Maritime Deep Dive

The Strait of Hormuz dominates this cycle: a US-Iran preliminary agreement has initiated a phased reopening, with Iranian vessels now transiting, but Mitsui OSK Lines and other major tanker operators warn that full commercial normalization will require weeks. War-risk premium persistence is confirmed by London's insurance market. Concurrently, the UK has enacted its most expansive Russia sanctions package to date, designating 70 vessels in the shadow fleet — including LNG tankers, a G7 first — and targeting Yandex Bank. The EU has moved in parallel with an interim shadow-fleet package. Container freight rates are surging ahead of seasonal norms. Suez Canal oil tanker traffic rose 28% during the Hormuz disruption.