Despite the two-week ceasefire announced by the US, the maritime industry remains in a state of high alert. Currently, approximately 800 vessels and over 20,000 crew members are stranded in the Persian Gulf. Although the Strait of Hormuz is technically open, vessel traffic has plummeted to less than 10% of its usual volume, with only about nine ships transiting daily compared to the pre-crisis average of 140. Shipowners are hesitant to resume operations due to Iran’s continued de facto control and the lingering threat of anti-ship missiles and drones. This section highlights that while a diplomatic window has opened, the lack of “maritime confidence” is still blocking the restoration of global trade flows.