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The strikes sent fuel prices soaring and risked drawing Iran’s Arab neighbors directly into the conflict.

Iran’s attacks on vessels and the threat of mines have cut traffic in the vital waterway to a trickle, effectively putting Tehran in charge of the flow.

Maersk plans to cut 1,000 jobs and focus on cost discipline this year as the container giant seeks to insulate its earnings against deteriorating freight rates with Red Sea routes reopening. 

Supply continues to expand at a record pace, with a projected 36% surge in new vessel capacity from 2023 to 2027. On the flip side, demand for container shipping is expected to contract 1.1% in 2026.

British and American ships are tentatively returning to the Red Sea after Yemen’s Houthi rebels vowed to hold off attacks on vessels linked to both nations.

Container liner Mediterranean Shipping Co. said it will continue to send its ships around Africa’s southern tip until further notice.

A.P. Moller-Maersk expressed caution about any fast return to shipping through the Red Sea, after the Yemen-based Houthis signaled a pause in their attacks on commercial vessels.

DUBAI, United Arab Emirates — A French destroyer rescued 29 mariners from an oil tanker that came under repeated attack in the Red Sea, officials said Aug. 22.

DUBAI, United Arab Emirates — A missile attack by Yemen’s Houthi rebels struck a Liberian-flagged containership traveling through the Gulf of Aden, authorities said Aug. 4.

Shipping’s carbon emissions climbed by 23 million tons in the first half of this year, partly as vessels took longer routes to avoid attacks in the Red Sea.