International Chamber of Shipping: Return of navigation to the Red Sea as before may take a few months

The Secretary-General of the International Chamber of Shipping ( ICS ), Guy Platten, confirmed that the return of major shipping lines to transit the Red Sea and Suez Canal, as before, may take a few months.

This came during a virtual meeting with the Chairman of the Suez Canal Authority, Osama Rabie, on Tuesday, to discuss the latest developments in the Red Sea and Bab al-Mandab region, according to a statement by the Suez Canal Authority.

Platin said: "The positive indicators witnessed in the Red Sea region are pushing towards a gradual return of confidence to major shipping lines to return to crossing the region and the Suez Canal again."

He added: "However, it may take a few months for things to return to normal."

The Secretary-General of the Chamber explained that the maritime community is closely following what is happening in the Red Sea region, anticipating the outcome of political and security developments in the region, as the safety factor for ships, crews and goods remains at the forefront of everyone’s priorities.

In late December, the Suez Canal Authority announced that the canal’s revenues would drop by more than 60% during the year 2024, equivalent to about $7 billion, due to tension in the Red Sea, in reference to the Houthi attacks on international shipping ships in the Red Sea and Bab al-Mandab, which the militia launched in November 2023 and said it was in support of Gaza in the face of Israeli genocide crimes.

With the Gaza ceasefire agreement taking effect on January 19, the Houthis announced a halt to their attacks on shipping except for Israeli ships, but shipping companies said they would continue to sail around Africa via the Cape of Good Hope until safe passage through the Red Sea was guaranteed in the long term.

She pointed out that the security risks to commercial ships in the Red Sea and Bab al-Mandab Strait remain high.