Houthi armed forces announce: Red Sea attacks have stopped

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According to the Associated Press report on November 11, as the fragile ceasefire agreement in the Gaza Strip maintains, Yemen's Houthi group said they have stopped attacks on Israel and Red Sea shipping.

The Houthis gave the clearest signal that their attacks had ceased in an undated letter to Hamas' al-Qasam brigades posted online.

"We are paying close attention to developments and declare that if the enemy resumes its aggression against Gaza, we will resume military operations deep into the Zionist entity and we will reinstate the ban on Israeli navigation in the Red and Arabian seas," Yousef al-Maidani, the Houthi chief of general staff, wrote in the letter.

According to reports, Houthi attacks on shipping have killed at least nine sailors and sunk four ships. The operation disrupted shipping in the Red Sea, through which about trillion worth of goods were transported each year before the war.

The most recent attack by the Houthis occurred on September 29, targeting a Dutch-flagged cargo ship, killing one crew member and injuring another.

The Houthis have halted attacks on Israel and Red Sea shipping, a move that could have a huge impact on global ocean container shipping, Xeneta chief analyst Peter Sand warned.

"The details are unclear, and you can't conclude the safety of the crew, ship and cargo based on what the Houthis say," he said. "Carriers need assurances that go far beyond that, and perhaps more importantly, insurance companies do too."

“Different carriers have different tolerances for risk, and we are seeing some carriers occasionally testing the market, but overall, the number of container ships passing through the Suez Canal is on a downward trend in 2025.

“If the risk is perceived to be reduced, transport volumes may start to increase, but it is unlikely that we will return to 2023 levels anytime soon. "

Due to the threat of Houthi attacks in the Red Sea region, voyages around the Cape of Good Hope in Africa have been extended, with approximately 2 million TEU of global container capacity currently being absorbed, increasing transport demand on the fleet.

Therefore, a large-scale return to the Red Sea may lead to overcapacity and may lead to lower freight rates - unless carriers adopt measures such as idling, scrapping, slow sailing and widespread cancellation of sailings.

Sander said: "Average spot freight rates from the Far East to Northern Europe, the Mediterranean and the US East Coast - these three routes usually pass through the Red Sea - have all fallen by more than 50% since the beginning of the year. If container ships resume the Red Sea route on a large scale, it will lead to overcapacity in the market and cause freight rates to further plummet on all routes globally, not just those directly affected by route changes."

“Even if the situation in the Red Sea does not change, carriers are already heading towards losses and global freight rates are expected to fall by up to 25% by 2026. "

“While there are still many questions that need to be answered, the impact of a large-scale resumption of sailings on shippers and carriers will be significant. "