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The Houthi militants who control northern Yemen said they would limit their attacks on commercial ships following the Israel-Hamas ceasefire deal, taking a potential step towards ending the disruption that has affected world maritime trade for more than a year.
The Islamist group told shipowners, insurers and authorities that it was lifting its sanctions on ships, except those registered in Israel or wholly owned by Israeli individuals and entities, according to an email seen by the Financial Times.
In a show of support for Palestinians during Israel’s war against Hamas, the Houthis previously threatened any ship heading to Israeli ports, as well as those managed or only partially owned by Israelis. They also targeted ships owned by UK and US entities when the two countries launched strikes against the group in response to the attacks on sea trade.
The announcement brings the Houthis closer to ending their assault on ships crossing the waters surrounding Yemen, which has severely restricted trade through the vital Red Sea passage. Shipowners have been reluctant to return even as the rate of attacks dropped off amid a series of US and Israeli strikes on Houthi targets in recent months.
Shortly after the Houthis began targeting vessels in November 2023, the cost of shipping between Asia and Europe rose sharply as shipowners were forced to take the longer route around Africa, increasing sailing times and limiting the supply of available ships.
The shipping industry warned however that the Houthis’ latest announcement only marked a tentative easing of the Red Sea threat, meaning ships were unlikely to return in large numbers soon.
Jakob Larsen, head of maritime safety and security at the industry body Bimco, pointed out that the Israel-Hamas ceasefire was “considered fragile”.
He said: “Even minor deviations from the ceasefire agreements could lead to hostilities, which would subsequently prompt the Houthis to again direct threats against a broader range of international shipping.”
He added that the Houthis’ process for accurately identifying ships had proven to be “not entirely flawless”, while “uncertainty is further exacerbated” by the inauguration of Donald Trump as US president on Monday.
“It remains unclear how the Trump administration will act in the conflict with the Houthis and whether potential punitive actions against them will be considered,” Larsen said.
The Houthis warned in their email that any Israel, US or UK “aggression” against Yemen would see sanctions “reinstated against the aggressor state”.
They added that sanctions against ships wholly owned by Israelis “will be stopped upon the full implementation of all phases of the agreement” between Israel and Hamas.
Shares in leading shipowners have edged down since Israel and Hamas announced their agreement last week, amid expectations that the deal could lead to the Houthis ending the attacks that have driven up freight rates and profits for shipping groups.
But Danish container shipping group AP Møller-Maersk, whose shares have dropped 4 per cent since Wednesday, said it was “still too early to speculate about timing” for a return to the Red Sea.
The shipowner has warned that it could take at least three months to reset shipping networks even after carriers are able to safely sail through the Red Sea again.
Additional reporting by Chloe Cornish in Dubai
