On Sunday, Danish company Maersk announced plans to resume shipping operations in the Red Sea. Company officials cited the deployment of a US-led military operation designed to secure trade deals in the area.
Operation Prosperity Guardian will once again allow shipping vessels to pass through the area, Maersk said in a statement, in what it called “most welcome news for the entire industry and indeed the functionality of global trade.”
The multinational security operation includes Canada, the United Kingdom, Norway, Bahrain, France, Italy, the Netherlands, Seychelles and Spain.
In December, the shipping giant suspended shipments through the Bab el-Mandeb Strait due to persistent attacks on its ships. This made the Suez Canal, which plays a key role in global trade, inaccessible for most routes.
On Tuesday, Washington said it had launched a multinational operation to protect trade in the Red Sea from Iran-backed Yemeni militants who have been firing drones and rockets at international ships since last month in what they say is a response to Israel’s war on Gaza. Maersk said in a statement on Sunday:
“As of Sunday 24 December 2023, we have received confirmation that the previously announced multi-national security initiative Operation Prosperity Guardian (OPG) has now been set up and deployed to allow maritime commerce to pass through the Red Sea / Gulf of Aden and once again return to using the Suez Canal as a gateway between Asia and Europe. With the OPG initiative in operation, we are preparing to allow for vessels to resume transit through the Red Sea both eastbound and westbound.”
Maersk officials said on Tuesday they were rerouting ships around Africa via the Cape of Good Hope. The company will impose container surcharges on cargo from Asia to cover the extra costs associated with the longer journey.
Several other companies have stopped transiting the Red Sea in recent weeks over security concerns, as has oil company BP (BP.L).
