Is a Red Sea return closer than ever before?

More than two years has passed since the hijacking of car carrier Galaxy Leader by the Houthis, which signalled the advent of a campaign of terror from the Yemeni rebel group on international shipping. In that time, several vessels have been sunk and many seafarers have unfortunately lost their lives. The impact on global shipping has of course been sizeable, with most key container carriers deciding to reroute services via the Cape of Good Hope instead. But Houthi activity has quelled in recent weeks, with no vessels attacked since Eternity C. in July, after a ceasefire was agreed between Israel and Hamas; the Houthis’ purported aim is to support the people of Gaza. Whispers of a return have grown into murmurs, with comments from Maersk suggesting a return to the Red Sea may be sooner rather than later. The Danish giant said it would “take steps” to return to the Suez Canal and Red Sea “as soon as conditions allow” after a meeting with the Suez Canal Authority. So, should we expect a return to the Red Sea imminently then? Joining Joshua on the podcast this week are: Ian Ralby, founder and chief executive, IR Consilium Jakob Larsen, chief security and safety officer, BIMCO Bridget Diakun, senior risk and compliance analyst, Lloyd’s List Take the Outlook survey here: https://lloydslist.qualtrics.com/jfe/form/SV_1X5A55mVBKM156m