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RED SEA

Minimalist maritime scene showing calm open water with aligned navigation buoys under hazy daylight and no vessels in transit

Fleets change routes, insurers cut cover and war risk premiums surge

Shipping companies, insurers and energy traders are already changing operational behaviour as Middle East tensions disrupt routes, tighten insurance conditions and increase costs across the global maritime system, particularly around the Strait of Hormuz and the Red Sea

Pilot boat, tug, and buoy in a quiet Suez Canal scene with no passing ships and empty waterway stretching ahead

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

Rusted iron sculpture on a coastal cliff overlooking the open sea, with a sailboat visible on the horizon

Decks and Deals Weekly #38

The week of March 29 to April 4, 2026 brought a missile into Qatari sovereign waters, the first Western vessel through the Strait of Hormuz, and bunker prices that rewrote their record book

Weathered fishing vessel on a muddy shore under dark storm clouds, with rusted hull, hanging ropes, and calm water in the background

Decks and Deals Weekly #37

The week of March 22–28, 2026 reshaped global shipping as Hormuz turned into a toll-controlled chokepoint, tanker markets split sharply, and geopolitical shocks from Ukraine to Yemen redrew the map of risk

Aerial view of a crude oil tanker underway on open turquoise water, helipad visible amidships

Decks and Deals Weekly #34

The week of March 1–7, 2026, handed global shipping its most disruptive seven days in decades: the Strait of Hormuz closed, tanker rates shattered records, and insurers quietly finished what the missiles started

World map showing major maritime trade routes between Shanghai, Rotterdam, and New York, including Suez Canal and Cape of Good Hope alternatives with distances and transit times

Middle East conflict disrupts global shipping

Developments in the Middle East test global maritime trade routes, as rising geopolitical tension increases costs, alters shipping patterns, and places critical energy corridors under renewed pressure without any formal blockad

A miniature sailing ship inside a glass bottle, reflected on a dark surface, photographed in vintage black-and-white style

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

A COSCO container ship docked at the Port of Piraeus, surrounded by gantry cranes and stacked containers, with coastline and mountains beyond

The Port of Piraeus in a changing trade landscape

U.S. tariffs, shifting Asian supply chains and instability in the Middle East are reshaping the environment for Mediterranean ports, increasing volatility in transshipment flows and testing the resilience of hubs such as Piraeus

Black-and-white photograph of a small floating structure alone on calm water beneath a vast, cloud-filled sky, emphasizing isolation and stillness

Decks and Deals Weekly #27

From January 11–17, 2026, the global shipping market priced in fragile calm while bracing for conflict, as Maersk returned to the Red Sea amid rising geopolitical risk and swelling orderbooks