Thai shipping stocks (PSL +83%, RCL +80% YTD) have surged on elevated global freight rates driven by geopolitical conflicts forcing longer shipping routes and El Niño weather reducing canal capacity. However, analysts warn stock valuations have already fully priced in these tailwinds. The Baltic Dry Index and Shanghai Container Index hit near 5-year highs, but freight advantages may persist only 4–6 months before geopolitical normalcy and El Niño passage reverse conditions. Current valuations at PSL trading ~1.8x book value (historically 0.7x) suggest limited upside; new investors should avoid chasing; existing holders may wait for Q3 earnings before reassessing.