African bunkering hubs gain as ships reroute around the Cape
Reuters14:00 UTC

AIS queues point to a reroute, not a demand collapse

The ships are still moving, just not through the lanes anyone expected at the start of the year.

No inventory arrives on schedule; capital is stranded offshore.·Shipping·Africa, Mediterranean·14:00 UTC

Beneath the surface

Selected for non-obvious structure
MarketsCross-asset · live · 07:24 UTC · Yahoo Finance / FRED / CFTC
Equities
7,619.98
S&P 500
-0.48%
Normal
Rates
4.961
US 10Y yield, %
-1.4bp
Normal
Credit
265
US high-yield spread, bp
-5
Normal
FX
99.63
Dollar index (DXY)
+0.17%
Normal
Commodities
103.39
WTI crude, $/bbl
+1.97%
Normal
Volatility
17.10
VIX
+1.26
Normal
Rates
Oil is moving the curve through the consumer, not only through inflation

The pressure travels from fuel costs to household cash flow and then to the debt that depends on it.

Credit
Loan documents are showing stress before earnings releases do

Borrowing-base tests and springing covenants force lenders and borrowers to confront weaker collateral sooner than guidance does.

Liquidity
The important change is who can still fund the inventory

When transport takes longer, cash is trapped in goods and the weakest balance sheets lose access first.

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