Hormuz shipping collapses to 33 transits as Iran-Oman route deal faces industry skepticism.

Strait of Hormuz shipping deteriorated sharply, with weekly transits falling from 50 to 33 vessels and Thursday crossings dropping to just one ship (T6). ADNOC reported three vessels attacked (T2), the UAE condemned an Iranian missile strike on a state-linked carrier (T5), and an Indian cargo vessel sank near Yemen (T23). This level of disruption threatens project logistics and crew movements across the region.

A diplomatic opening emerged as Iran and Oman agreed on coordinates for a Hormuz shipping route (T3), but the industry sees major obstacles and Iran's parliament debates banning US and Israeli ships. Trump claims talks are 'moving along' (T30) while six Saudi supertankers reroute around Africa (T27). Any durable de-escalation would lower risk premiums on regional marine contracts.

U.S. dredging demand continues building. USACE Galveston awarded a $95 million pipeline dredging contract with eight bidders including GLDD (T4), USACE Buffalo let a $20 million Toledo Harbor contract (T12), and New Jersey beach replenishment is set for late fall (T40). The Jones Act waiver appears likely to be extended again (T8), which could shift domestic dredge fleet utilization.