Hey,

I've written about Suez before. The Ever Given, the Houthi attacks, the two years of empty transits. I told myself I wouldn't come back a third time. Only if something actually moved the needle.

Something just did. Five of the world's biggest carriers have gone back to a canal that sits a few hundred kilometers from an active war. Not because a ship got stuck. Not because a militia backed off. Because an entire industry decided, quietly and almost in unison, that a bet which already failed once this year is worth making again.

Here's what actually changed. And what hasn't.