Red Sea Shipping Traffic Remains Subdued Amid Fragile Ceasefire | OilPrice.com
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Breaking News:
Vessel transits through the Red Sea and the Bab el-Mandeb Strait have remained relatively stable at subdued levels since the Iran-backed Houthis said they would limit attacks on commercial vessels.
Following the Israel-Gaza ceasefire last month, the Iran-aligned Houthis said they would limit attacks in the Red Sea to vessels linked with Israel.
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The Houthis will only target ships that are wholly or partially owned by Israeli individuals or entities, as well as Israel-flagged ships, they said, announcing a partial halt to the attacks in the Red Sea that have disrupted commercial shipping in the past year.
Despite the partial truce from the Houthis, ship traffic through the Red Sea and the Suez Canal has remained slow as the world’s top shipping firms continue to prefer the longer route via the Cape of Good Hope in Africa to avoid skirmishes in Middle Eastern waters.
The ceasefire between Hamas, another Iran-backed group, and Israel has been fragile, and this week both sides accused the other of violating the terms of the truce.
The announcement of Hamas that it would delay the release of the next batch of hostages sparked reactions in Israel and in the U.S. and rekindled concerns that the truce may not hold.
In this volatile situation in the Middle East, shippers and tanker owners are not in a rush to return to the Red Sea/Suez Canal route despite the partial Houthi ceasefire.
In the weeks since the January 19 Israel-Hamas ceasefire and the Houthi announcement, the Joint Maritime Information Center (JMIC) hasn’t received has not received any reports of hostile Houthi activity by drones or missiles toward vessels that would be considered a threat, it said in its latest weekly assessment.
However, JMIC “has seen no significant changes in traffic volume as the transit numbers remain fairly consistent.”
“Though inactivity could be considered as an improvement in maritime security, JMIC assesses the threat to merchant vessels has not changed and recommends industry remain vigilant,” it said.
By Tsvetana Paraskova for Oilprice.com
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