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U.S. Clears Scrap Dealer to Buy Sanctioned Ships; Stellantis Plans New, More-Affordable Models By Mark R. Long | WSJ Logistics Report
The Trump administration granted a license to the world's largest cash buyer of ships for scrap to purchase four vessels under sanctions for carrying Iranian cargo , the WSJ Logistics Report's Paul Berger writes.
The decision could pave the way for owners of other sanctioned ships to exit the so-called shadow fleet that carries illicit goods for countries such as Iran and Russia. Shadow fleet ships tend to be older and less well-maintained than other commercial vessels, posing environmental and safety risks. The license comes as the U.S. cracks down on Iran-linked vessels , including the seizure of a tanker
in the Indian Ocean earlier this week.
Dubai-headquartered GMS had applied
to the Treasury Department's Office of Foreign Assets Control for a broad license to scrap sanctioned vessels. GMS CEO Anil Sharma said OFAC didn't grant a broad license, but did allow the company to buy four containerships: the Yogi, the Timon, the Rantanplan and the Bigli. The four were among more than 50 vessels sanctioned by the U.S. last year for links to an Iranian shipping magnate.
The U.S. government doesn't typically authorize payments for vessels under sanctions. A Treasury Department representative said the agency doesn't comment on specific license applications, but added it was committed to getting such designated vessels off the water.
Note to Readers: The Logistics Report won't be published Monday in observance of Memorial Day. We will be back Tuesday.
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Quotable Automakers
Stellantis plans to focus most of its investments for the U.S. market on its Jeep and Ram divisions, while introducing more-affordable new cars , the Journal's Christopher Otts writes.
According to a turnaround plan, Stellantis is aiming to grab a bigger share of the market in North America with 11 all-new vehicles, including seven under $40,000 and two under $30,000. Jeep and Ram, along with mainstream European makes Peugeot and Fiat, will receive 70% of the company's product investments under CEO Antonio Filosa's $70 billion revival plan.
The Chrysler brand-which currently sells only one minivan -will receive three new compact SUVs, at least one of which will start at under $30,000. Stellantis also plans to add compact and midsize trucks to its Ram franchise, which currently sells only full-size pickups.
Corporate Results
Walmart said it continued to expand automation across its sprawling supply chain, with about half of its U.S. e-commerce fulfillment-center volume now automated, and more than 60% of stores getting some level of freight from automated distribution centers.
CEO John Furner also said on a call with analysts that more than half of its regional distribution centers were in various stages of being retrofitted, as the retail giant posted strong quarterly sales growth and noted that rising fuel prices could draw in more cash-strapped shoppers.
Walmart plans to keep prices low to grab market share, but could lift them later if fuel costs stay high, the WSJ's Sarah Nassauer writes. Higher-income shoppers are gravitating toward Walmart's fast online delivery services and premium products .
Walmart has filed for a tariff refund, but doesn't expect a massive windfall. The company estimates it paid around $2.4 billion in tariffs that the U.S. Supreme Court deemed illegal, less than 1% of last year's U.S. sales.
Deere said it recorded a recovery of $272 million from tariff refund claims
accepted by Customs and Border Protection, as the company posted growth in construction-equipment sales that offset weakness in its agriculture segment. (WSJ) Advance Auto Parts logged its strongest quarterly same-store sales growth in five years, with the company pointing to strength in its business catering to professional installers . (WSJ) Number of the Day In Other News U.S. jobless claims fell to 209,000
in the week through May 16. (WSJ) The Philadelphia Fed's manufacturing activity index fell to -0.4 in May from 26.7 in April, indicating a contraction . (WSJ) Japan's exports rose 14.8% in April
from a year earlier, exceeding forecasts due to a weak yen and resilient global demand. (WSJ) The average rate on a 30-year fixed mortgage rose to 6.51% this week -the highest since August-from 6.36% last week. (WSJ) Hovnanian Enterprises said it swung to a quarterly loss , citing the Iran war for reigniting inflation concerns, prompting would-be home buyers to hesitate. (WSJ) Arafura Rare Earths approved construction of a $1.6 billion rare-earths mine in Australia . (WSJ) Airbus and Air France were found guilty
of the involuntary manslaughter of 228 passengers and crew, 17 years after what remains the worst aviation disaster in France's history. (WSJ) Airbus warned some customers about further delays to A350 deliveries
later this decade, mainly reflecting problems in securing key fuselage parts from a former Spirit AeroSystems plant. (Reuters) SpaceX plans to build a 10-gigawatt solar-cell manufacturing plant
near Austin. (Bloomberg) Japan's Kawasaki Heavy Industries plans to set up a joint development center
in Silicon Valley with Nvidia to work on integrating robots with physical AI. (Nikkei Asia) The International Maritime Organization adopted the world's first international framework of rules for autonomous commercial ships . (gCaptain) Private-equity firm Kingswood Capital Management sold California maritime-services company
Lind Marine to investment firm Tallvine Partners for an undisclosed sum. (WorkBoat)
In this week's podcast: The disruption in the Strait of Hormuz could place sustained pressure on global food supplies well into 2027. Also, how unrelenting crises have prompted rethinking on resilience at multinational companies. James Rundle hosts. New episodes every Friday on Apple Podcasts , Spotify
and Amazon .
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
May 22, 2026 07:03 ET (11:03 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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