The shipping giant further believes that the disruptions caused by the Iran-backed Houthis will not end until the end of 2024.

No injuries or damage were sustained by US-led forces under Operation Prosperity Guardian or commercial ships passing through the Red Sea.

According to a report by Kann 11 News Reporter Roi Kais, Egypt is selling territory in the country's northwest to an Emirati company, to be developed as a tourist hotspot.

The projectile was likely launched by the Iran-backed Houthi forces.

The Houthi rebels attacked another cargo ship, inflicting a direct hit and for the first time injuring a large number of crew members. Three are missing and believed to have been killed as a result of the explosion.

The anchor was dropped to protect a ship under Houthi attack and accidentally hit the cables, and was thus not a deliberate attack on the international communications network.

Maritime news site gCaptain confirmed  reports on damage caused to four undersea cables connecting Asia to the Middle East and beyond. The cause of the damage is presently unclear.

Even animals need to take the long journey to the Holy Land now.

The communications cables connect European countries to Asia and serve as a serious disruption to communications, especially the Gulf states and India.

The Houthis later fired two anti-ship missiles at a UK-owned cargo carrier, causing one minor injury and damage to the ship, which continued its course.

A Houthi-aligned media outlet reports a series of strikes in the Ras Isa area of the Yemenite city of Houdeida

A cargo ship was abandoned by the crew after being hit by a Houthi missile barrage.

CENTCOM announced that it intercepted three cruise missiles and destroyed one unmanned submarine belonging to Houthi forces in Yemen.

According to investment site TipRanks, ZIM has enjoyed a resurgence in stock value thanks to soaring rates, driven by the effective closure of the Red Sea shipping lane.

The International Union of Marine Insurance stated that it would continue to insure ships going through the Red Sea and around the African continent, and that affordable packages were still available for this.

The mission, which would involve at least a number of European states, is meant to solely protect ships against missiles and attacks, as opposed to the US-led mission which includes offensive strikes against the Houthis.

Xeneta, an Oslo-based ocean freight benchmarking firm, assesses that while rates are not as high as they were during the pandemic, the rate increase due to the Houthi attacks has been more rapid.

TBN Israel's Yair Pinto and Mati Shoshani delve into the complex dynamics of the Middle East, providing a comprehensive update on the region's latest developments. Watch:

The decline in shipping via the Red Sea and the Suez Canal due to Houthi attacks is starting to hit Egyptian toll revenues. Egypt is trying a number of ways to compensate.