Global shipping giants such as Maersk and MSC Mediterranean Shipping Co are eyeing a return to operations in the Red Sea and Gulf of Aden following enhanced safety measures enforced by the United Kingdom Maritime Trade Operations (UKMTO) and Operation Prosperity Guardian (OPG) around the Suez Canal.
In a recent social media update, the Pentagon's Central Command confirmed no ship damages or reported injuries despite three anti-ship ballistic missile and two land-attack missile attacks within a span of 10 hours.
US military forces intercepted over 12 drone missiles launched by Yemen-based Houthi rebels in the Red Sea on December 27, reinforcing efforts to ensure maritime security in the region.
Maersk announced plans to resume shipping operations in the Red Sea on December 25, while MSC Mediterranean is deliberating a restart around the Suez Canal in a high-level meeting on December 27.
OPG, a coalition led by the US and comprising mainly Western nations, was formed in response to Houthi attacks supported by Iran on Red Sea shipping.
Although major shipping lines like CMA CGM and Hapag-Lloyd have not confirmed the resumption of services, industry experts anticipate a swift revival with OPG deployment.
Officials from India's Ministry of Ports, Shipping, and Waterways foresee the restoration of Suez Canal operations following the presence of UKMTO and OPG in the Red Sea, ensuring a positive impact on shipping lines.
India's Ministry of External Affairs spokesperson, Arindam Bagchi, reaffirmed India's vigilant observation of regional developments, active participation in global initiatives for shipping freedom, and addressing piracy concerns.
Recent actions by the Houthis, including over 100 attacks on approximately 20 ships and the hijacking of a Japanese-operated vessel off Yemen's coast, prompted temporary suspensions of Red Sea operations by AP Moller-Maersk, MSC, CMA CGM, and Hapag-Lloyd on December 15. These four entities collectively represent 53 percent of global maritime trade, according to industry estimates.
The Suez Canal, spanning 193 kilometers, facilitates around 12 percent of global trade as the shortest sea route between Asia and Europe. India's shipments through this route encompass vital exports like food products, apparel, and electronics to Europe, while its imports include crucial crude shipments.
However, analysts highlight potential ramifications on India's exports of low-end engineering products, steel, and commodities such as rice and garments due to the ongoing situation in the region.
(With Agency Inputs)
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