Treasury secretary says Iranian ships allowed to pass through Hormuz. the first non-Iranian tanker transited the Strait of Hormuz with its AIS on today. Iran’s missile fire rate has collapsed by 92%

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Logistics and Transportation face existential cost pressure, but the picture is bifurcating exactly as I suggested it would. The Denmark story, with the government begging citizens to “please, please, please” avoid driving, tells you how directly the energy shock is hitting consumer behavior and by extension transportation demand. European road freight is already under structural pressure: contract freight rates climbed 2.6 points quarter-over-quarter in Q4 2025 as major shippers locked in rates ahead of anticipated capacity tightening. The spread between contract and spot rates is a real-time barometer of corporate panic: when shippers are willing to pay a heavy premium for guaranteed truck availability over volatile spot pricing, it suggests boardrooms expect logistics disruptions to persist. Add the Hormuz closure on top of a pre-existing 444,000 driver shortage across Europe, and the pressure on transport-dependent small-caps is severe. But the restructuring of global trade routes around the Hormuz blockade is also creating winners. European logistics hubs positioned as alternative gateways for Asian goods, particularly those with rail connections to Central Asian corridors, could see structural increases in volume. The Global Baku Forum this week highlighted the “Middle Corridor” linking Asia and Europe through the Caucasus as a strategic transport opportunity that is gaining momentum.

https://www.zerohedge.com/energy/sector-watch-energy-security-pivot-accelerates