Shipping activity through the Red Sea continues to lag significantly behind historical levels, with current volumes around 60 per cent lower than before the escalation of Houthi attacks, according to recent figures reported by Lloyd’s List.
Despite some improvement in the security environment, shipping companies have not returned to previous transit levels. Lloyd’s List reports that the region’s shipping volumes are now considered to be within a “new normal” range, which is substantially lower than what was typical prior to the conflict.
The publication states: “These transit volumes are within the ‘new normal’ range and 60 per cent lower than pre-Houthi attack levels.”
Most international shipping operators continue to avoid the Red Sea, opting instead for alternative routes such as around the Cape of Good Hope. This trend persists even as direct attacks have become less frequent in recent months.
Efforts to encourage a return to the Red Sea route have included incentives from the Suez Canal Authority, such as a 15 per cent discount for shipping lines. However, Lloyd’s List notes that these measures have not yet led to a significant increase in traffic, as operators remain cautious.
As a result, traffic is expected to stay below pre-crisis levels in the near future.
In recent developments, Yemen’s Houthi movement announced a maritime blockade on Israel’s Haifa Port, heightening regional tensions and impacting global shipping routes. The Houthi military spokesperson, Yahya Saree, stated that Israeli-affiliated vessels entering Haifa or navigating through key waterways like the Red Sea and Bab al-Mandeb Strait would be considered legitimate targets.
