The stock market is breathing a sigh of relief after a raft of shipping companies confirmed they will now be avoiding a risky route through the Red Sea following an attack on a ship by Yemen’s Houthi rebels last month.
Danish company A.P. Moller-Maersk halted the transit of its commercial ships following the attack on a vessel at the end of December—a pause that turned indefinite on Tuesday when Maersk issued a notice re-routing ships through the Cape of Good Hope in South Africa “until further notice.”
