For months, the Strait of Hormuz effectively functioned as a ghost corridor. Ship operators, terrified of cargo seizures and regional conflict, routinely disabled transponders to navigate in dark mode. This practice, once a specialized tactic for evading sanctions, became a survival mechanism for global energy logistics. The sudden spike in visible transits—25 recorded by Windward on June 22—suggests a fragile return to normalcy as tracking signals reappear on maritime monitors.

Despite the improved visibility, the market remains gripped by uncertainty. Shipowners are balancing the diplomatic breakthrough against the harsh reality of ongoing risks, such as potential minefields and inconsistent safety protocols. The hesitancy is palpable: Indian Oil Corporation recently struggled to secure charters for three vessels, as many operators refuse to risk their fleets until the security environment stabilizes completely.