Hormuz Holds, El Niño Looms: Stacking the Risks for 2027

Transpacific rates are grinding higher into peak season while the Hormuz crisis shows no sign of resolution, and a new weather risk is quietly building for the Panama Canal.
In this episode, Lars Jensen and guest host Don Davis cover:
• NYFI spot rate momentum on Asia-US West Coast and Asia-Europe, and what futures rates suggest for the next two months
• Iran's tightening grip on Strait of Hormuz traffic, including vessel seizures and a potential threat to subsea data cables
• CMA CGM and Hapag-Lloyd suspending Cuba bookings following new US sanctions
• A NOAA upgrade placing a 67% probability on a strong or very strong El Niño, and what that means for Panama Canal capacity heading into 2027
• Q1 2026 carrier results: Maersk gained market share; Hapag-Lloyd volume declined year-on-year