Shell’s Iran War Windfall Has Another Side: SEC Filing Reveals $5.4 Billion Shipping-Lease Shock
Published . Updated .
Shell’s latest financial statements reveal a remarkable accounting consequence of the Middle East conflict. While the oil giant reports extraordinary profits, soaring tanker freight rates hav…
Directly affected
- SHEL Shell+0.1% 13d
Named in this report.
Indirectly affected
- BWET Breakwave Tanker Shipping ETF-3.3% 17d
Breakwave Tanker Shipping ETF: it tracks shipping freight. Linked by “shipping” (container shipping) in this story.
- IYT iShares U.S. Transportation ETF
iShares U.S. Transportation ETF: it tracks shipping freight. Linked by “shipping” (container shipping) in this story.
- ITA iShares U.S. Aerospace & Defense ETF-3.0% 30d
iShares U.S. Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “war” (defense) in this story.
- USO United States Oil Fund+13.9% 30d
United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story.
- ZIM ZIM Integrated Shipping Services+1.3% 30d
ZIM Integrated Shipping Services (deep sea foreign transportation of freight): shipping lines' rates jump when routes or ports are disrupted. Linked by “shipping” (container shipping) in this story.
- MATX Matson-5.7% 9d
Matson (water transportation): shipping lines' rates jump when routes or ports are disrupted. Linked by “shipping” (container shipping) in this story.
- KEX Kirby+3.8% 30d
Kirby (water transportation): shipping lines' rates jump when routes or ports are disrupted. Linked by “shipping” (container shipping) in this story.
- DAC Danaos
Danaos (deep sea foreign transportation of freight): shipping lines' rates jump when routes or ports are disrupted. Linked by “shipping” (container shipping) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| SHEL | -1.66% | -3.31% | base | after close | after close | after close | after close |
| BWETNo price data for this ticker | — | — | — | — | — | — | — |
| IYTNo price data for this ticker | — | — | — | — | — | — | — |
| ITANo price data for this ticker | — | — | — | — | — | — | — |
| USO | -1.54% | -1.29% | base | after close | after close | after close | after close |
| ZIM | +4.03% | +4.49% | base | after close | after close | after close | after close |
| MATXNo price data for this ticker | — | — | — | — | — | — | — |
| KEXNo price data for this ticker | — | — | — | — | — | — | — |
| DACNo price data for this ticker | — | — | — | — | — | — | — |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Market Call
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Shell’s Iran War Windfall Has Another Side: SEC Filing Reveals $5.4 Billion Shipping-Lease Shock Royal Dutch Shell Plc .com
Source: Royal Dutch Shell Plc .com
Amplify Commodity Trust (BWET) compared with industrial stocks (XLI) since 31 Oct 2026
| Company | When | Move | Status |
|---|---|---|---|
| SHEL | three days earlier | -3.31% | final price |
| SHEL | five days earlier | -1.66% | final price |
| United States Oil Fund (USO) | three days earlier | -1.29% | final price |
| United States Oil Fund (USO) | five days earlier | -1.54% | final price |
| ZIM Integrated Shipping Services (ZIM) | three days earlier | +4.49% | final price |
| ZIM Integrated Shipping Services (ZIM) | five days earlier | +4.03% | final price |
Middle East on the map for this story
Geopolitics Alpha has 0 stories about Middle East from the past 7 days and 0 stories from the past 30. “Shell’s Iran War Windfall Has Another Side: SEC Filing Reveals $5.4 Billion Shipping-Lease Shock” is tagged to Middle East.
Who gains and who loses around Amplify Commodity Trust (BWET)
Companies mentioned with this story
- BWET Amplify Commodity Trust
For “Shell’s Iran War Windfall Has Another Side: SEC Filing Reveals $5.4 Billion Shipping-Lease Shock,” Amplify Commodity Trust (BWET) is linked, with no stored direction, medium confidence. Reason on file: Breakwave Tanker Shipping ETF: it tracks shipping freight. Linked by “shipping” (container shipping) in this story
- IYT Ishares Tr
Ishares Tr (IYT) is linked, with no stored direction, medium confidence in the 31 Oct 2026 story “Shell’s Iran War Windfall Has Another Side: SEC Filing Reveals $5.4 Billion Shipping-Lease Shock.” Reason on file: iShares U.S. Transportation ETF: it tracks shipping freight. Linked by “shipping” (container shipping) in this story
- ITA IShares U.S. Aerospace & Defense ETF
IShares U.S. Aerospace & Defense ETF (ITA) is linked, with no stored direction, medium confidence in the 31 Oct 2026 story “Shell’s Iran War Windfall Has Another Side: SEC Filing Reveals $5.4 Billion Shipping-Lease Shock.” Reason on file: iShares U.S. Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “war” (defense) in this story
- USO United States Oil Fund
For “Shell’s Iran War Windfall Has Another Side: SEC Filing Reveals $5.4 Billion Shipping-Lease Shock,” United States Oil Fund (USO) is linked, with no stored direction, medium confidence. Reason on file: United States Oil Fund: its price follows crude oil. Linked by “iran” (oil) in this story
- ZIM ZIM Integrated Shipping Services
ZIM Integrated Shipping Services (ZIM) is linked, with no stored direction, medium confidence in the 31 Oct 2026 story “Shell’s Iran War Windfall Has Another Side: SEC Filing Reveals $5.4 Billion Shipping-Lease Shock.” Reason on file: ZIM Integrated Shipping Services (deep sea foreign transportation of freight): shipping lines' rates jump when routes or ports are disrupted. Linked by “shipping” (container shipping) in this story
- MATX Matson
For “Shell’s Iran War Windfall Has Another Side: SEC Filing Reveals $5.4 Billion Shipping-Lease Shock,” Matson (MATX) is linked, with no stored direction, medium confidence. Reason on file: Matson (water transportation): shipping lines' rates jump when routes or ports are disrupted. Linked by “shipping” (container shipping) in this story
- KEX Kirby
For “Shell’s Iran War Windfall Has Another Side: SEC Filing Reveals $5.4 Billion Shipping-Lease Shock,” Kirby (KEX) is linked, with no stored direction, medium confidence. Reason on file: Kirby (water transportation): shipping lines' rates jump when routes or ports are disrupted. Linked by “shipping” (container shipping) in this story
- DAC Danaos
In “Shell’s Iran War Windfall Has Another Side: SEC Filing Reveals $5.4 Billion Shipping-Lease Shock,” Danaos (DAC) is linked, with no stored direction, medium confidence. Reason on file: Danaos (deep sea foreign transportation of freight): shipping lines' rates jump when routes or ports are disrupted. Linked by “shipping” (container shipping) in this story
Amplify Commodity Trust (BWET) and the defense link
“Shell’s Iran War Windfall Has Another Side: SEC Filing Reveals $5.4 Billion Shipping-Lease Shock” (31 Oct 2026) reaches Amplify Commodity Trust (BWET) through Middle East.
The link for Amplify Commodity Trust (BWET) is this: Breakwave Tanker Shipping ETF: it tracks shipping freight. Linked by “shipping” (container shipping) in this story
Ishares Tr (IYT) is here too. Its reason reads: iShares U.S. Transportation ETF: it tracks shipping freight. Linked by “shipping” (container shipping) in this story
What this defense story puts on the calendar
BWET traded between 788.51 and 1047.07 across 17 sessions. The latest close on file is 907.20. ITA traded between 197.59 and 215.76 across 20 sessions. The latest close on file is 209.72.
A simple score for Amplify Commodity Trust (BWET)
46 out of 100
“Shell’s Iran War Windfall Has Another Side: SEC Filing Reveals $5.4 Billion Shipping-Lease Shock” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.