NO on More than 200 Hormuz transit calls Jun 29 - Jul 5, 2026 (IMF PortWatch)

PortWatch daily data shows the Jun 24-25 spike (52, 51) fading toward the high 20s, and zero in-window days are published yet — the market's 35→73 repricing extrapolates re-acceleration that the latest tape does not show. Tail risk: shipping confidence keeps normalizing toward the ~75/day pre-crisis norm and any 30+/day week clears 200 easily. Sized as the run's single sub-35¢ lottery, capped at 2% of capital.