Rates are a bit worse this week than last week. The reason is extremely complex but can be boiled down to one question: What’s going on in the Middle East?
Thankfully, a ceasefire remains in place, so we’re not in much danger of seeing rates spike.
Unfortunately, the Strait of Hormuz is not fully open/operational, so we’re unlikely to see rates drop much.
It’s a real push/pull at this time. As long as the Iran conflict drags on, expect more of the same.