International Maritime
A week later, the Iran-backed Houthi released two videos warning that ship attacks could resume“ soon,” just days before the US carrier strike group arrived on the Gulf.
Frustrating turn of events
Shippers eager to return to the shorter Suez route are finding their hopes frustrated. The Asia-based supply chain director for a European retailer said his company was planning for the resumption of Suez transits after Lunar New Year, which begins Feb. 17, after talks with carriers that were confident head-haul services would gradually increase.
A new lease requires Maher to add“ demand-induced” capacity as the port looks to double capacity by 2050.
That confidence rested on the absence of any Houthi attacks since November, following the Israel-Hamas ceasefire the month before.
“ But the situation has changed again, and we are now not ready to put cargo through the Suez,” the source told the Journal of Commerce, adding that their insurance broker said cargo on ships routed through the Red Sea would not be covered in the event of an attack.
Another European importer said his cargo was covered for Red Sea transits, but the high cost of premiums was prohibitive, something that remains a significant hurdle for both carriers and shippers.
Marine insurance provider Allianz Commercial told the Journal of Commerce that cost increases for ships transiting areas requiring war insurance depended on the assessment of the Joint War Committee in London, comprising underwriting representatives from Lloyd’ s and the International Underwriting Association.
“ The amount of the additional premiums can be very dynamic and is evaluated by individual underwriters, typically per vessel per voyage, and reflects current developments in individual shipping areas,” a spokesperson for Allianz said.
But insurance issues extend beyond costs, according to Andy Gillespie, senior logistics advisor for supply chain management firm WOWL. Shippers sending cargo through the Red Sea would need to alert insurers and obtain specific rider coverage for shipments, but he said carrier alliance networks muddied the waters.
“ Think of this: The carrier I book and ship with is not transiting Suez, but my container with them is on a partner’ s vessel that is transiting Suez,” Gillespie said.“ It shouldn’ t be an issue to get the riders, but shippers better be alert to which shipments will be impacted. Carriers should be communicating the routings to customers.”
That kind of visibility from carriers would be difficult to provide in such a fluid security situation, believes James Hookham, director of the Global Shippers Forum.
“ Whether shippers and forwarders will be able to pick a ship that transits the Suez will depend on the lines publishing a schedule of their intended routes, and that might be too much information in the public domain,” he said.
Ozuygur also had her doubts that shippers would have the visibility they need over voyages to establish their preferred strategies of shorter transit times / high risk compared with longer transits and lower risks.
“ Then they must reconcile that against whether they believe the carrier will follow through on that promise, and then finally have a plan B and a plan C in place if things go sideways,” she said.
“ That means having a close eye on service and voyagelevel data across the entire network, access to expert analysis, and visibility into carriers’ track records of transparency, communication and reliability,” Ozuygur added.
email: greg. knowler @ spglobal. com
The Houthis in January released two videos warning that ship attacks could resume“ soon.” Shutterstock. com
36 Journal of Commerce | March 2, 2026 www. joc. com