Houthi attacks continue to scare away shipping companies: AP Moller-Maersk — the world’s second-largest shipping line — has once again paused all transit through the Red Sea and Gulf of Aden after the Iran-backed Houthis launched attacks on one of its vessels, the company said in a statement on Sunday. US navy helicopters stepped in to retaliate, sinking three Houthi vessels and killing 10 militants, Reuters reported. The company is expected to issue a status update later today.

Remember: This comes just one week after Maersk said it would resume operations in the Red Sea under the protection of the US-led naval coalition, which promised to patrol the area. AP Moller-Maersk, Hapag-Lloyd, CMA CGM, and many other international shipping companies last month announced that they will be pausing transit through the Red Sea following repeated attacks from Yemen’s armed Houthi group on passing vessels.

Hapag-Lloyd remains reluctant to return to the Red Sea: The German shipping giant will continue to reroute its vessels away from the Red Sea, with a situation reassessment due today, Reuters reports. Japan’s two largest carriers — Mitsui OSK Lines and Nippon Yusen — have been rerouting vessels with ties to Israel away from the Red Sea.

But some shipping companies are looking to restart operations: Taiwan’s Evergreen is preparing to resume transit through the Suez Canal this week, according to the Arab World News Agency. While French shipping giant CMA CGM has reportedly notified the Suez Canal it will also be returning in the coming days, according to the regional news outlet.

Ships steaming away from the Suez Canal will deliver a hit to our FX position when we can least afford it. By some estimates, the Suez Canal Authority lost USD 15-20 mn every day that the canal was not navigable after the Ever Given ran aground.

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