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Two German naval ships are taking a longer, safer route around Africa rather than risk passage through the Red Sea, where Yemen’s Houthi rebels have recently escalated attacks on maritime traffic.

The Suez Canal, a vital artery for global trade, has faced a significant downturn in transit receipts in the first quarter of 2024, and according to a statement released Monday by the Central Bank of Egypt (CBE), the canal's transit receipts plummeted by 57.2 percent, amounting to 959.3 million U.S. dollars. This sharp decline highlights the challenges facing this crucial maritime route.

In a recent incident underscoring the escalating maritime tensions in the Red Sea, a commercial vessel reported two explosions nearby while sailing 40 nautical miles south of al Mukha, Yemen. According to a statement from the United Kingdom Maritime Trade Operations (UKMTO), the vessel and its crew were unharmed and have continued their journey to the next port of call. Authorities are currently investigating the incident.

In a dramatic escalation of maritime conflict in the Red Sea, the Greek-owned bulk carrier Laax has sustained significant damage after being struck by three missiles off the coast of Yemen, as reported by maritime security firm Ambrey on Tuesday.

In the latest episode of escalating tensions in the volatile region, a crude oil tanker fell victim to a missile attack off the coast of Yemen. The assailants, identified as the Houthis, targeted the Panama-flagged vessel approximately 15 nautical miles southwest of the Yemeni city of Mocha.