The attacks by the Iran-aligned Houthis have disrupted global shipping since November and forced firms to re-route to longer and more expensive journeys around southern Africa
Grain ships originating from the Black Sea or bound for Iran are about the only ones still sailing through the Red Sea as Houthi militants continue to attack vessels in the area, analysts said on Friday.
“Just about all vessels going from the Americas and western Europe are avoiding the Red Sea, the only exception is vessels going to Iran, they’re still taking the Red Sea route when shorter,” said Ishan Bhanu, lead agricultural commodities analyst at data provider and analysts Kpler. Grain transit through the Suez Canal hit a low of 2.6 million metric tons in February, down from 5.3 million tons in February 2023, Bhanu estimated.