Steelman · slot B
Listen to the people pricing the risk
A maritime insurance veteran would argue —The tell here is that the shippers and the underwriters — the only people in this conversation with real money on the line — are backing away from the escort plan, not toward it. War-risk premiums, routing decisions, and charter rates are priced by people who have studied every previous convoy operation, and if they think American escorts make their vessels more of a target rather than less, that judgment deserves more weight than a White House podium announcement. A security arrangement that the protected parties don't want isn't security; it's a political gesture that conscripts commercial ships into someone else's signaling exercise, and the market is telling you so in the only language it speaks.