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Geopolitics

1k+ container ship transits of Suez Canal in Q1 2026?

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Bulls Say, Bears Say

Bulls Say

A Houthi ceasefire or Red Sea security deal could rapidly restore transit volumes

Pre-conflict baseline was well above 1k transits/quarter, showing latent demand exists

Diplomatic normalization in Yemen could accelerate shipping route restoration

Bears Say

Market prices YES at just 1%, reflecting near-consensus that recovery is unlikely by Q1 2026

Houthi attacks have persistently diverted traffic to Cape of Good Hope with no resolution in sight

Zero liquidity and volume suggest no informed buyers see value in the YES side

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