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Containership Strikes Tanker in North Sea; Trade Threats Boost Startups By Mark R. Long

A containership crashed into an anchored tanker carrying jet fuel in the North Sea on Monday, engulfing both vessels in flames, sending thick smoke billowing into the air and raising fears of marine pollution.

The WSJ's Costas Paris and Gareth Vipers write that the Portuguese-flagged Solong was steaming from the Scottish port of Grangemouth, en route to the Netherlands, when it struck the U.S.-flagged Stena Immaculate about 13 miles offshore from Hull in northern England . One mariner is reported missing and another was hospitalized, while 36 crew members across both ships were safe and accounted for.

The Immaculate was chartered by the U.S. military, which owned the jet-fuel cargo, people familiar with the matter said. It was at anchor, having traveled from Greece, and was loaded with more than 13 million gallons of its own fuel.

Coast Guard officials said they were looking into reports that the Solong was carrying 15 containers of sodium cyanide, a highly toxic substance used in gold mining and chemical manufacturing. Greenpeace UK said it was too early to know the extent of any ecological harm, but said the incident was cause for great concern.

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Number of the Day Logistics Technology

During the Covid-19 pandemic, venture capitalists poured money into startups promising to help clients navigate breakdowns in global supply chains. As the urgency faded, so did the investments.

Now, as the WSJ's Marc Vartabedian reports, the threat of new tariffs and trade wars has renewed interest in these firms and their logistics-management software. The tariff conundrums might help companies that raised venture capital at frothy prices in 2021 boost revenue and justify their valuations.

One of these startups, Project44, said it recently has helped big multinational companies in retail and other sectors customize systems to figure out whether it makes sense to get ahead of a levy or pay the extra cost of a shipment.

Software company Resilinc is developing an AI-agent to tell customers how tariffs are affecting their supply chains and find ways to alleviate the costs. Another firm, Altana, launched a "tariff simulator" to quantify costs and help customers find alternative suppliers. Quotable In Other News

Ontario slapped a 25% surcharge on electricity exports to the U.S. (WSJ)

U.S. Energy Secretary Chris Wright said a new tariff on oil imported from Canada might be eliminated as soon as next month. (WSJ)

Beacon Roofing Supply and QXO are discussing a potential deal in which Brad Jacobs' company would acquire Beacon for about $7.7 billion. (WSJ)

German industrial production rose 2% on the month in January . (WSJ)

Canadian oil-and-gas companies Whitecap Resources and Veren are combining in a $10.44 billion deal . (WSJ)

Traton shares fell in Europe after the commercial-vehicle maker said it expects the global economy to lose momentum and hurt demand for trucks. (WSJ)

Clarkson shares plunged after the shipping-services company warned of a hit from increased geopolitical uncertainty . (Dow Jones Newswires)

Singapore Post is likely to declare special dividends with its full-year results in May, a Maybank Securities analyst said. (Dow Jones Newswires)

China-to-U.S. air-freight rates have fallen sharply on a post-Lunar New Year slump and uncertainty over the future of the U.S. de minimis tariff exemption. (Journal of Commerce)

Houthi militants threatened to restart attacks on Red Sea shipping unless Israel resumes aid and power to Gaza. (Maritime Executive)

Hapag-Lloyd unit Hanseatic Global Terminals acquired a 60% stake in the operator of the Atlantique container terminal in Le Havre, France. (Splash 247)

A freeze on some Department of Agriculture grants is driving U.S. farmers and food organizations to cut staff and halt investments. (Reuters)

Honda will cut engine-production capacity at a key factory in China as electric-vehicle demand there rises. (Nikkei Asia)

Prices of some rare metals have nearly doubled as Beijing and the U.S. grapple over resources for technology products. (South China Morning Post)

Toyota Automated Logistics unit Bastian Solutions and pallet-handling firm viastore North America agreed to merge and operate under the Bastian name. (DC Velocity)

About Us

Mark R. Long is editor of WSJ Logistics Report. Reach him at [mark.long@wsj.com]. Follow the WSJ Logistics Report team on LinkedIn: Mark R. Long , Liz Young and Paul Berger .

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

March 11, 2025 07:05 ET (11:05 GMT)

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