Global shipping depends on a few narrow routes.
Two of them are tightening at the same time.
Hormuz is down to about 10 commodity ships a day.
Panama is cutting daily transit slots from 36 to 32.
One problem is war.
The other is water.
Neither chokepoint is fully closed.
Yet the network is already losing flexibility.
That matters before the next disruption even arrives.
So what happens when both tighten together?
Here are 5️⃣ signals behind it:
1️⃣ Hormuz does not need to close
Commodity transits now average about 10 a day.
That is the lowest level since May.