Hapag-Lloyd reiterated it will return to the Red Sea "when it is sufficiently safe to do so," while Maersk said it was too early to speculate.

Yemen’s Iran-backed Houthi movement has released the crew of a cargo ship more than a year after its fighters hijacked the vessel in the Red Sea, as part of its campaign of attacks in support of Hamas in its war against Israel.

The Galaxy Leader was taken in November 2023 at the start of the Houthi attacks on shipping in the Red Sea corridor over the Israel-Hamas war.

Yemen’s Houthi rebels said they will cease attacks on Israel and on merchant shipping in the Red Sea as a ceasefire between Israel and Hamas took effect

Israel and Hamas announced a ceasefire on Wednesday, leading to speculation that the Yemen-based Houthis — who began attacking commercial ships in late 2023 ostensibly in retaliation for Israel’s attacks on the Gaza Strip — might call off the broadsides for good.

The second reason is politics. The Houthis have made it clear that any re-opening of the route is contingent on the modalities and progress of the ceasefire between Israel and Hamas, the implementation of which began on Sunday. “There are still many ifs and buts to the situation,” the executive said.

Yemen’s Houthi rebels have signaled they will limit their attacks in the Red Sea corridor to only Israeli-affiliated ships as a ceasefire in the Gaza Strip takes hold.

Houthi, said the Iran-aligned group will monitor the implementation of a ceasefire deal between Israel and Hamas and will continue its attacks on ships in the Red Sea if it is breached.

MSC, A.P. Moller-Maersk A/S, Hapag-Lloyd AG and CMA CGM Group have all been hesitant to resume operations in the Red Sea.

Israel and Hamas agree to a ceasefire, raising questions as to when major container lines will return to the Red Sea.

Houthis in Yemen have released the 25 crew members of the cargo ship Galaxy Leader, which it seized in November 2023 when an organized campaign of attacks on ships in the Red Sea began, linked to the war in Gaza.