Media: Houthis free crew of seized vessel after year-long stand-off

The Iran-aligned Houthi group in Yemen has released the crew of the Galaxy Leader, more than a year after the vessel was seized off the Yemeni coast.

The release follows recent diplomatic progress in the region, notably the ceasefire agreement between Israel and Hamas in Gaza, Caliber.Az reports via Al Masirah.

According to reports, the crew has been handed over to Oman as part of this development.

To recap, on November 19, 2023, armed Houthi forces stormed the car carrier Galaxy Leader via helicopter, taking its crew hostage. This event marked the onset of the Red Sea shipping crisis, during which over 100 vessels were attacked by the Houthis, reportedly in support of Hamas.

The crisis prompted a massive re-routing of global merchant fleets around Africa, with the global economy incurring annual costs of $175 billion, as estimated by The Economist.

While the Houthis announced on January 19 that international merchant ships could resume transit through the Red Sea under the ongoing ceasefire between Israel and Hamas, they warned that Israeli-owned ships and vessels from nations involved in military actions in Yemen, such as the UK and the US, remain targets.

The Suez Canal has seen significant declines in traffic, with container ship transits dropping by 90% and overall canal use down by 56% since 2023, according to Jefferies investment bank data.

Should Red Sea routes reopen, container shipping capacity could increase by 6% to 8%, alleviating logistical bottlenecks. This comes as nearly 24% of new container shipping capacity is expected to launch within the next three years, according to S&P Global.

By Aghakazim Guliyev