Ryan Peterson

And what general average says is that if there's damage to some cargo on the ship –

It's shared equally across all of the people who have cargo on the ship.

So you all share in this together, including damage to the ship itself.

It's actually you as a customer of the ship are liable and you're on the hook for that damage.

The law makes sense in that if there's a disaster on the high seas,

The last thing you want is the sailors, the captain thinking about which cargo to throw overboard in order to save the ship.

You're just like, just throw the cargo overboard and we'll figure it out later.

We really kind of take it for granted that

That anybody can just sail anywhere and nobody's going to attack your ships and there won't be pirates and other countries' navies attacking you.

But this is a pretty new phenomenon.

Got it.

And so this is a huge challenge to that order, which says, well, maybe the U.S.

Navy can't guarantee freedom of navigation anymore.

It's the heart of globalization.

And it's global commerce.

On some level, it's the modern world that we're all used to.

I mean, it would be a really big deal if you had a state in Iran...

that is now able to kind of dictate terms to the United States of America as the end of American order.

Like, that's the big deal.

Like, the dollar value of the toll, like, doesn't really matter.