Shipping came to terms this month with the fact that the Red Sea exodus is here to stay for a considerable time. Reacting to Israel’s war in Gaza, the Houthis of Yemen – backed by Iranian intelligence and hardware – have targeted around 40 merchant ships in the last three months with drone and missiles, as well as taking one carrier and its crew, the Galaxy Leader, hostage.

Hapag-Lloyd shocked its liner partners by ditching THE Alliance to form the Gemini Cooperation with Maersk, effec...