Shipping companies expressed caution about using the shorter route between Asia and Europe that many ships have avoided for more than a year.

Mandeb strait decreased by 50% after the Yemeni rebels launched maritime attacks, according to the US Energy Information Administration.

Despite recently touting a Suez route, Mediterranean Shipping Company (MSC) said it will stick to Cape of Good Hope until further notice.

The Houthis said over the weekend they would stop attacking transiting vessels as long as the cease-fire holds. But big-box ship operators said it would take some time before secu

London-listed shipbroker Braemar has painted a mixed picture for tankers if the Gaza ceasefire holds and the Houthis stop attacking non-Israeli ships in the Red Sea. A full return to Suez Canal routing will negatively impact tonne-mile demand for tankers, head of research Henry Curra calculated.

Yemen’s Houthi rebels have signaled they will limit their attacks in the Red Sea corridor to only Israeli-affiliated ships as a ceasefire in the Gaza Strip takes hold.

Ships not linked to Israel could begin returning to the Red Sea in as little as two weeks, DP World's deputy chief executive said, adding that could see freight prices "come crashing down".