Le Phare · Weekly Maritime Risk BriefThree hundred words and one chart on maritime risk, every Monday.https://le-phare.pages.dev/No. 4 · The week the ceasefire diedhttps://le-phare.pages.dev/brief/2026-07-17-note/https://le-phare.pages.dev/brief/2026-07-17-note/Hormuz clears 115 weekly transits against a ~656 baseline, hull war cover trades near five points, and the Cape has stopped being a detour — it is the network now.Fri, 17 Jul 2026 00:00:00 GMTNo. 3 · Strait of Hormuz runs at 18% of normalhttps://le-phare.pages.dev/brief/2026-07-16/https://le-phare.pages.dev/brief/2026-07-16/115 weekly transit calls against a ~656 baseline; the Cape still carries 2.2× Suez's traffic.Thu, 16 Jul 2026 00:00:00 GMTNo. 2 · Strait of Hormuz runs at 34% of normalhttps://le-phare.pages.dev/brief/2026-07-12/https://le-phare.pages.dev/brief/2026-07-12/225 weekly transit calls against a ~656 baseline, but the reopening is gathering pace; the Cape still carries 2.27× Suez's traffic.Sun, 12 Jul 2026 00:00:00 GMTNo. 1 · The Red Sea discount is now structuralhttps://le-phare.pages.dev/brief/2026-07-06/https://le-phare.pages.dev/brief/2026-07-06/Transits through Bab el-Mandeb settle at a third of their baseline while the Cape absorbs the difference.Mon, 06 Jul 2026 00:00:00 GMT