Published: July 27, 2026 In our June analysis, we noted that what began as an emergency had become the defining structural reality of global shipping in 2026. We also noted cautious signs of possible normalization — a ceasefire framework, early Suez recovery signals, and the possibility that disruption costs might begin to ease in the second half of the year. That picture has changed.The Hormuz shipping new normal has fundamentally changed how carriers, shippers, and freight