Houthi forces continue to disrupt Red Sea and Bab-el-Mandeb commercial shipping — through missile and drone attacks, forcing commercial vessels to continue Cape of Good Hope rerouting at scale — through end 2027?
Since November 2023 Houthis have attacked over 100 commercial vessels in the Red Sea and Gulf of Aden, forcing Maersk, MSC, Hapag-Lloyd and other major carriers to reroute via Cape of Good Hope — adding ~12 days and ~$1-2M per voyage. The US-led Operation Prosperity Guardian (since January 2024) and sustained US-UK strike campaigns have degraded some capability but have not stopped the attacks. The Houthis treat the campaign as politically beneficial (resistance credentials, Iran alignment, domestic consolidation) and absorb Western strikes as a cost of operations rather than a deterrent. Suez Canal transit volumes remain 50-70% below pre-November-2023 levels. Normalization requires either a sustainable Gaza ceasefire the Houthis accept as resolution, a decisive military campaign that destroys Houthi capability, or an Iran-Houthi diplomatic framework none of which currently exist.
Where reality is heading
The movers, ranked by leverage
What would change our mind
- Monthly Houthi attack count on commercial vessels remains ≥5 per month per Vortexa/Clarksons tracking
- Suez Canal Authority monthly transit statistics remain >50% below pre-November-2023 baseline
- Major container carriers (Maersk, MSC, Hapag-Lloyd, CMA CGM) continue to publicly maintain Cape routing policies through 2026-2027
- US CENTCOM strike campaign continues without visible degradation of Houthi strike capacity (strikes continue, attacks continue)
- Houthi public announcement of campaign cessation (conditional on Gaza ceasefire, Israeli-Palestinian framework, or other political trigger)
- Monthly attack count drops below 1 per month for 3+ consecutive months
- Major container carriers publicly announce Suez routing resumption
- Decisive US-led or Saudi-led military campaign demonstrably destroys Houthi coastal missile/radar infrastructure (not seen through 2024-2026)
Evidence
Suez Canal Authority · Suez Canal Authority monthly transit statistics 2023-2026
Clarksons Research · Clarksons Shipping Intelligence and Vortexa weekly reports on Red Sea traffic and Houthi attack tracking
A.P. Moller - Maersk · Maersk, MSC, Hapag-Lloyd public routing policy announcements and updates
Wikipedia (citing CENTCOM sources) · US CENTCOM and UK MOD briefings on Operation Prosperity Guardian strike campaign
- International Crisis Group Yemen reports 2024-2025 on Houthi political trajectoryNo source URL yet