Cargo & Collateral
Macro-finance and shipping, read through balance sheets and monetary architecture.
Seaborne trade and monetary systems can be read the same way -- as claims and obligations. Who owes what to whom, on whose balance sheet, and funded how.
Forwarder and carrier working capital, chartering and freight rates, chokepoint transits and tonne-mile demand, ship finance and the capital stack behind a fleet, marine insurance pricing, trade finance. Monetary side: repo markets, debt management offices, central-bank balance sheets, and the euro-area settlement plumbing where it touches trade. Defence appears occasionally and on the same terms -- rearmament as a working-capital problem before a capability one.