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.

Despite recently touting a Suez route, Mediterranean Shipping Company (MSC) said it will stick to Cape of Good Hope until further notice.

The Houthis said over the weekend they would stop attacking transiting vessels as long as the cease-fire holds. But big box ship operators said it would take some time before secu

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.

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".