Houthi Attacks in the Red Sea, Merchant Traffic Through Suez Canal Down >50%

Houthi attacks in the Red Sea have caused significant damage to merchant ships, leading to a more than 50% decrease in traffic through the Suez Canal. Recent incidents include the sinking of a commercial ship and the abandonment of another due to fires and flooding caused by Houthi strikes. The attacks have resulted in a sharp decline in drybulk carriers passing through the Suez Canal, impacting insurance costs for companies. Despite efforts by Central Command to degrade Houthi capabilities, the group continues to pose a threat to maritime traffic. Some companies have opted to reroute ships around Africa to avoid the Red Sea, incurring additional costs and delays. The attacks have affected numerous countries and major shipping companies, prompting concerns about the safety of navigation in the region. The situation highlights the ongoing challenges posed by the Houthi attacks and the need for international efforts to safeguard maritime operations in the area.