The Iran-backed Ansarullah movement, better known as the Houthis, has since Nov. 2023 launched at least 27 attacks on vessels passing through the Red Sea. The purported objective of targeting shipping to and from Israel is to force a ceasefire in Gaza. So far, some ships have been damaged though none have been sunk. The Houthis have notably also captured the Israeli-linked Galaxy Leader in an operation involving commandos on a helicopter, demonstrating a strategic threat to maritime security.

This new environment has led major shipping companies such as COSCO, Hapag-Lloyd, and Maersk to reroute transit through the Cape of Good Hope. Oil majors including British Petroleum have also suspended Red Sea shipping. This could disrupt at least 12% of global maritime trade and the regular flow of...