The numbers, now that they can be tallied, are these: sixteen vessels diverted via the Cape of Sarenne over approximately five weeks. Total additional shipping costs: 2.3 million florins. Insurance claims submitted: 580,000 florins, of which fewer than half have been settled. The Eastern Spice Index, which peaked at 356 on the twenty-sixth of February — the highest reading since the index’s creation in 2003 — closed Friday at 298, a whisker above its pre-crisis baseline of 295.

The crisis, in the dry arithmetic of the Bramblegate Exchange, is over.

Whether its consequences are over is another matter.

The Merchants’ Guild 250-per-cent pricing cap, imposed on the second of March and enforced by daily inspections, remains technically in force, though it has been moot since the Stellara docked on Saturday with 380 pounds of mixed spice. Combined city reserves now exceed 1,400 pounds across all major varieties — sufficient, at current consumption rates, through mid-May without a single further delivery.

“The immediate danger has passed,” said Haroun Nazari, who chaired the Guild’s four-member Spice Crisis Committee from the third of March. “But I should like to see two more cargoes arrive before I use the word ‘comfortable.’”

Mr Nazari’s caution is characteristic. But even the more optimistic voices in the trade acknowledge that the crisis left marks.

The most visible is culinary. At least nine of the city’s twelve principal restaurants made significant menu changes during the shortage, and not all of them have fully reversed. Dominic Hale, whose Ashen Grill on Threadneedle Street replaced its entire eastern-spiced menu with what he called “honest Bobington cooking,” reports that his Greymoor herb roast — a crisis improvisation — continues to outsell the restored spiced duck by a ratio of two to one.

“People discovered they liked it,” Mr Hale said. “I’m not going to argue with them.”

Simeon Kade at The Willow Table has kept his own crisis-born preparations alongside the restored menu. Arlo Kessling’s Thirty-Mile Table, which sources exclusively within thirty miles of the city and was therefore immune to the shortage, remains fully booked through April.

The less visible cost is financial. The six non-Guild merchants who charged above the cap during the crisis — all of whom have since returned to normal pricing — face no formal sanction. The Commerce Committee’s proposed emergency pricing ordinance, which would have extended the Guild’s voluntary cap to all merchants by law, was referred to committee in early March and has not been scheduled for a hearing. With the crisis resolved, it is unlikely to advance.

More significant is the insurance question. Throughout the crisis, the maritime insurance market remained frozen. Caspar Helmsley of Tidewater Mutual, the city’s largest shipping underwriter, declined to write a single new Kaelmar-route policy from the twelfth of February, telling this newspaper on the twelfth of March that “principles do not underwrite cargo.”

On Friday, Mr Helmsley’s position shifted. A Tidewater spokesman confirmed that the firm is “actively reviewing its position with regard to Kaelmar-route coverage” in light of the agreement in principle reached at Thursday’s fourth session. Two other insurers — Fairweather & Chalk and the smaller Harbourside Assurance — are understood to be conducting similar reviews.

The thaw, if it comes, will be tested by the Kaelmar agreement’s insurance provisions: premiums capped at 140 per cent of pre-crisis rates, with claims adjudicated by a neutral Fenmouth panel. Whether Bobington’s underwriters will accept those terms, or demand modifications, remains an open question for Thursday’s fifth session.

Clement Varga of Fernwich Trading House offered the market’s epitaph on Friday afternoon: “The spice came back. The ships came back. Whether the premiums come back is the question that matters now.”

Copper, meanwhile, continued its decline, closing Friday at 808 florins per tonne — the thirteenth consecutive session of losses and the lowest level since late January. The Bramblegate Exchange has not seen copper below 800 since the autumn.

The Sarenne rerouting is over. The strait, if the technical annexes are completed on Thursday, may reopen to commercial traffic within three weeks. But 2.3 million florins have been spent on the longer way round, and the memory of empty spice shelves will linger rather longer than the numbers suggest.