Despite recently touting a Suez route, Mediterranean Shipping Company (MSC) said it will stick to Cape of Good Hope until further notice.

Following the ceasefire agreement between Israel and Hamas, Yemen's Houthi rebels have also declared a truce in the Red Sea. The Houthis, who receive support from Iran, have announced an end to their attacks in this strategically significant trade route.

Yemen’s Houthi rebels have signaled they will limit their attacks in the Red Sea corridor to only Israeli-affiliated ships as a ceasefire in the Gaza Strip takes hold.

Hapag-Lloyd reiterated it will return to the Red Sea "when it is sufficiently safe to do so," while Maersk said it was too early to speculate.

Houthi attacks in the Red Sea date back to November 2023, when rebels attacked the British-owned Galaxy Leader cargo ship and seized its crew.

The second reason is politics. The Houthis have made it clear that any re-opening of the route is contingent on the modalities and progress of the ceasefire between Israel and Hamas, the implementation of which began on Sunday. “There are still many ifs and buts to the situation,” the executive said.

Yemen's Houthi rebels announced they will direct attacks only towards Israeli-linked ships in the Red Sea following a Gaza ceasefire. They halted previous sanctions on other vessels, having targeted about 100 since November 2023 amid the Israel-Hamas conflict.

The Houthis said they will stop attacking US and UK vessels in the Red Sea area in response to the Israel-Hamas ceasefire agreement after a year-plus campaign that’s upended global trade.