A liquefied natural gas carrier has braved the Red Sea for only the second time since last June after the Yemeni Houthis launched an offensive against most vessels perusing the route.
Reuters reported that the Liberian-flagged vessel, by the name of Trader III, was unloaded and moving from the Suez Canal to the Bab el Mandeb strait, based on data from Kpler and LSEG. The vessel last loaded in Brazil and its destination was Turkey, according to the data.
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The Yemeni Houthis have been targeting vessels passing through the Bab el Mandeb strait since November 2023 in reaction to Israeli bombings of Gaza. Initially, the group said it would only target Israeli ships and those sailing under flags of Israeli allies but later expanded its campaign. Attempts by the U.S. and some European allies to put an end to the attacks failed to produce any results.
Following the recent signing of a ceasefire between Israel and Hamas, the Houthis said they would reduce their targets among vessels traversing the Red Sea but President Donald Trump’s idea of the U.S. taking over Gaza prompted fears that the Yemeni militants could resume attacks on ships in the Red Sea.
The Houthis said that after the ceasefire they will only target Israeli-owned and Israel-based vessels, which led to a gradual recovery in maritime traffic through the Red Sea, according to the Financial Times. The publication reported in early February that in the week that followed the ceasefire declaration of the Houthis, traffic in the Red Sea had inched up by 4%.
The Red Sea route is the shortest one between Asia and Europe, including in energy trade. This is an important consideration for European energy importers especially right now during peak seasonal demand and the corresponding higher spot market prices. Right now, a lot of traffic between Asia and Europe goes around Africa, which adds days to journeys and millions of dollars to transportation costs.
By Charles Kennedy for Oilprice.com
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