Shipping and geopolitical risk: Don't forget about Korean Peninsula

COVID steered shipping markets in 2000-2022. Geopolitics has steered markets ever since — and future war effects on ocean trade could be even more extreme than they are today. Russia's invasion of Ukraine rerouted crude oil, refined products, LNG, coal and grain trades. The Israel-Hamas war spawned attacks by Houthi rebels on vessels in the Red Sea, which have rerouted container ships, LNG carriers, liquefied petroleum gas (LPG) ships and, to an growing extent, refined product tankers. The Middle East war could grow into a regional conflict that affects tanker traffic through the Strait of Hormuz. Venezuela could invade Guyana,…