. (Commercial Carrier Journal)
Toyota Motor Corp. it will spend $391 million to expand its San Antonio, Texas, pickup truck factory. (San Antonio Express-News)
Walgreens Boots Alliance PLC is testing on-demand delivery in the U.S. with FedEx and Alphabet Inc.'s drone unit Wing, (CNBC)
Japanese construction machinery maker Komatsu plans to place a factory in South Africa to compete with Chinese manufacturers. (Nikkei Asian Review)
Container ship owner Seaspan Corp. secured $500 million in new financing it says may help back vessel acquisitions. (Splash 247)
Port terminal operator DP World is bidding for Singapore-based offshore supply-vessel operator Miclyn Express Offshore. (Lloyd's List)
A Cosco Shipping Specialized Carriers bulk vessel completed a transport across the Arctic Northern Sea Route. (Port Technology)
Indonesian e-commerce logistics startup Shipper raised $5 million in a seed funding round. (TechCrunch)
Paul Page is editor of WSJ Logistics Report. Follow the WSJ Logistics Report team: @PaulPage , @jensmithWSJ and @CostasParis. Follow the WSJ Logistics Report on Twitter at @WSJLogistics.
Write to Paul Page at firstname.lastname@example.org
(END) Dow Jones Newswires
September 20, 2019 14:37 ET (18:37 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.