President Trump says he'll charge a 20% toll on cargo transiting the Strait of Hormuz. Lars Jensen ran the numbers, and they don't hold up.

In this episode, Lars Jensen and Caroline Weaver cover:

• The math behind why a 20% Hormuz toll could work out to record freight rate highs, and why no shipper would pay it.
• Who would even be billed, and why the US has no realistic way to collect if a carrier just refuses.
• Seven attacks on commercial vessels in the Strait of Hormuz this week alone, and what "open" actually means when ships are still getting hit.
• Asia-USWC rates flatten, but the shipper-to-shipper spread nearly tripled in a month.
• Maersk extends its Suez return with two more services despite the Hormuz risk.

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