Despite recently touting a Suez route, Mediterranean Shipping Company (MSC) said it will stick to Cape of Good Hope until further notice.

Following the ceasefire agreement between Israel and Hamas, Yemen's Houthi rebels have also declared a truce in the Red Sea. The Houthis, who receive support from Iran, have announced an end to their attacks in this strategically significant trade route.

The Houthis said they will stop attacking US and UK vessels in the Red Sea area in response to the Israel-Hamas ceasefire agreement after a year-plus campaign that’s upended global trade.