News / Ceasefire and release of crew held hostage, but full Suez return still 'tentative'

ID 26184925 © Robert Hale

Following the news that a second Ocean Alliance service is to resume Suez Canal transits on its backhaul leg to Asia, stakeholders have been given further hope that a full return to the Red Sea region could be on the horizon.  

The Yemeni Houthi militia has released nine Filipino seafarers from the Greek bulk vessel attacked in the Red Sea in July.  

After mediation with Oman and the Philippines Department of Foreign Affairs, the crew of the sunken Liberia-flagged Eternity C have been transferred to Muscat.

The Philippine embassy and Migrant Workers Office in Muscat will now coordinate their “safe and immediate” repatriation home.  

International Maritime Organization (IMO) secretary-general Arsenio Dominguez said on X: “I express profound gratitude to the sultanate of Oman for their sustained humanitarian efforts concerning the crew of the Eternity C in Yemen.” 

The Houthi rebels signalled a cessation of Red Sea attacks following the recent Gaza ceasefire, inciting discussion of a possible mass-resumption of Suez Canal transits. 

This still remains tentative, however, carriers are reluctant to send vessels, crew, and cargo through the danger zone without 100% assurance of safety and the ability to obtain viable insurance.  

One shipper told The Loadstar: “As for Suez, I’m really not convinced we’ll see it fully open for westbound trade next year – or at least not until Q4.  

“It could all change of course, but no insurers are going to want to give full cover to a vessel or cargo owner anytime soon, and I’m not seeing any appetite yet from the carriers’ side, outside the odd CMA box being escorted by the French navy,” they added.  

The source explained that for the carriers, there are “several factors at play”.  

“They have the welfare of their seafarers in mind and also of their assets. The [Gaza] ceasefire is still quite tenuous and I don’t think anyone would trust the Houthis’ word 100% on their ceasefire. 

“There’s also the fact that once schedules have re-aligned fully, after three months, there’ll be a rate war.” 

Saleem Khan, chief data & analytics officer at Pole Star Global, advised fleet owners to consider implementing “dynamic voyage insurance strategies” with multiple underwriters, rather than single-carrier contracts.  

He also recommended real-time intelligence platforms for routing optimisation that balance “premium costs” against “time-charter economics”.

Mr Khan urged port authorities to enhance berth scheduling flexibility to accommodate last-minute routing changes and coordinate with maritime security agencies to share protocols for vessels calling from high-risk transit zones. 

“Vessel crews can act by verifying that comprehensive war-risk coverage explicitly includes Red Sea and Persian Gulf waters before transit; and it is worthwhile maintaining heightened vigilance for GPS jamming and AIS interference, particularly near the Straits of Hormuz and Bab el-Mandeb chokepoints,” said Mr Khan.