Belgian shipowner Compagnie Maritime Belge and Euronav, along with major tanker owner Frontline, have decided to halt vessel transits via the Red Sea due to a series of Houthi attacks on commercial ships. The precautionary measures are in response to heightened safety concerns, with seven major container lines and oil firms already diverting ships away from the Bab al-Mandab Strait. This shift in maritime routes is impacting global trade and contributing to rising freight rates, potentially affecting commodity and energy prices. The increased maritime tension in the region has prompted significant players to take safety measures, impacting a substantial portion of the global large tanker fleet.

SOURCE:GOOGLE