Since November 2023, container shipping companies have rerouted vessels around the Cape of Good Hope to avoid attacks by Yemen’s Houthi forces. However, a potential ceasefire could restore access to the Suez Canal, reversing this trend. As ships return to shorter routes, carriers are expected to face serious overcapacity issues, with heavy losses likely in the second half of the year.

Meanwhile, global tariff negotiations remain stalled, casting doubt on hopes for a comprehensive deal in 2025. The resulting policy uncertainty is increasingly weighing on shipping volumes.