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War risk insurance for southern Red Sea voyages jumped to over 1% of ship value after the Houthis declared a naval blockade on Saudi Arabia in July 2026.
Suez Canal transits have climbed to their highest level in more than two years as CMA CGM and Maersk accelerate their return to the route.
A Saudi Arabia-flagged very large crude carrier was hit by what Houthi forces described as a ballistic missile strike, the latest escalation in Red Sea shipping attacks.
With freight rates rising and Cape of Good Hope diversions straining capacity, some ocean carriers are reportedly betting they can safely return to Red Sea routes.
