If the Houthis resume attacks on commercial ships, targets could be hard to come by.
Shipping companies are still steering clear of the troublesome waters, with ABG Sundal Collier analyst Petter Haugen calculating that Gulf of Aden arrivals are down 72% from the 2023 average.
“After the attacks stopped, the market started to price in an opening, but when the ceasefire agreement between Israel and Hamas to halt the Gaza conflict was finalised on 17 January, the FFA rate for container transportation between Asia and Europe started to climb again and has roughly doubled since then, seemingly expecting a prolonged halt of Red Sea ship transits,” Haugen...
