For weeks, the market focused on one question: Is Hormuz open?
That question is becoming less relevant.
Because ships are moving again — but flows are not recovering.
A limited number of containerships have passed.
Some tankers are testing routes.
Partial access appears possible.
Yet the data points to a different reality:
The system is still operating far below normal — and visibility is increasingly constrained.
Here are the 10 realities that matter now:
1️⃣ Containership flows have declined sharply
From ~14–16 daily transits (Jan–Feb) to ~19 total in March, with over 130 ships remaining west of the Strait.