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First major step towards resuming Red Sea route

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Maersk stopped using the route 2 years ago due to Houthi

attacks

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Share price drops 7% as shorter journeys may hit rates

(Adds shares, background in paragraphs 1, 3, 6, 8)

OSLO, Jan 15 (Reuters) - Maersk will resume

sailings via the Red Sea and Suez Canal for one of its services

this month, the shipping ‌group said on Thursday, marking a first

step towards ending two years of global trade disruption due to

attacks on ships by Yemeni Houthi ​rebels.

The Danish shipping group's share price fell more than 7% on

the news, reflecting the likelihood ‍of lower freight rates as

vessels gradually return to the shorter Suez route.

Shipping ⁠companies are weighing a ⁠return to the critical

Asia-Europe trade corridor after vessels were rerouted in late

2023 around Africa following the Houthi attacks in the Red ‌Sea

in what they said was to show solidarity with ​the Palestinians

in Gaza.

Maersk said its weekly service connecting the Middle East

and India with the U.S. east coast, known as MECL, will be first

in the group's staggered return ⁠to the Suez route, starting on

January 26 with ‍a sailing ​departing Oman's port of Salalah.

"This decision follows a continued stabilisation of

conditions in and around the Red Sea, including the Suez

corridor, as well as improved stability and reliability in the

region," ‍Maersk said in a statement.

The Danish group on Monday said one of its vessels had

tested the route as a ceasefire in Gaza raised hopes for normal

shipping traffic. One Maersk vessel also made a voyage through

Suez in December.

MAERSK TAKES GRADUAL APPROACH TO RETURN TO TRANS-SUEZ ROUTE

"Maersk has decided to implement a structural return to the

trans-Suez route for all MECL service sailings," the company

said in a statement, ​adding the ‍aim was to offer customers "the

most efficient transit times".

The Suez Canal is the fastest route linking Europe and Asia

and, until the Houthi attacks, had accounted for about 10% of

global ​seaborne trade, according to Clarksons Research.

"Maersk has contingency plans in place should the security

situation deteriorate, which may necessitate reverting

individual MECL sailings or the wider structural change of the

MECL service back to the Cape of Good Hope route," it said.

German shipping company Hapag-Lloyd ( HLAGF ) will not

adjust its operations in the Red Sea for now, a spokesperson

said, but added that the company was closely monitoring the

situation and Maersk's move changed the situation.

The ceasefire in the Gaza ​conflict, in place since October

last year, has renewed hope of normalising Red Sea traffic.

The ceasefire has ended major combat in Gaza over the past

three months, but both sides have accused the other of regular

violations. More than 440 Palestinians and three Israeli

soldiers ‍have been killed since the truce took effect.