“Hormuz is open.”
That is the headline.
But if you look at the flow…
something does not add up.
In just one week, traffic didn’t stabilize.
It collapsed — by more than half.
And that changes the picture completely.
Because this is no longer about whether ships can pass.
It is about whether they can pass reliably, predictably, and at scale.
Right now, they cannot.
And if you are still treating Hormuz as “open”, you may already be misreading the risk.
👉 And that is already changing costs, routing, and risk.
👉 What most shipping leaders are still getting wrong about Hormuz right now: