The global shipping market is navigating Q2 2026 under the ongoing weight of an unprecedented geopolitical shock. The de facto closure of the Strait of Hormuz, now entering its third month, has fundamentally reshaped trade flows and earnings dynamics across all sectors. With no credible resolution in sight and the US military reported to be blocking vessels exiting the Strait, market uncertainty shows no signs of easing.

Tanker earnings reaching record levels in Q1 2026, with Aframax values hitting all-time highs in May. Bulkers have shown surprising resilience and container markets remain broadly stable, while the LPG market has experienced notable disruption of trade flows.

Across all segments, how the conflict evolves from here will be the defining variable for the remainder of 2026. The duration of the Hormuz closure, the pace of any oil supply recovery, and how markets adapt to fundamentally…