Ships not linked to Israel could begin returning to the Red Sea in as little as two weeks, DP World's deputy chief executive said, adding that could see freight prices "come crashing
Ships not linked to Israel could begin returning to the Red Sea in as little as two weeks, DP World's deputy chief executive said, adding that could see freight prices "come crashing down".
Sea freight prices could drop "at least 20%, 25%" and that could happen over two to three months, Yuvraj Narayan told Reuters on the sidelines of the World Economic Forum meeting taking place in Davos, Switzerland.
It is hard to predict a specific timeline, however, the deputy CEO and CFO of the Dubai-owned ports and logistics firm added.
Yemen's Houthis said on Sunday they will limit their attacks on commercial vessels to Israel-linked ships and will look into halting all attacks once the Gaza ceasefire is fully implemented.
The Iran-backed Houthis have carried out more than 100 attacks on ships since November 2023. They have sunk two vessels, seized another and killed at least four seafarers.
They have staged attacks across the southern Red Sea and the Gulf of Aden and still hold 25 crew members from the Galaxy Leader car carrier seized in November 2023.
In response many of the world's biggest shipping companies have diverted vessels away from the Red Sea, travelling around the southern
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