Shipping company shares reached their highest levels in more than a decade this week, with Lloyd's List's basket of 35 companies up 68% since the start of the year. The ready explanation is the Strait of Hormuz. But our database traces a far more nuanced path: the crude tanker basket rose 60% in the two months preceding the strikes, then fell during the four months when the strait was actually closed, before jumping again in a summer of record profits and a collapsed truce. This is a complete industry guide for those who have never considered ships before: what they are, how freight rates are priced, who profits, and then the EL7 score for thirty-six listed names.
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