The strait that taught the markets to fear shadows
The Strait of Hormuz no longer shapes markets through disruption alone. It shapes them through anticipation, hesitation, memory, and the rising global cost of uncertainty
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MARITIME GEOPOLITICS
Cape of Good Hope: the detour that became a doctrine
Three years after Houthi missiles drove the world’s container fleets southward, the Cape of Good Hope has graduated from emergency detour to default corridor. Brussels has yet to grasp the consequences
The Suez Canal recovery that never arrived
The Suez Canal recovery should be in full swing. The Houthis stopped attacking ships in November. War risk premiums collapsed. Yet container traffic remains 60% below 2023 levels
Port of Piraeus: Record revenues, a shrinking core, and the questions nobody asked at Delphi
Angelos Karakostas arrived at Delphi with record revenues and previewed unreleased quarterly data. The full-year 2025 results, read carefully, tell a rather different story
The EU Ports Strategy that targets China without naming it
Brussels adopted its EU Ports Strategy on 4 March 2026. A leaked draft, obtained weeks earlier, tells a more candid story — one in which COSCO and Piraeus feature prominently, if never by name
Decks and Deals Weekly #32
During the week of 15–21 February 2026, global shipping was reshaped by Hapag-Lloyd’s $4.2bn ZIM bid, Hormuz tensions, surging tanker rates, container overcapacity, Ukrainian port strikes, and bold Greek newbuilding orders
The invisible landlords: How container leasing became a geopolitical weapon
Half the containers on a Maersk ship do not belong to Maersk. They belong to financiers who rarely visit a port—and whose decisions now ripple across trade wars, capital markets, and Washington’s response to Beijing
Decks and Deals Weekly #30
From 31 January to 7 February 2026, global shipping markets confronted structural distortions: collapsing shadow fleets, resilient mid-size tankers, aggressive Chinese-led newbuilding orders, and a widening gap between macro narratives and physical trade reality
Decks and Deals Weekly #29
Between 25–31 January 2026, global shipping trends revealed an industry under pressure, as freight rates softened, carrier earnings deteriorated, fleet expansion accelerated, and geopolitical uncertainty reshaped routing, risk pricing, and strategic decision-making across liner markets
Decks and Deals Weekly #22
The shipping market hit an inflection point this week as tankers turned into geopolitical targets, container rates split by geography, and carriers bet on green vessels despite weakening demand