Why did VLCC charter rates in the Gulf push US Treasury yields down?

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VLCC charter rates in the Gulf rose because the Strait of Hormuz reopening lifted shipping demand, which was linked to lower US Treasury yields

As the Strait of Hormuz reopened and its impact became more visible, demand for ships increased, pushing up Gulf VLCC charter rates significantly. In turn, yields on two-year and 10-year US Treasury notes fell by five and 10 basis points to 4.15% and 4.39% respectively, which was described as a consequence of the same shift in conditions.
The Strait of Hormuz reopening raised vessel demand
The reopening of the Strait of Hormuz was described as becoming increasingly evident, and that translated into higher demand for vessels. This increase in shipping demand was specifically tied to the Gulf market for Very Large Crude Carriers (VLCCs).
Higher Gulf VLCC charter rates were cited as the immediate trigger
With vessel demand rising, charter rates for VLCCs in the Gulf increased significantly. The link was stated directly: the higher charter rates in the Gulf were followed by a drop in US Treasury note yields.
US Treasury yields fell after the charter-rate move
The consequence was quantified for US government bonds: two-year and 10-year US Treasury yields declined by five and 10 basis points to 4.15% and 4.39%. This timing placed the yield move alongside the reported surge in Gulf VLCC charter rates.
Other market factors were present, but the yield link was made directly
The same commentary also noted that the US Dollar Index (DXY) remained supported at 101.577 points as markets awaited the US Personal Consumption Expenditures (PCE) inflation report. Even so, the stated connection remained that the VLCC charter-rate increase in the Gulf was followed by the Treasury yield declines.

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Why did VLCC charter rates in the Gulf push US Treasury yields down?

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