GMS Week 26 – TRAFFIC DOUBLES, YARDS WAIT in Weekly Demolition Reports 27/06/2026 The war is over; the paperwork is taking longer than the peace. The formal signing of the US-Iran agreement at Bürgenstock in Switzerland was abruptly postponed last Friday, with Vice President Vance turning his plane around over what the White House called unresolved logistical issues, even as the interim memorandum remained in effect and implementation accelerated on the water. Vessel traffic through the Strait of Hormuz doubled in 24 hours to its highest level since late February, with at least 34 ships exiting into the Gulf of Oman against a pre-war daily average of 110. The Vice President noted that Iran had, for a second consecutive night, declined to fire on any vessel. The ships, having no plane to turn around, simply kept sailing. Brent crude has fallen below USD 74 per barrel, its lowest since before the war began and now only about 7% above its pre-conflict level, having shed more than 20% in June alone. WTI trades below USD 70. The IEA estimates the UAE is already exporting at roughly 85% of pre-war volumes and warns of a coming glut; OPEC’s secretary general rejects both the glut and the notion of a demand peak, leaving the two agencies agreed on nothing except that the other is mistaken. Beneath the collapse sits an oddity: US crude inventories have fallen to their lowest since 1984, with Cushing below operational minimums, a tightness the price has chosen to ignore in favour of the reopening. Freight has continued its orderly descent from the war peak. The Baltic Dry Index eased to 2,634 on June 24 from the June 1 high of 3,222, with daily Capesize earnings settling near USD 35,800 as the disrupted long-haul trades that inflated demand through the conflict normalise. The geared segments most relevant to recycling held firm, with Supramax near USD 21,400 and Handysize near USD 17,000 per day. The Capesize premium that kept the largest ageing tonnage trading has now fully